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Rossman talks about his location move and talks about some pros / cons and not paying attention to his own advice.

The general advice in this video applies to all businesses, organizations and any project of any size.

Really great video.

Rossman talks about his location move and talks about some pros / cons and not paying attention to his own advice. The general advice in this video applies to all businesses, organizations and any project of any size. Really great video.

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[–] • 2 pts

I didn't get that out of what he said. I have made the exact same mistake. This problem has a label in economics: opportunity cost.

You can run your business perpetually on the extreme conservative side and aim for business continuity but you will end up missing big opportunities because you will never take a chance. Over time this has two effects:

  • You end up losing faith in your self because you keep on thinking you are missing out.

  • Your employees start to see you as a penny pincher because they have no clue what it means to run a business.

Or you can run your business in a highly risky manner and aim for new business opportunities. The upside is that if you win you win BIg. The downside is that 98% of all risky shots are misses and most of those running business this way end up going out of business.

The thing about taking some risks, losing and regrouping to downsize is a huge win because if you survive you have had the taste of risk, you lost and survived and you are now recalibrated to better evaluate risk taking in the future.

This is why wealth never lasts more than 3 generations. Each successive generation that inherits wealth is less well trained (calibrated) to properly manage the wealth and so they end up losing it all.