Written by: Vickie Sullivan | February 17, 2015
When to Jump Into a New Market
I have a lot of respect for self-made folks. Those who look at the world and see nothing but opportunities. This fabulous article from Strategy + Business combines analysis with stories about self-made billionaires and how they are different from the rest of us.
Sure, many business owners may not want to lead large organizations. But these findings are scaleable — both up and down. My favorite is about risk (section 4). These folks knew that they were taking a big risk; but the bigger risk was staying in slipping markets. They saw the sinking ship and chose to get out before it was too late.
I’ve watched too many talented people flounder because they stayed too long in a market that wasn’t coming back. To them, the risk of walking away from something they’ve built was bigger than going for something better they could build. Maybe that was fear talking.
The bottom line here: risk is relative. Staying put can be riskier than growing in a new environment.
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