Why you must master risk-taking to seize greatness | Starting Greatness with Mike Maples

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Key Takeaways

  •  Any breakthrough worth pursuing has a high chance of failure
    • By definition, greatness requires the willingness to risk failure
  • 3 Advantages of Taking Huge Risks
    • Taking bigger risks is a competitive advantage such most people avoid big risks, thus there will be less competition
    • Since there’s a high chance a risky idea will fail, on the chance that it does succeed, the payoff will be massive
    • Even if your idea fails, if you take a risk no one else has taken, you will learn things that no one else has learned
  • Take on the biggest risk first, if you succeed, you’ll generate massive value because you’re pursuing the same goal but now with massively better odds
    • If you can’t solve the biggest problem, then you can always pivot into doing something else

Intro   

  • Host: Mike Maples (@m2jr)

Greatness Requires Risk

  • Don’t let the fear of failure constrain your ambitions
  • Any breakthrough worth pursuing has a high chance of failure
    • By definition, greatness requires the willingness to risk failure
  • Think in bets, express your level of confidence in percentages instead of absolutes
  • You don’t achieve your dreams by playing it safe, you achieve it by taking intelligent risks
  • The fear of failure is a powerful force that can hold you back from your true potential
  • Risk is real but fear is a choice
  • Taking risks for things you find truly meaningful likely has better odds than you think
  • It’s important to evaluate the payoff of the risks that you take

The Advantages of Taking Huge Risks

  • Taking bigger risks is a competitive advantage such most people avoid big risks, thus there will be less competition
  • Since there’s a high chance a risky idea will fail, on the chance that it does succeed, the payoff will be massive
  • Even if your idea fails, if you take a risk no one else has taken, you will learn things that no one else has learned

Tackle The Biggest Problem First

  • Take on the biggest risk first, if you succeed, you’ll generate massive value because you’re pursuing the same goal but now with massively better odds
    • If you can’t solve the biggest problem, then you can always pivot into doing something else
      • Over 80% of the company’s Mike investment in pivoted once or more during their lifetime
        • Odeo pivoted to Twitter, Chegg pivoted to textbooks, JustinTV pivoted to Twitch, and so on
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Notes By Alex Wiec

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