risks risky risk risks risks risks risks risk whatever it is that you want to do
risk whatever it is that you want to do
risk whatever it is that you want to do your there’s gonna be risk in your life
your there’s gonna be risk in your life
your there’s gonna be risk in your life and risk is a necessary component of
and risk is a necessary component of
and risk is a necessary component of progress I don’t know how you can make
progress I don’t know how you can make
progress I don’t know how you can make any pioneering movements in the world of
any pioneering movements in the world of
any pioneering movements in the world of any kind whether they be the
any kind whether they be the
any kind whether they be the geographical physical exploration that
geographical physical exploration that
geographical physical exploration that I’ve just been talking about whether it
I’ve just been talking about whether it
I’ve just been talking about whether it be you know a more cerebral exploration
be you know a more cerebral exploration
be you know a more cerebral exploration of a scientific field or I bet you could
of a scientific field or I bet you could
of a scientific field or I bet you could ask that question of every speaker here
ask that question of every speaker here
ask that question of every speaker here and I bet that every speaker here has
and I bet that every speaker here has
and I bet that every speaker here has taken substantial risks whether it be
taken substantial risks whether it be
taken substantial risks whether it be intellectual or otherwise to achieve
intellectual or otherwise to achieve
intellectual or otherwise to achieve what they’re you know what they’ve done
what they’re you know what they’ve done
what they’re you know what they’ve done the smartest business decision I ever
the smartest business decision I ever
the smartest business decision I ever made was retiring from modeling and
made was retiring from modeling and
made was retiring from modeling and doing it in a big way so I was a
doing it in a big way so I was a
doing it in a big way so I was a Victoria’s Secret Angel one of the first
Victoria’s Secret Angel one of the first
Victoria’s Secret Angel one of the first angels and I retired and really big
angels and I retired and really big
angels and I retired and really big Tyra’s what last walk do you know
Tyra’s what last walk do you know
Tyra’s what last walk do you know tomorrow night 8 p.m. you know and and I
tomorrow night 8 p.m. you know and and I
tomorrow night 8 p.m. you know and and I walked away in a really big way and I
walked away in a really big way and I
walked away in a really big way and I did that so that I wouldn’t be tempted
did that so that I wouldn’t be tempted
did that so that I wouldn’t be tempted to go back but I realized yeah I’m not
to go back but I realized yeah I’m not
to go back but I realized yeah I’m not sure if that was the smartest thing to
sure if that was the smartest thing to
sure if that was the smartest thing to do because I had a new talk show back in
do because I had a new talk show back in
do because I had a new talk show back in the day Tyra show it had not been
the day Tyra show it had not been
the day Tyra show it had not been renewed yet America’s Next Top Model was
renewed yet America’s Next Top Model was
renewed yet America’s Next Top Model was brand new had not been renewed yet so
brand new had not been renewed yet so
brand new had not been renewed yet so here I am putting all of my eggs into
here I am putting all of my eggs into
here I am putting all of my eggs into this basket not knowing if I had you
this basket not knowing if I had you
this basket not knowing if I had you know a true future with this new
know a true future with this new
know a true future with this new television production and producing and
television production and producing and
television production and producing and hosting so good decision but I look back
hosting so good decision but I look back
hosting so good decision but I look back on my dream very risky very risky but
on my dream very risky very risky but
on my dream very risky very risky but sometimes those are the decisions that
sometimes those are the decisions that
sometimes those are the decisions that pay off that I was my reward
pay off that I was my reward
pay off that I was my reward yes when I look back at my career I see
yes when I look back at my career I see
yes when I look back at my career I see all of these tangents in the chant the
all of these tangents in the chant the
all of these tangents in the chant the tangents that have always yielded
tangents that have always yielded
tangents that have always yielded success were the ones where there was no
success were the ones where there was no
success were the ones where there was no established path no defined route for me
established path no defined route for me
established path no defined route for me to take but I went down in anyways and
to take but I went down in anyways and
to take but I went down in anyways and through that kind of exploration I
through that kind of exploration I
through that kind of exploration I always discovered something new and
always discovered something new and
always discovered something new and those those new things those new
those those new things those new
those those new things those new entities whether they be movies or ideas
entities whether they be movies or ideas
entities whether they be movies or ideas or things in my personal life have
or things in my personal life have
or things in my personal life have always proven to be the most rewarding
always proven to be the most rewarding
always proven to be the most rewarding for me life shrinks and expand
for me life shrinks and expand
for me life shrinks and expand in direct proportion to one’s
in direct proportion to one’s
in direct proportion to one’s willingness to take on risk and I think
willingness to take on risk and I think
willingness to take on risk and I think when it comes to exploring the active
when it comes to exploring the active
when it comes to exploring the active exploration is the act of assuming risk
exploration is the act of assuming risk
exploration is the act of assuming risk the greater risk takers their greater
the greater risk takers their greater
the greater risk takers their greater Explorer as a business grows
Explorer as a business grows
Explorer as a business grows the natural tendency would be to take
the natural tendency would be to take
the natural tendency would be to take fewer risks and to be cautious and to
fewer risks and to be cautious and to
fewer risks and to be cautious and to have contingency plans but in a business
