197: How to Stop Fearing Entrepreneurial Risks | Feedback Friday

Evaluating Risks

Jordan Harbinger and Vadim Revzin discuss the importance of distinguishing between real and perceived risks. Vadim explains that real risks can cause substantial harm, while perceived risks often do not result in significant negative effects. Understanding this difference is crucial for pursuing new opportunities without unnecessary fear 1. Sergei Revzin adds that seeking advice from relevant experts, rather than overly cautious loved ones, can help accurately evaluate risks 2.

You have to ask the right people for advice when you're trying to evaluate risks sometimes.

--- Vadim Revzin

This approach helps mitigate the impact of perceived risks and encourages informed decision-making.

   

Strategies for Transition

Sergei Revzin shares practical strategies for transitioning to entrepreneurial ventures while balancing obligations. He emphasizes the importance of building relevant skills and gaining experience in your free time, such as weekends, to reduce perceived risks 3. Jordan Harbinger suggests networking within your current company to explore new opportunities without making drastic changes 4.

You don't have to quit your job. There's a lot you can do on your free time to be able to accomplish that.

--- Vadim Revzin

These strategies help create a safety net and demonstrate commitment to potential new paths.

   

Personal Stories

Vadim Revzin and Sergei Revzin share personal anecdotes about managing entrepreneurial risks. Vadim recounts how he transitioned from finance to tech by volunteering for free to gain sales experience, which eventually led to a new career path 5. Sergei highlights the importance of showing traction to gain support from skeptical family and friends 3.

I was willing to do the free work. If you want to acquire new skills, you have to be willing to do that.

--- Vadim Revzin

These stories illustrate the value of taking calculated risks and the potential rewards of perseverance.