We caught up with the brilliant and insightful Aleks Fisher a few weeks ago and have shared our conversation below.
Hi Aleks , so happy to have you with us today and there is so much we want to ask you about. So many of us go through similar pain points throughout our journeys and so hearing about how others developed certain skills or qualities that we are struggling with can be helpful. Along those lines, we’d love to hear from you about how you developed your ability to take risk?
How I Developed My Ability to Take Risks
There’s no profession where you can make a significant amount of money without being fully involved or risk losing everything except the business structure itself. Even in high-salary professions, if you’re not present at work, you won’t make anything.
Business, however, allows you to cross that line where you can make any amount of money and have it work the way you want. It doesn’t mean it will work without you, but with a good structure, it can function surprisingly well, especially if you’re not greedy.
But what’s the cost? Enormous risks. You pay with your risk for all those benefits. The better life you’re aiming for, the more risk it will require. It’s not just a one-time risk; it’s daily risk decisions.
Here are our top three pieces of advice on how to develop your ability to take risks:
Diversify Your Risks
Just like a good investment strategy, always risk in multiple ways, not just one. For example, don’t invest all your money in high-ticket advertising. Instead, invest one-third in high-ticket and expensive ads with high risk, one-third in something less risky and more affordable, and one-third in something very low cost with a fast return but lower ROI.
This not only provides balanced results but also teaches you how to take risks. It should become a habit to take calculated risks.
Stay Hungry
If you have many assets like houses and cars that didn’t come from your business, you might never risk building any kind of business and, sadly, never develop your ability to take risks. But what are you afraid of if you have nothing to lose?
That’s why most prestigious and expensive companies were built in garages. If you do have something to lose, take control of your finances and start limiting your life expenses while reinvesting as much as you can back into the business. This way, you keep yourself “hungry.” Even if your business is doing well, you will still feel that you’re not doing enough and will be ready to take risks anytime.
Many people won’t like this advice, but only when you have nothing to lose will you take risks. There’s no point in risking if you have everything already.
Take Baby Steps
Start small but increase your risks over time. Imagine two situations: one where you have to run five miles nonstop tomorrow at a specific speed. Will you be able to do it? How difficult will it be? But what if you add a little every day, running slowly until you gain power and then start increasing your speed? You’ll be ready for an easy five-mile run in a few months without feeling any stress.
The same goes for taking risks. Why should you risk everything tomorrow? Train yourself with small risks, but gradually increase the level of risk each time.
Even these three tips alone will be more than enough to develop your ability to take risks.
If you had to pick three qualities that are most important to develop, which three would you say matter most?
Talent / Non stop education / Smile
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