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HELP: Would you choose a practical business or a risky dream business?
Suppose you're starting a business and your product is high-risk because it takes capital and time to create and has little certainty of success (eg: documentaries).
So you build a version of that which is high certainty of success but is not your long term vision (eg: video marketing).
I'm building a video marketing service as my Verson 1 of my real documentary business as one of the final iterations, but I'm wondering if this is a distraction from the "main thing", i.e., the documentary films.
What would you do? Aim for this practical decision to level up to those risky bets eventually or not waste time and gun straight toward your dreams? I appreciate your help.
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Sean Ward
Very much depends on your responsibilities outside of the business you’re trying to start.
If you’ve got very little to lose, or if you don’t mind struggling a bit to try things out, then absolutely take the risk.
“No risk, no ‘Rari”
Alternatively, if you want to take a more conservative approach and expose yourself to less risk, I’d go the route you’re going which serves as a bit of a litmus test to test your skills, biz proposition, market fit, etc.
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@weansard True true.. We gotta risk it for the buiscut.
At the same time, I think the value is waiting for now in my position could slingshot me 10x further with more skills than making the jump now.
In my mind phase 1 will create systems, contacts and fundamentals that could mitigate the final phase should I go for the big jump asap. Thank you!
I think it really depends on your situation and preferences. If going for the high risk high reward stresses you out or you're not in the (financial) position to give it a shot, then stair stepping your way there makes a lot of sense.
If you are in the position to do it and you feel like that's what you want to work on, then why not make a good plan (+ a back-up plan) and just go for it?
@jopie Yesss the stepping is most risk adverse. I think I am young and risk is fine, but then we must consider our family and who we'd fall back on. If they are risk takers too, that has to enter the equation LOL.
For now, milestone transitioning seems to be the play. Especially since my job trains me for free for some of the value I can add to my future business. Thank you!
Working on your dream business is definitely a bumpy ride, but it is also an interesting and exciting journey. I would work on exploring the opportunities of the dream business direction :)
@sandradjajic Thank you Sandra! Any risky business done the right way can at least lower the risk a bit with planning and execution. I think I can synthesize approaches. Ugh my worst trait is not choosing one thing and going for it lol.
This discussion and your comment has brought me clarity thank you :D
If we stop talking strategies for a bit, and take a look at it from another angle, I really think it is hard to maintain a business, which does not make you passionate about it. Making money for the sake of money never truly pays off.
If you put time and effort on minimising the risks for your dream business, looking for optimised solutions, you will win eventually.
@anastasia_klyykina Amazing advice thank you :)
Just for fun, I heard the quote: "You should love your business, but you can't be IN LOVE with your business, because then you don't do what it takes to grow it"
Maybe I can love business and enjoy that video marketing structure! So far at least with how I'm tackling it is truly unique.
Either way, I agree. I have to stay on the side of loving it, but not soo much so that I never actually make it a business.
But never money first, that's facts. Thank you!
@jonwesselink That is a very interesting quote, never heard it before, but it made me think deeply now :D
That is why I love ph discussions, never know when new thoughts and ideas hit you!
But I wish you never stop loving what you do, tho not too much, right hahah :)
@max_avery That does make sense, all these responses are amazing. Thank you. The docs I want to make now will take a long time to produce so no reason to rush them. This makes me consider content topics now that the time horizon expands..
Thanks!
