Entrepreneurship means managing constant risks: hiring, financing, marketing, legal issues. The difference between success and failure is taking calculated risks through disciplined decisions, not impulsive ones. Martha Stewart's advice: passion alone shouldn't drive hasty choices.
Starting your own business is very risky. Hiring your first team member is very risky. Taking a loan or getting investment is risky. There are a lot of risks in business. There are legal risks, there are liability risks. So the idea here is that I want you to manage that risk. I want you to take calculated risks, not just make some heedless decisions, not make decisions on a whim. I want to go and invest $10,000 in this marketing campaign, and you have no idea what this marketing channel is and how to run a campaign successfully. When you hire someone without having a clear and detailed job description. And you also don't go through a thorough vetting process. A long time ago, Martha Stewart said that it's not about taking the passion and rushing to making decisions just because you're the business owner or you're the manager. It's about taking calculated risks.
