You can’t be successful without taking a few risks, and this is especially true of any entrepreneurial venture. Whether you succeed or not, there are always lessons to be learned along the way. The best way to learn about entrepreneurship is to take the plunge and start a company. There can be great rewards to taking a risk, and today we’re profiling some of the riskiest career moves made by entrepreneurs
Quitting a Good Job
Quitting a good job to start your business may be the beginning of your entrepreneurship journey, and it’s not a move to be taken lightly due to all the uncertainty that lies ahead. The takeaway is that it’s always worth giving something a go, even when it seems risky and things don’t go according to plan. If you see something through, then you still see a good result. Baruch Labunski of Rank Secure wisely advises, “It might not be the result you thought, but it’s worth the experience alone.” If you take a similar route to him, you may see results of being self-employed and managing your own team, which would not be possible when working for someone else.
Buying an Existing Company
Although he was on a consistent path upward from the day he started his business, Syed Balkhi was curious about what it would take to buy out an existing company. He conducted his research for many months before he made an offer, and eventually he and the owner came to an agreement. Luckily for Balkhi, things went according to plan, but this could have been a scenario where his investment backfired.
Launching a Product
For Jared Atchinson of WPForms, launching his product was part of his first self-employed endeavor, and he had no clue how things would turn out. His self doubt got in the way of his confidence for a while, but he was able to push through. Atchinson recognized that people had a need for his product and knew he would be the one to provide it. When he finally launched, he said he never looked back and that the payoff was worth it.
Asking for Help
As an entrepreneurial leader, it’s likely that you feel pressured to do it all yourself, but as Stephanie Wells learned, reaching out for support can be one of the best and biggest risks you take. Though she wanted to grow her business herself, she found herself getting burned out and reach out to mentors in her industry for support. In doing so, she applied for a growth accelerator fund, which would offer investing and a chance to work with a successful entrepreneur who could offer resources to grow the business. In taking that leap, Wells was selected and was able to gain traction.