FEAR and RISK - You don’t know what you don’t know.
Ever since I got of B-school the opposite of fear has been greed. When I was younger I was fearless in business. I know because thinking back on what I did sometimes scares me now. I was in real estate (good stuff, but illiquid). I was in options, but never really knew how financially exposed I was at the time. I even traded futures. Made a killing and lost it.
The reason I was fearless was that I was making very, very good money. I had a solid marriage and a wife who taught in the public schools. My losses weren’t bad and they didn’t mean that much to me.
Just before I hit 40 I did a big start-up. I really got burned out and my wife developed clinical depression. Taking her out of the equation burned me out even further. You can’t believe how much someone else contributes to your well being and that of your family until they can’t do it any more.
After that I started to be more aware of those things in my life that were personal, but supported my families financial well being. I spent less time on business and more time with my family.
My ego still likes to write checks I can’t cash, but I have a greater understanding of the strain a business risk can put on my wife. I understand what that strain can mean to me.
Business is never just business. It’s your entire economic structure, family. Your tolerance for risk isn’t just your tolerance. If you have a significant other that is wrapped up in your financial life you best be talking about any risks you take with that person. You may not like the answer in the short term, but it will work out for the best in the long term.
One final thought. The second most expensive thing you can do is get married. The most expensive thing you can do is get divorced.
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POSTED IN: Being A Boomer, Business Plan
4 opinions for FEAR and RISK - You don’t know what you don’t know.
b5 business bloggers muse on FEAR
Oct 8, 2007 at 9:37 am
[...] Jim Norton of small business boomers writes about - Fear and Risk - You Don’t Know What You Don’t Know http://www.smallbusinessboomers.com/fear-and-risk-you-dont-know-what-you-dont-know/ [...]
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Oct 8, 2007 at 11:08 am
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[...] The Business Channel Theme day is all about fear. This is a repost from June 2007, that will help you to use fear to energize you and propel you forward during your next interview. Fear is something that you can use to help you, rather than immobilizing you. [...]
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Oct 9, 2007 at 4:31 am
[...] Jim Norton of Small Business Boomers writes about - Fear and Risk - You Don’t Know What You Don’t Know http://www.smallbusinessboomers.com/fear-and-risk-you-dont-know-what-you-dont-know/ [...]
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