The Game with Alex Hormozi Two Types of Business Risk | Ep 668
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Feb 5, 2024 Explore the intricate dance between risk and reward that every new entrepreneur faces. Learn how to identify and manage execution and idea risks to improve decision-making. Discover the wisdom in balancing persistence with adaptability and why choosing 'boring' businesses may be advantageous. Using casino metaphors, understand varying risk tolerances and strategies for evaluating opportunities. Ultimately, find out how successful entrepreneurs leverage risk management for steady, sustainable growth.
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Two Business Risks
- Two primary business risks exist: execution risk and idea risk.
- Idea risk questions the fundamental viability of a business concept, while execution risk concerns the ability to implement it effectively.
Focus on Established Needs
- New entrepreneurs should focus on established needs and boring businesses.
- This helps hone business skills by isolating execution risk as the primary variable.
The Role of Luck
- Top performers require natural talent, skill development, and luck.
- Even with the first two, luck plays a significant role in reaching the highest levels of success.