Take Calculated Risks

Part of being in your own business is that you can try new ideas and new things quickly. You don't have to wait for someone else's approval before you move ahead. But sometmes you might want to ask other people what they think of your new idea before you make an investment in it. They might offer something that you didn't think of and can influence your decision. You make the final decision but even the President has advisors.

I love trying new ideas and can wait for the next next one to appear. But that doesn't mean I use everything that comes up just beacuase it looks exciting. I want to know going in that there is a good chance of success and I have a way out if it doesn't work as expected. I usually use the 60-40 rule to make a final decision. If I feel it has a 60% chance of success I will move forward and invest in it. If I see right away that it's not working I'll get out quickly. Use your ideas cautiously and have a way out.