#LabLife

Taking Risks

What does it mean to take a risk?

 

Before you can answer that question you must first answer: “what is a risk?”.

 

risk
risk/
noun
1. a situation involving exposure to danger.
 

In the business world to succeed, many risks must be taken. Many elements of the world of entrepreneurship involve different types of risks, whether it be strategic, operational, financial, reputational, or even compliance some sort of risk must be taken down the line to succeed.

As T.S Eliot once said, “Only those who will risk going too far can possibly find out how far it is possible to go.”

Many successful business conglomerates would have never gotten off the ground if it wasn’t for a large risk taken. Dyson is an example of a multi-billion dollar corporation, that only was able to grow because of risks are taken by founder and CEO James Dyson.

 

 

James Dyson had built over 5000 prototypes before his system was able to work, and over time he acquired a debt that would’ve to claim everything he owned if he failed. Nonetheless, after 4-5 months of selling his original product, he was able to pay pack millions of dollars worth of debt to the bank.

 

 

On March 3, 2017, The LAB Miami hosted Brainfood speaker Mary Biggins the co-founder of the Meal Pal.

 Biggins left Class Pass, a successful startup she co-founded which is now worth over 400 million dollars, to come to Miami to start MealPal. It isn’t easy to leave a successful job and take a chance on a new city; however, the risk that she did take paid off. In February 2017, Mealpal raised a 15 Million Series A round investment from Comcast Ventures. With those investments and the traction that has already been gained, Mary Biggins risks have been rewarded. You can learn a lot from the risks you take in life, many times it’s leaning into discomfort that yields results. “Great things never came from comfort zones”.

 

Come at me Brogurt! Meet us @ The LAB Miami on August 22nd to gain secrets from Founder of Powerful Yogurt, Carlos Ramirez!

 

As always we hope you continue to learn, act and build with the LAB Miami.