Matthew Korban was born in Lebanon, Beirut, but on the move his entire life. Planning since childhood to leave Lebanon, he eventually settled in the USA, and chose Ohio to raise his kids. He enjoyed success in the corporate world; but realizing that his knowledge of languages and cultures of the middle east was a great opportunity to set himself apart in a crowded entrepreneurial world; he jumped headfirst into building his consulting business to 8 figures. A near death experience and a wake up call of having 5 months to live gave him the incentive to pivot; from the high stress business consulting business, into the wellness industry.

How to take calculated risks as an entrepreneur?

Entrepreneurial risk-taking requires a thoughtful and deliberate approach. Assessing the risk’s possible upside and downside is the first step. Take into account both the potential advantages and risks for your company, such as potential market share gains or revenue increases as well as potential financial implications or effects on brand reputation. You can weigh the possible outcomes using this technique to help you make an informed decision.

Next, conduct thorough research and analysis to gather relevant data, market insights, and industry trends. Do some market research on the potential risks, as well as on the competition, target market, and possible challenges. This information allows you to evaluate the viability and potential success of the risk, reducing the element of uncertainty.

Contingency plan must be created prior to taking a risk. Prepare solutions to overcome possible barriers by anticipating them. This proactive strategy improves your ability to adjust and recover if things don’t go as planned and helps you be ready for unforeseen results.

It’s also wise to consult experts-in-the-field. Engage mentors, professionals, and experts in your field who can offer advice and insights. Their advice can assist you in identifying blind spots, assessing potential challenges, and improving your risk-taking approach.

Lastly, consider starting with small experiments or pilot projects to test the waters before diving into high-stakes risks. This allows you to gather real-world feedback, assess the viability of the risk on a smaller scale, and iterate before committing significant resources to larger-scale implementation.

To sum it up, a combination of analysis, intuition, and adaptability is needed when taking calculated risks as an entrepreneur. You can handle the risk-taking process more skillfully by anticipating possible risks, doing extensive research, creating contingency plans, getting guidance, starting with small tests, analyzing risk-to-reward ratios, trusting your gut, and keeping track of results.