EP.76 How to Make Business Less Risky, with Gene McGrath
How to Make Business Less Risky
This week on The W2 Prison Break Show, we delve into the intriguing world of risk-taking and entrepreneurship. We’re thrilled to have Gene McGrath join us, a visionary entrepreneur whose journey is a testament to the power of embracing risk and innovation.
- Understanding and Managing Risk: Gene dives deep into the essence of risk in the startup world. He discusses the stark reality that 80% of startups fail and how being aware and prepared for this fact is crucial for any entrepreneur.
- The Entrepreneurial Journey: Gene talks about his first venture, Eco IT, which focused on helping small businesses leverage cloud technology. He also shares insights on Community Fi, an IoT company aimed at solving real-world problems like food spoilage prevention in food pantries.
- Insights on Failure and Success: Gene emphasizes the importance of having contingency plans and being prepared to pivot. He stresses that managing risk is as crucial as taking it and shares how this mindset has shaped his entrepreneurial ventures.
- Advice for Aspiring Entrepreneurs: Gene offers valuable advice for anyone looking to start their own business. He highlights the importance of stepping out of one's comfort zone and the need to differentiate between a gamble and a calculated risk.
- Personal Growth and Work-Life Balance: In a candid conversation, Gene reflects on personal growth, the importance of introspection, and balancing work with family life.
- "When you have a good plan, your chance of failure is a lot less."
- "Fear is often of the unknown. So if I make this a known entity, then there's a lot less fear."
- "Every risk is worth taking because if you shoot for the moon and you hit a star, you still win."
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