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Something I've been contemplating when exploring new business paths is how big should you go?
When I say play it safe I am not implying that starting a more common business structure is safer or less risky, but there are proven models and examples to follow. When going big you're often the one creating the path and so the risk and costs are often much higher. Risk vs reward?
Let's assume you have some steady income and time to pursue as a starting point. You have multiple ideas about different business paths you could take and they all appear to offer value and follow CENTS.
Do you go big on ideas like the next social media site/app or ground breaking technology like Tesla or do you stick to businesses that have proven models like amazon sales, shopify stores, and real estate/etc...
Both have opportunities to make a lot of money but the "big" ideas could transform your life and take value to another level. Those big ideas are also longer to come to fruition, riskier, and require more capital typically..along with luck of course. They also don't always focus on generating revenue as the way to build their audience/popularity.
Curious on other people's thoughts about this. Been contemplating my next steps.
When I say play it safe I am not implying that starting a more common business structure is safer or less risky, but there are proven models and examples to follow. When going big you're often the one creating the path and so the risk and costs are often much higher. Risk vs reward?
Let's assume you have some steady income and time to pursue as a starting point. You have multiple ideas about different business paths you could take and they all appear to offer value and follow CENTS.
Do you go big on ideas like the next social media site/app or ground breaking technology like Tesla or do you stick to businesses that have proven models like amazon sales, shopify stores, and real estate/etc...
Both have opportunities to make a lot of money but the "big" ideas could transform your life and take value to another level. Those big ideas are also longer to come to fruition, riskier, and require more capital typically..along with luck of course. They also don't always focus on generating revenue as the way to build their audience/popularity.
Curious on other people's thoughts about this. Been contemplating my next steps.
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