When pursuing our goals, we get excited, take risks, and chase big rewards.
Take risks, but only those that allow you to take more risks in the future.
Control the downside and minimize our potential losses.
This doesn’t mean that we should avoid all risks altogether.
Taking risks is often necessary for growth and success.
But it helps to be strategic about the risks we take and ensure that we have a safety net in place if things don’t go as planned.
One way to do this is to take risks that allow us to take more risks in the future.
For example, if you are considering investing a large amount of money into a new business venture, start by investing a smaller amount or partnering with others to share the risk.
If the venture doesn’t work out, you’ll still have the resources to pursue other opportunities.
Always have a backup plan. Have a savings account or emergency fund to fall back on in case of unexpected expenses or a career change.
Controlling the downside is about being proactive and thoughtful in pursuing our goals. Taking calculated risks and having a safety net can minimize our potential losses and position us for long-term success.