have contingency plans but in a business
have contingency plans but in a business that’s changing very quickly or one that
that’s changing very quickly or one that
that’s changing very quickly or one that you want to grow you actually need to be
you want to grow you actually need to be
you want to grow you actually need to be explicit about accepting risk one of the
explicit about accepting risk one of the
explicit about accepting risk one of the people who work with me kind of
people who work with me kind of
people who work with me kind of described it this way they you know I
described it this way they you know I
described it this way they you know I was sort of encouraging this person hey
was sort of encouraging this person hey
was sort of encouraging this person hey you know let’s try this when we do this
you know let’s try this when we do this
you know let’s try this when we do this how about this and at some point he kind
how about this and at some point he kind
how about this and at some point he kind of came back and said so what you’re
of came back and said so what you’re
of came back and said so what you’re telling me is you want me to try to do
telling me is you want me to try to do
telling me is you want me to try to do ten things and if I only get eight of
ten things and if I only get eight of
ten things and if I only get eight of them you know you’ll be okay with that
them you know you’ll be okay with that
them you know you’ll be okay with that yeah you know if I don’t get all you
yeah you know if I don’t get all you
yeah you know if I don’t get all you know all ten versus you know having five
know all ten versus you know having five
know all ten versus you know having five things and doing all five perfectly
things and doing all five perfectly
things and doing all five perfectly that’s exactly right you know you know
that’s exactly right you know you know
that’s exactly right you know you know we want to accept some experiments
we want to accept some experiments
we want to accept some experiments I think risk is important for every
I think risk is important for every
I think risk is important for every company I think it is the essence of
company I think it is the essence of
company I think it is the essence of entrepreneurship whether you’re the
entrepreneurship whether you’re the
entrepreneurship whether you’re the smallest company in the world or like
smallest company in the world or like
smallest company in the world or like Google the second largest company in the
Google the second largest company in the
Google the second largest company in the world to take smart risks all the time I
world to take smart risks all the time I
world to take smart risks all the time I run this experiment frequently with
run this experiment frequently with
run this experiment frequently with groups where I give them two choices
groups where I give them two choices
groups where I give them two choices choice a and choice B so choice a is you
choice a and choice B so choice a is you
choice a and choice B so choice a is you get to deliver a million dollars of
get to deliver a million dollars of
get to deliver a million dollars of bottom-line value to your company this
bottom-line value to your company this
bottom-line value to your company this year guaranteed choice B you get to
year guaranteed choice B you get to
year guaranteed choice B you get to deliver a billion dollars of bottom-line
deliver a billion dollars of bottom-line
deliver a billion dollars of bottom-line value to your company this year but only
value to your company this year but only
value to your company this year but only with one chance in 100 so everyone does
with one chance in 100 so everyone does
with one chance in 100 so everyone does the mental math I say who wants to say
the mental math I say who wants to say
the mental math I say who wants to say nobody raises their hand
nobody raises their hand
nobody raises their hand who wants choice B everybody raises
who wants choice B everybody raises
who wants choice B everybody raises their hand it’s got an expected utility
their hand it’s got an expected utility
their hand it’s got an expected utility that’s ten times higher than choice a
that’s ten times higher than choice a
that’s ten times higher than choice a and then I say who here believes that
and then I say who here believes that
and then I say who here believes that your boss wants you to choose choice B
your boss wants you to choose choice B
your boss wants you to choose choice B and not a single person in the room
and not a single person in the room
and not a single person in the room raises their hand I mean these typically
raises their hand I mean these typically
raises their hand I mean these typically are large multinationals who want to be
are large multinationals who want to be
are large multinationals who want to be innovative and then I say you don’t need
innovative and then I say you don’t need
innovative and then I say you don’t need a lecture on innovation you need a new
a lecture on innovation you need a new
a lecture on innovation you need a new boss you need a new context I really
boss you need a new context I really
boss you need a new context I really think that it’s the context that matters
think that it’s the context that matters
think that it’s the context that matters we all inherently understand
we all inherently understand
we all inherently understand the taking smart risks is the right
the taking smart risks is the right
the taking smart risks is the right thing to do
thing to do
thing to do now what counts as smart what counts as
now what counts as smart what counts as
now what counts as smart what counts as a risk is different in different parts
a risk is different in different parts
a risk is different in different parts of a company or companies or different
of a company or companies or different
of a company or companies or different sizes you know you can tolerate a PR
sizes you know you can tolerate a PR
sizes you know you can tolerate a PR Fiasco much easier if you’re a tiny
Fiasco much easier if you’re a tiny
Fiasco much easier if you’re a tiny company because no one’s watching you
company because no one’s watching you
company because no one’s watching you than if you’re a large company for
than if you’re a large company for
than if you’re a large company for example so the calculus is different but
example so the calculus is different but
example so the calculus is different but the principle is still the same the only
the principle is still the same the only
the principle is still the same the only way to stay sharp to stay growing to
