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Nephropidae
LSU Fan
Brentwood
Member since Nov 2018
955 posts

Personal Risk for Business Potential
What is the biggest risk you have absorbed in effort to start or take a bigger business/career opportunity?

Doesn’t have to be just dollars/cents but what did you give up as risk to start a company or advance career? Opportunity costs, risk to family, and monetary.

Own a business and more than all the money I could lose, I’m more worried about my family if things go south. I struggle with thinking I’m selfish trying to provide much higher potential (yet uncertain) vs getting a regular job to steadily providing. Anyone going through something similar to this?



nugget
LSU Fan
Mostly Peaceful Poster
Member since Dec 2009
11004 posts

re: Personal Risk for Business Potential
I'm not really sure if I can answer your question but I know where you're coming from. I always knew I wanted to be my own boss and make my own rules. I started a business not too long after I graduated from college. It was challenging and a good experience, but I knew it was going to take too long to scale so I sold it.

At that point, I decided the best thing to do was own my own business and work for someone else. A W2 job got me access to a good amount of credit which helped my get into real estate. It's been able to get to scale quickly and you can grow it exponentially. I'm not going to get into too many details, but what has been great is my RE income is now enough for me to live off of and I should be fully retired by the time I'm 45 if I so choose. The reason I say this is it's nice when you can do both as they help take the pressure off each other.


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AugustaTiger
LSU Fan
Augusta, Georgia
Member since Dec 2017
324 posts

re: Personal Risk for Business Potential
Personally, not being in business for myself poses more risks to my way of life.

If I worked what you call a “regular job” I wouldn’t have the time or ability to take as much time with my family- be it a vacation, coming home early, or making extracurricular activities work. What matters most to me in the flexible lifestyle and if I didn’t have my own gig, I wouldn’t be as flexible.

Granted, it was not that way when I started. But years of busting my butt afforded me these opportunities.

I’d take a long look at where you want to be in 5-10 years and go the path that makes that happen.


BLM
LSU Fan
ATL
Member since Oct 2011
538 posts

re: Personal Risk for Business Potential
For me, starting a business has always been the goal. Having autonomy is one of the biggest drivers for me. I cannot be happy in life by having others dictate how/why/when I do things. I have the mindset that even if my current company we’re to go away for some reason, I can either start another one or go get a high paying job to support my family. For me, there’s more risk to not starting a business. My partner and I started a construction based business 4 yrs ago and things are going well. We started with minimal investment ($10k each) and 2 people and have grown to employ 30+ people. We have 3 companies now that are all related. We’ve been successful thus far due to our relationships and the time we put in earlier in our careers developing those relationships. We individually put in the time for 10-15 yrs and now we’re where we’re supposed to be. The biggest risk in life to me is playing it safe and I believe this is something that motivates a lot of business owners.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
64193 posts

re: Personal Risk for Business Potential
quote:

If I worked what you call a “regular job” I wouldn’t have the time or ability to take as much time with my family- be it a vacation, coming home early, or making extracurricular activities work. What matters most to me in the flexible lifestyle and if I didn’t have my own gig, I wouldn’t be as flexible.


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Nephropidae
LSU Fan
Brentwood
Member since Nov 2018
955 posts

re: Personal Risk for Business Potential
Thanks for the response. It's been an abrupt change going from W2 to complete responsibility. All of the responses are good insight and appreciate the posts.


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Belly
LSU Fan
Member since Dec 2016
234 posts

re: Personal Risk for Business Potential
I struggled (and still do but to a lesser extent) with the same thoughts of the OP. One thing that helped me was knowing my wife had a fair amount of income from her job and that she supported my decision to go on my own. Working as an employee, you can be let go in a heartbeat. I've been there and hated it. There are risks in anything you do that's worthwhile so my thinking is to do what you think is right and where you will have the greatest impact.


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Slevin7
LSU Fan
Member since Sep 2015
1155 posts

re: Personal Risk for Business Potential
It’s 12:30 on a Monday.

I’m working on a bid.

I too like being my own boss. My boss is an a-hole.

I did leave at 5 (like a human) to spend a few hours with my kids before bed.

If you think it’s easier, you’re a sucker.

Edit: that sounded pretty negative. There’s perks for sure. Down side is the buck stops at you.
This post was edited on 10/8 at 1:12 am


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Azazello
Tennessee Fan
Dallas, TX
Member since Sep 2011
2962 posts

re: Personal Risk for Business Potential
I am evaluating an offer which will be the biggest career move to date. Comes with significant risk and reward which is amplified since I have a young family. I would also have to pony up a decent amount buy out a bonus clawback.


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