One thing I have never really done in my life is taking huge risk. I believe I am too conservative in many cases. I was educated to save hard working money in the bank to earn little or no interest. It’s been that way for many years since I start my journey on my own.
Investing on high profitable items seem to be very risky to me. I was really hesitate to do anything, so I don’t lose anything. It turns out I don’t gain anything either. The more I read about successful entrepreneur stories, the more I believe they are risk takers.
I am not saying I am not a risk taker. In the past, I have taken risk to become paratrooper and special force ranger. I was almost die in the training camp. However, Taking a huge risk to spend huge amount of money is a big mental challenge to me, I am so afraid of losing all the hard working money, just like most old generation did.
Risks to take:
- Forget about leaving money in the bank to earn 3% interest rate and worry about bank to close or FDIC protection. Need to invest on rental properties to get higher return.
- Back in the Stock game.
- Creating mass blog network on Blogger.com with automatically generated content through API to support my main projects. Not so sure about the end result of SEO.
- Hire employee. This is one big step for me. Without outsourcing my task to other people, I become the bottle neck of the project. I am also killing myself the same time.
- Spend more $ on hiring marketing expert. It may cost much more, but it will have better chance to generate better return.
I know this for a long time. Taking risk requires a lot of work on research and analysis. That’s also my problem too. The more I research the more I got scare off and end up doing nothing.
Project Status Update:
- The main project is slowly moving forward. Haven’t not finish the billing module that I should have done 2 months ago. In other words, no billing means no revenue and no profit.
- Created 51 blogs on Blogger.com and link to each other. Start pulling content automatically and manually.
- Got a neighbor interested in helping me sell the service, so he can earn extra income
- My e-stores don’t have any sales in the past two months. Shame on me. I haven’t done anything with it.
- AdSense revenue increases month by month.
Yesterday, I finally got up and sold my old GPS device on Craigslist. I was afraid of that no one will buy the old device, since many new models are out there. My wife was mad at me for doing nothing to make changed around the house. Now. She is in Hong Kong for a month. I have a lot of time to catch up what I have left behind.
I was surprised how easy and quick to sell stuff on Craigslist. My GPS was sold within few hours. Why I did not sell this 6 months ago? I would have sold that for much higher price. What a waste. Now I have so many things need to post for sale.
Finally I truly see why I have not been so successful in the past 3 years, since I start my own journey. Not taking risks will get me no where.
An action may have a huge risk, but no action means no chance to succeed.
Are you afraid of taking risk like I did? What do you do to conquer your fear?
I understand about the GPS. I bought a piece of equipment many years ago, anticipating that I would need it “soon.” It is still new in the box. Never used. But probably completely worthless since it is outdated technology that I don’t think is even in use anymore.
I shouldn’t have bought it, although I did fully anticipate that I would need it. And, then I should have sold it before it got too out of date.
I guess my only hope now is that it gains in value as a collector’s item someday.
I believe entrepreneur is also a calculative risk taker.