🎲 Embrace Risk Like a Founder
Hello! Adam Thornhill here. ‘The Podcast Guy’ saving you 10 hours a week.
Enjoy the 162nd Podup, with special thanks to ChatGPT Consulting - a proven 4-week program to transform your team’s productivity and creativity.
Today, you’ll learn why founders should embrace risk, thanks to My First Million.
Founders have a unique advantage: the freedom to take risks that others can’t. Jason Fried, CEO of 37signals, shares why founders should embrace this advantage and how it can set your business apart.
The risk advantage
My job as a founder is to inject risk into the business.
Most people at your company can’t effectively manage risk.
Why? Because they want to keep their job. They can’t afford to push too hard.
You can get away with certain things that other people simply can't because you own the damn place. You’re the original person.
Even if you hire a great CEO to replace you, they just don't have that.
Founders have an extra ounce of latitude that allows them to take risks that nobody's going to say no to.
Jason Fried
Why it matters
If you’re a founder or work at a founder-led business, you have an inherent advantage.
Use it.
Take risks that others can’t or won’t.
This ability to push boundaries can be your edge, driving innovation and growth that sets you apart from competitors.
Take Brian Chesky and Airbnb.
Even as the company has grown, he continues to make bold bets such as Icons.
Airbnb is capitalizing on popular films and culture to create stays that are experiences in their own right.
It takes guts to spend millions on recreating the house from Up - if you don’t know, it’s suspended 50 feet in the air by a crane!
I can’t imagine a hired CEO taking this risk.
Brian’s willingness to take risks keeps Airbnb ahead of Booking .com and cements itself as a category of one.
Next steps
Leverage your unique position as a founder and inject risk into your business:
Identify untapped opportunities. Look for areas in your business where you can push boundaries. What’s something risky that if successful could lead to significant growth?
Create a safe environment for experimentation. Encourage your team to propose and test bold ideas without the fear of failure.
Lead by example. Show your team that taking calculated risks is a priority. When they see you embracing risk, they’ll feel more confident doing the same.
Your thoughts
Want to connect? Connect on LinkedIn or Twitter
Want to advertise? Click here