Risk vs. Reward: How to Process it

Risk vs. Reward: How to Process it

What's the worst-case scenario?

I started my first business at age 20. The risk versus reward here seemed like a total no brainer.

When evaluating risk vs. reward, one of the first things I ask myself is, "What's the worst-case scenario?"

Doing this exercise immediately makes things less intimidating and scary. And if I'm able to handle the worst-case scenario, then I'll move forward and not think about it again.

 

My first personal training studio

My first spot took all of my extra money, plus $1,000 of my friend Justin's.

What was my worst-case scenario? Moving back home and going back to work in the coal mine. I obviously didn't want that to happen, but I wasn't scared to give it a legit shot.

 

Here's the key

The key is to not be scared. They key is do your homework, make your calculations, and take the worst-case scenario into account.

Can you handle it?

If you can handle the worst-case scenario, then it frees up your mind. That's exactly what happened when I started my first gym.

 

Control what you can control

I control how much work and effort I'm putting in. I was willing to put in as many hours as needed to make my gym successful.

I wanted to leave nothing on the table. I wanted to feel zero regrets.

I had already lived the blue-collar long work days between the lumber mill and coal mine. I already knew how to work hard.

 

Roll the dice

I've pushed all my chips in a few times in my life. And I've used this same thought process every time.

What type of dreams do you have? What are you doing to make them a reality? Are you evaluating the risk & reward? What's the worst-case scenario? Can you survive if that happens?

If you're serious about realizing your dreams, these are the questions you need to start asking yourself.

 


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