BRAVERY IN BUSINESS: THERE'S NO PLACE FOR COWARDS! | MARKETING MYTHBUSTERS #smallbusiness

Success can make you afraid of risk. The more you have, the more you have to lose, right? But being afraid of risk isn't what got you here in the first place. Many business owners suffer from risk aversion. They tend to avoid a possible loss by sticking with the status quo, what worked in the past that got them to where they are. However, it also means that they're risking possible gain by not trying something new. When you entrench yourself, you leave yourself open to new hungry players who don't play by the same narrow outlook to which you've confined yourself. All of a sudden, the market's changed and you're playing catch-up and you're asking yourself, "How did we get left behind?" Don't believe me? Just ask Nokia, Toys 'R' Us, or RadioShack. That's why long-lasting brands aren't afraid to reinvent their business in a new direction or with a new product. Better to do it to yourself than be forced to react to a market changing in front of your eyes.