Ready for Risk? Learn from the Experts! | FatRank

James Dooley: So what is a risk taker entrepreneur. Usually in my head I've got like barriers on earnings to be fair what I would say within business is it's a calculated risk. If you're a one trick pony you can never develop it. I don't see it as taking that much of a high risk if you're good at what you do. If you're not good at what you do you need to learn to be that and I'm not going to do a high risk for a low reward. So I'm driving with Karl Hudson.

Karl Hudson: This is an aspect of the business that I struggle with and often prefer to team up with someone who is more of a risk taker like yourself because it's not natural to us and I know a lot of people struggle with risks especially if you've come from a background which is a little bit tougher. My parents worked their ass off and pivoted throughout their lives and that ended up getting us into quite a good place but because we started in a council house upbringing I do struggle with risk. Usually in my head I've got barriers on earnings. I earn X, I'm comfortable now, then I'll be a little bit more open to take a risk because I know I'm comfortable there. With yourself it's very much like you're a good gambler and you enjoy a bit of a gamble.

James Dooley: To be fair what I would say within business is it's a calculated risk. I'm very good with my numbers. I will take risks if I feel it's high reward. High risk has got to be high reward. I'm not going to do a high risk for a low reward. There are times I'll take small incremental steps within business and I think that's good, but then there are times if I get presented with an opportunity and it is high risk but high reward I think what's the upside. Only one in ten needs to work out and I'm working at the numbers and I'm at a 40 to 60 percent success rate so I'm going to do it. Everything is calculated. A risk taker entrepreneur generally becomes the most successful long term. I've had to work on it myself. I haven't come from money, I've had to work really hard. There are times where you work really hard for a year and you don't want to risk that million pound or 200k or whatever the opportunity presents you. But the more you get into business and see failures you start to see the worst case. Some people think you're going to take a risk and it's all or nothing. It's not. It might just take a little longer. Instead of four years it might be six or seven but it's still better than real estate. Real estate is usually a 13 year repayment plan in the UK. With SEO it's two, three, four years. If you're good at SEO you can build on it. For me a risk taker entrepreneur in digital assets isn't taking that much risk if you're good. If you're not good you need to learn and probably need to be employed and work for someone who will take those risks and you work alongside them. Once you keep seeing an investment working and being profitable multiple times you realise it was not a risk. Pension pots used to class SEO as very high risk, then high risk, now medium risk because sites remain stable for years.

Karl Hudson: I would say skill stacking is a fundamental most risk taking entrepreneurs get good at. You don't have to be top 1 percent. You learn enough and stack the skill. What a lot of people do is stick to one thing and that becomes a problem. If you're a one trick pony you can never develop. If you stack skills you're capable of hiring someone better because you understand the skill a bit. If you don't understand it it's very hard to hire someone to take over.

James Dooley: That's why a risk taker entrepreneur has to choose the right business partners. Not just staff. They need to employ people who are better than them in weak areas and choose a partner who complements them. It's pointless having two people who are only focused on sales. You need someone who can put processes in place, reduce expenses, pick up the pieces if you take on a business, a commercial property or a website. It's not just about growth. It's about lowering expenses and improving operations. A risk taker entrepreneur needs to understand their weaknesses and either employ or partner with someone who fills that gap. I hope you like the video about a risk taker entrepreneur. If there's anything we've missed leave a comment in the comment section.