Taking Risks

Hi, guys. Welcome back to another Freedom Vlog episode. And we are on Episode number 57. I am Caitlin, the marketing and communications coordinator here for the Freedom Real Estate Group family of companies. And you also may see a familiar face here, Aaron Davis. He is with us again. And today we are going to be talking about taking risks and the payoffs with taking risks. So the first one that I have is starting a business.

Yeah, unfortunately, I know a little bit about that. There's a lot to be said about how to mitigate risk in a startup.

Yeah. I mean, starting a business alone is taking a risk. But then. So if you are starting a business and you're doing a lot of research or anything on it, you may find one of the highest points when doing your research is that most businesses fail within the first year.

That's right.

I feel like a lot of that is because people will start their business, see failures, but they don't tend to do a lot about it, or they tend to just start it and expect it to kind of do its own thing. And it's not really how it works. You have to take what you learn from your fails and turn those into successes. I mean, how many times, like, and I can relate this to tennis, was the first thing that just came to mind was a jump serve. It's one of the harder serves to learn how to do. And it took me a whole year to learn how to do it, but I failed multiple times in order to get it, and then. But once I did, I had a very, very powerful serve. So I don't know how I just thought of that. And that was the first thing that came to mind.

But I totally get it. There's a tough balance between being so stubborn that you don't quit and quitting when it doesn't work. Right. And so I think as a founder in a startup or even as a small team in a new organization, you sometimes struggle to differentiate between a tactic or a strategy that's failing and needs to be abandoned or from which you need to pivot, and then the. The mission or the purpose, or, you know, the. The objective of the business that you don't want to quit on, that you're committed to. Right.

Yeah.

And that is. And they overlap. It's not like there's a clear line between those two. So it gets a little tricky.

Right.

And, you know, for me, in my experience, it has been, you know, that I've had to stop often and reassess, just like you and I do when we're talking about goals in Our operations. Right.

Yeah.

Stop reassess. What are we trying to accomplish? Okay, what's that intended to accomplish? Right.

Yeah.

And then ultimately you're talking about purpose of life or whatever else.

Right.

Somewhere short of that, you know, you establish what your real goal of your goal is and you say, okay, that's the thing. I'm not gonna, you know, I won't deviate from.

Right.

Accomplishing that, that big, you know, objective. But all those other things, you know, your tactics and even your strategy for how you go about accomplishing those things. You need to be a quitter sometimes.

Yeah, yeah, absolutely. And there. And that's when realizing sometimes, like you were talking about being stubborn, you want something to work out so bad, but it's just not working. And even no matter how bad you want it to work out, sometimes you need to just drop that or put it on the back burner for a while to focus on other things that will give you that success that you're looking for and push through.

That's. That's absolutely right. There are things you need to be 100% committed to. Maybe it's some core value in life or something. You know, I always hold everything 99.9. Right. Like, you never know what you don't know. You know, always stay subject. But then there are some things you need to pursue and commit to with a very loose grip.

Yeah.

And you know, and treat it like an experiment. You see, if this is going to work, even if you have a strong conviction in something and it seems real, absolute, you've done the homework. There's something to be said for being 80% committed to a given approach to something. Right. And so differentiating from what the actual purpose in that business is. Excuse me. Whether it's your own personal financial freedom, and if that's it, if that's your purpose of going into business, then everything is subject to change. You can literally do anything. Right. From robbing stores to investing in real estate. That's your only, you know, guiding principle. But you'll have others. You know what I mean?

Yeah.

So you establish what those things are like. I don't, you know, I don't want to do harm to others in my pursuit of financial freedom. Right. And so you've got these guiding couple of things or whatever.

Yeah.

Those things won't change. But if that's really your only kind of, like, business value or whatever is something about getting financial freedom, you could completely change industries. Right. You're selling ice cream one day, you're selling cars the next.

Yeah. I mean and it's all on you. Learn from your mistakes and learn from your successes. You know, take the best of both worlds and see what you can mesh together.

Yeah, I think that's where fast feedback cycles comes into play. Yeah, so I had, I had experience, have experience doing a tech product startup of sorts. It was really kind of a service product combination and you know, getting a good volume of feedback from users and customers fast and clear is so critical and then responding to it. Yeah, like changing something based on, based on what you hear.

Yeah, that's a good point. As always, invest smart and live happy. Thanks for your pants.

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