Preview Mode Links will not work in preview mode

Business Built Freedom


Joshua is a late 80’s vintage and yet to mature. He is a living case study that you don’t stop at failure and more failures lead to success. The constant learning and listening have led Joshua to the position He is with the energizing approach towards business and relationships. After setting up 4 successful companies over 19 years he decided it was time to give some of his knowledge back. You are likely to catch him on the water on a sunny day with his family and friends or building something new and exciting at home on a rainy one.

Oct 1, 2019

Risk VS Reward in Your Business

Risk versus reward. If you can't measure it, is it worth doing at all? It's a great question. The way I sort of look at it is there's a lot of different people and everyone's tolerance towards risk is is different, and you have these different people that come up to you and try to express the way they're going to be doing their businesses better. They don't have to go to university and get an education. They might not have any experience or any anyone to really coach them through, but they are going to risk at all. They're going to do it because there's 70 other people out there that did it, that didn't go through university. So because they didn't do it, I don't have to do it, and that's a risk that they're taking.

Learn more about risk and reward in business at dorksdelivered.com.au

Do Your Research

Obviously you can mitigate that risk by gaining more points of experience listening to other peers that have maybe done it before. Or researching some articles on the likeliness of you becoming absolutely gangbusters, famous, rich as an entrepreneur by a not going to university or if maybe your chances are a bit higher by going to university. Chances are you going to find, yeah, university is going to help you out, or at least having a fantastic coach. I'm definitely not saying university's the only way to go, but all these little points of difference help.

Risk Has Changed Over Time

Risk versus reward has changed over the years and it will change with business to business all the time. We've got this new cloud computing era that's come through, which is absolutely amazing, but it comes about with its own risks and its own rewards. We've got systems in place such as the banking systems, which if you've looked at any movie such as Oceans 11 or any movie with a heist and a casino or a bank, you'll know that they always take some element of risk. People buy franchises and put their entire house on the line, and that is fine if that's what you want to do. That is a risk and you're hoping that the reward will pay off at the end. It might and it might not, but you need to be comfortable with the risk that you're putting through there.

Robbing Banks Has Even Changed!

Banks, back in the day, so it would seem, you grab a gun and a balaclava, you cruise into the bank and you say, "Give us all your money." They would, and they would give you the money. Lou leave, and you're rich, and everything's amazing. Now, all notes are tracked. All money that's within the bank is minimised and digitised. There's several security cameras and other elements of security that have inside a bank, and so the risk versus reward for a criminal just to run in there and shoot up the place and grab a bunch of cash has gone. A bank, back in the day, would have had the equivalent money of hundreds of thousands or more in the bank. Now we've got $20,000 or $30,000 or $100,000 depending on the size of the bank, hardly any cash is kept on site.

Businesses Change Too

So the risk versus reward has changed and that's the same with all businesses across the years. The risk that there's going to be a problem or a change given a long enough timeline is, it will happen, 100%. So if you bought into a Blockbuster franchise or Video EZY back in the day, you're probably not in a great position right now unless you pivoted and removed the risk from your life. That goes with all businesses. Everyone's looking to move to the cloud. As long as you're doing it in a way that is mitigating your risk, you have great rewards. The reward is, you don't have to have all the infrastructure costs, the capital costs. You're exchanging all that across for operational costs, which is fantastic when looking at any cloud or cloud-computing environment.

Is the Reward Worth it?

The thing to remember though is the reward is there, but the risk is that now all of your information is stored on third-party servers that you don't have access to. They are now central points of attack. As opposed to someone breaking into your house and looking in your pillowcase for your cash back in the day, they would grab it out of the bank because it was easy just to go to the bank and steal everyone's money.

You Need to Secure Your IT

Now we've got these massive targets, and obviously the security is going to be better, but the reward is better for the criminals. That's where you need to make sure that you get an IT audit, or any IT security audit. Doing this will allow for your business to make sure that the risk versus reward balance is in check for you and your comfortability levels moving forward when you're looking to move into the cloud.

The Final Word

Hope you've enjoyed this, and if you have, make sure to jump across to iTunes. Leave us some feedback. Give us some love, and I look forward to you guys tuning in again soon. Stay good.