The Act of Taking a Risk
Mr. Tyler Wayne is a serial entrepreneur who has had successes and failures. This past Thursday, he shared with us how being an entrepreneur has taught him to take risks and how we can apply these principles to ourselves.
Mr. Wayne has started four companies and has run his family’s demolition business for years. He began by explaining three common entrepreneurial risks.
- Operating Errors
- Equipment malfunctions
- Accidents and Mistakes
- Incorrect Bids
- Estimating = Gambling. It is a risk
- Missed Project Scope
- Under or Over
- Customer Satisfaction
- Withholding Payment
- Missed Expectations
He said to handle risk, we need to assess and mitigate it. To reduce the risk of anything, but especially in being an entrepreneur, we need to:
- Research
We must go out and gain insight into what we plan to do, whether by reading, studying, or talking to experts.
- Plan
We need to create contingencies and locate points of failure.
- Start Small
When we start small, the risk results are also smaller.
- Learn to Deal With Setbacks
Even through failure and setbacks, we can learn. We can learn what went well and what didn’t to better prepare for the next thing. Mr. Wayne did not want to scare us but shared what he called the 99% rule. It is the belief that if we had a 99% chance of success, 1 time out of 100, we would fail. He said these were excellent odds, and we must take them. Even if we fail, THAT IS OKAY!
How do we get started? Mr. Wayne clarified that it’s wise to stay small. This way, we can get our feet wet and not drown in the ocean. He also recommended work in an area that interests us. Too many people study something in college that is of no interest to them just because they like the hypothetical paycheck. While it is wise to go into something profitable, our work needs to satisfy us even if we lose money. He also said we need to be getting contacts. Having people in our field whom we can turn to will significantly assist us. The final step is to jump in and practice simply.
Mr. Wayne shared how he enjoys mountaineering. However, he went out and gained some practice before ever trying anything extreme. He started hiking in the Smoky Mountains before moving to the Rockies in Colorado. Because of the practice, jumping in, and doing it, he could eventually enjoy an extreme winter hike in Argentina.
In closing, Mr. Wayne reminded us that everything we do or don’t do has a cost. We always take risks, whether we like it or not. Since everything is a risk, Mr. Wayne told us, “GET OUT AND DO SOMETHING!”
Mr. Wayne’s forum gave us insight into how taking risks in life is an occupational hazard that, if managed well, can lead to a rewarding life. We should not allow risks to stop us from chasing opportunities and trying new things. While we may face failure, and life is full of ups and downs, we should grow close to God so He can advocate for us.
