The actual Risk when (not) starting your own Business

So, let’s look at that.

What “risk” are we talking about here?

Is it the risk of putting ourselves in a difficult financial situation?

If we are working in a leadership or management position we are probably earning quite well. So there might be a risk that our own business doesn’t generate as much income - at least not immediately.

And that is a legit consideration.

Have we put some money to the side? How long is our runway?

If our new business wouldn’t generate ANY money, how long could we maintain our current lifestyle? 6 months? 2 years?

Most people that we have talked to know they are high performers and that they are a valuable asset to their current employer. They also know they could find a similar position quite easily, so the actual “risk” of landing on the street is pretty much non-existent.

Maybe it’s a different risk then….?

"What if I fail? What will my current colleagues, my old boss, my friends, my parents think?

What if I lose my status?"

Is it possible that this is the true risk we are afraid of?

"They will think I’m an idiot for giving up a high-paid leadership position with all that financial stability."

We get lost in those kinds of thoughts when we are prioritizing the wrong things! What is it that really matters in life?

How do we need to live our lives if we want to lie on our deathbed one day and have a smile on our face when we look back?

Here is the paradox:

The more we avoid taking risks throughout our lives and the more we stay in our comfort zone, the more we risk feeling regret at the end of our lives.

When we let go of our ego-based fears and start following our passion, when we start thinking about the legacy we want to leave behind, the values we want to embody and bring out into the world, the more we reduce the risk of creating or staying in a mundane, unfulfilling life.

If you feel the calling for more freedom, more impact, more authenticity, and your soul is whispering to you to launch your own business, not doing so is “risky”.

By staying in an uninspiring work situation where we can’t fully be ourselves, where we feel unhealthy stress, where we neglect time with family, hobbies, friendships, and self-care time we risk getting burned out and depressed, I would even go so far to say that it’s not a risk, it’s guaranteed that sooner or later this will happen. Promotion, money, and status don’t feed our souls. Those are things only our Ego cares about.

Can it really be “risky” to follow the nudges our souls are giving us?

For example when we have the inner feeling to finally start our own business? To travel? To be more authentic?

Yes, moving from getting a monthly paycheck to being our own boss comes with different financial risks. But they are different, not worse.

On the flip side, by running our own business we can achieve way more financial stability. We can earn more money while working less. And no one can fire us.

And we can set ourselves up in a way that minimizes the financial risk. In most cases, it’s even possible to build up our own business while we’re still receiving our monthly paychecks so the “risk” of taking the leap and hoping our own business will get off the ground becomes non-existent.

Main Takeaway

If we feel like starting our own business, let’s zoom out. Let’s look at the rest of our life and what we want to see when we look back from our deathbed. Considering what really matters in life. Then let’s see if we can identify what the real “risks” are.

PS: My partner Diara Parker and I have created a resource that helps to overcome the biggest challenge (worry/fear) that we uncovered through our survey "From Business Leader to Entrepreneur". To receive the resource please go through our survey, which you can find here.