Risk-taking seems to be built into the DNA of the rich. Not surprisingly many are avid card players, such as financier Henry Kravis, Investor Steven Cohen and Carl Icahn and the nation’s most famous bridge partners, Bill Gates and Warren Buffet.
Real Estate and social establishment tycoon Phillip Ruffin admits being guilty of playing Black Jack. The infamous game of chance (you know the one that requires you to wear a vacant expression) was entertainment mogul John Kluge’s pleasure during his college years and by the time he graduated from Columbia University in 1937, he had amassed $7,000 in winnings.
For many, the same calculated mind-set applies to business dealings. Motivational speaker and author, Robert Kiyosaki often has this quote cited “People who win are careful with their thoughts not saying ‘I can’t do that’ or ‘I can’t afford that?’ or ‘How can I reduce my risk’ or ‘how can I afford it’.
Where some see risk, these billionaires see opportunity and make calculated bets designed to recoup their investments in a worst-case scenario. They also share an unshakable belief in their own success—a supreme self-confidence that doesn’t factor in fear of failure.
Ted Turner, for one, stared down his critics when he gambled on a 24-hour news station. Today CNN commands audiences of 86 million households worldwide. Rupert Murdosch has a 53-year-record fighting prevailing opinion. Critics thought a national paper would never fly in Australia in the mid 60’s but The Australian is now the country’s top seller.
A tougher call was starting a new TV Network in the United States where ABC, CBS and NBC reigned supreme. Yet Fox Network, which premiered in 1996, has overtaken its rivals in ratings in the past few years. A new venture geared to the ordinary investor Fox Business New Network was off to a bumpy start in early 2008 but with Murdoch’s $70 Billion global media empire behind it, few were betting against its success.
When was the last time you had more than hunch and made a tough business decision based upon strategic thinking and your previous experience?
If you’re an entrepreneur, perhaps often. As risk taking can often be synonymous with making your own luck.
One of the qualities of successful entrepreneurs as well as those of great business leaders is their ability to take risks. Without fear. Without hesitation. And with the solid expectation the result of their risk taking will render a successful outcome.
Copyright (c) 2010 Dario Lorenzo
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