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Two Types of Business Risk | Ep 668
The Game w/ Alex Hormozi
Underestimation of Risk and Importance of Being Bold in Business
Newer entrepreneurs tend to overestimate the payoff and underestimate the cost of risks, as well as overestimate success likelihood and underestimate the risk of failure. Jeff Bezos' quote highlights the importance of betting against conventional wisdom and being bold in business to achieve significant returns. The key costs in taking risks are not only financial but also in terms of time investment, making it crucial to consider both factors when making decisions.
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