The Game with Alex Hormozi 2 Types of Business Risk | Ep 414
12 snips
Jul 26, 2022 In this engaging discussion, the host delves into the two main types of business risk: execution and idea risks. Real-life scenarios illuminate how these risks affect new entrepreneurs, sparking a deeper understanding of when to pivot. The conversation emphasizes how the wealthiest individuals strategically control risks to their advantage. A fresh perspective on risk is presented, encouraging a shift in focus from fear to opportunity. This insightful take on navigating business challenges offers invaluable lessons for aspiring entrepreneurs.
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Two Types of Business Risk
- There are two primary business risks: execution risk and idea risk.
- Idea risk questions the validity of the business concept itself, while execution risk assesses the ability to implement it.
Focus on Established Needs
- New entrepreneurs should focus on established needs and boring businesses.
- This allows them to hone business skills, as failure is attributable solely to their execution.
The Role of Luck
- Even with skill and proclivity, luck plays a crucial role in achieving top-tier success.
- The wealthiest individuals often control risk and play games where they're positioned to win.
