MINIMIZE YOUR RISKS

I once worked with some individuals who operated a very successful insurance practice. They had a great business financially, but they were utterly uninspired by what they were doing. They were not moving toward their beacon in the fog in any part of their life, and they were frustrated—not to mention running on fumes. At the same time, they had a great idea for a very progressive technology. That was where their true passion was. They knew they had something good and had even started filing the patent for their idea.

The problem was that every time they started down the path and began to make some progress, they would shift into panic mode. I could actually see the anxiety and pressure building up in their faces and their eyes. As I did some digging to understand what was holding them back, I finally was able to find out what was going on. They were worried their business model might not work. They would get partway down the path and then just freeze. They were afraid of failure. They knew so many entrepreneurs who had done the equivalent of running to Vegas and putting everything on black—and most of the time they had failed. Then they would head home broke and deal with lives that had been ruined.

When I finally understood what was holding them back, I said, “Listen, you don’t have to bet the farm. You don’t have to give away your soul. You don’t have to risk everything you value and believe in to succeed as an entrepreneur. There is a better way. It’s okay to use your insurance business as a base and then zigzag to success.” I then outlined the steps they should take. It was as if someone had pulled a huge, sopping wet blanket off of them. They got so excited. The fear left their eyes and their faces lit up. And soon they were zigzagging toward their beacon in the fog.