way to stay sharp to stay growing to
way to stay sharp to stay growing to stay relevant is to take smart risks all
stay relevant is to take smart risks all
stay relevant is to take smart risks all the time
the time
the time our first astronaut Alan Shepard who
our first astronaut Alan Shepard who
our first astronaut Alan Shepard who flew a suborbital flight followed
flew a suborbital flight followed
flew a suborbital flight followed Gagarin by only three weeks after
Gagarin by only three weeks after
Gagarin by only three weeks after Shepards flight it took only seven and a
Shepards flight it took only seven and a
Shepards flight it took only seven and a half years for us to launch Apollo 8 to
half years for us to launch Apollo 8 to
half years for us to launch Apollo 8 to go out and orbit the moon they went to
go out and orbit the moon they went to
go out and orbit the moon they went to the moon on the very first manned flight
the moon on the very first manned flight
the moon on the very first manned flight of the big Saturn 5 now can you imagine
of the big Saturn 5 now can you imagine
of the big Saturn 5 now can you imagine today NASA developing a brand-new huge
today NASA developing a brand-new huge
today NASA developing a brand-new huge big advanced rocket and the first time
big advanced rocket and the first time
big advanced rocket and the first time people fly on it they go to the moon or
people fly on it they go to the moon or
people fly on it they go to the moon or they go somewhere we’ve never been
they go somewhere we’ve never been
they go somewhere we’ve never been before that puts in perspective the kind
before that puts in perspective the kind
before that puts in perspective the kind of risks that we that we were taking and
of risks that we that we were taking and
of risks that we that we were taking and those who put themselves in a position
those who put themselves in a position
those who put themselves in a position to take enormous risks are those that
to take enormous risks are those that
to take enormous risks are those that have breakthroughs and those that that
have breakthroughs and those that that
have breakthroughs and those that that have research results now is the time to
have research results now is the time to
have research results now is the time to take risk you don’t have yeah you know
take risk you don’t have yeah you know
take risk you don’t have yeah you know you don’t have you don’t have kids your
you don’t have you don’t have kids your
you don’t have you don’t have kids your obligation to all seven probably that
obligation to all seven probably that
obligation to all seven probably that kids the the the but but as you as you
kids the the the but but as you as you
kids the the the but but as you as you get older your obligations increase so
get older your obligations increase so
get older your obligations increase so your and once you have a family you
your and once you have a family you
your and once you have a family you start taking risks not just for yourself
start taking risks not just for yourself
start taking risks not just for yourself but for your family as well it gets much
but for your family as well it gets much
but for your family as well it gets much harder to do things that might not work
harder to do things that might not work
harder to do things that might not work out so now is the time to do that before
out so now is the time to do that before
out so now is the time to do that before you before you have those obligations so
you before you have those obligations so
you before you have those obligations so I would encourage you to take risks now
I would encourage you to take risks now
I would encourage you to take risks now do something bold you won’t regret it
do something bold you won’t regret it
do something bold you won’t regret it the chain-store bug had already bitten
the chain-store bug had already bitten
the chain-store bug had already bitten me
me
me but and it wasn’t long as soon as I
but and it wasn’t long as soon as I
but and it wasn’t long as soon as I could afford at all
could afford at all
could afford at all kiss started casting around for another
kiss started casting around for another
kiss started casting around for another location and where did where was that
location and where did where was that
location and where did where was that fat veil on the square it was that
fat veil on the square it was that
fat veil on the square it was that little 18 foot store shotgun 1950 1952
little 18 foot store shotgun 1950 1952
little 18 foot store shotgun 1950 1952 we got the sword Fayetteville started
we got the sword Fayetteville started
we got the sword Fayetteville started didn’t we but and it became very
didn’t we but and it became very
didn’t we but and it became very successful so then one day I got a call
successful so then one day I got a call
successful so then one day I got a call from Ben Franklin and they said hey we
from Ben Franklin and they said hey we
from Ben Franklin and they said hey we got a store in Kansas City and you
got a store in Kansas City and you
got a store in Kansas City and you remember the story I certainly do and I
remember the story I certainly do and I
remember the story I certainly do and I thought well if I’ve got it if I’ve got
thought well if I’ve got it if I’ve got
thought well if I’ve got it if I’ve got to go to Kansas see I got to get me an
to go to Kansas see I got to get me an
to go to Kansas see I got to get me an airplane and I didn’t I had never flown
airplane and I didn’t I had never flown
airplane and I didn’t I had never flown probably it first looked at it in 53 I’d
probably it first looked at it in 53 I’d
probably it first looked at it in 53 I’d say and this was our first venture in
say and this was our first venture in
say and this was our first venture in the shopping center yeah and they were
the shopping center yeah and they were
the shopping center yeah and they were pesto’s they know shopping centers are
pesto’s they know shopping centers are
pesto’s they know shopping centers are not true that’s exactly right and this
not true that’s exactly right and this
not true that’s exactly right and this was something entirely new and different
was something entirely new and different
was something entirely new and different everybody was skittish of it no one else
everybody was skittish of it no one else
everybody was skittish of it no one else wanted the franchise really another one
wanted the franchise really another one
wanted the franchise really another one of those situations and let’s say well
of those situations and let’s say well
of those situations and let’s say well I’ll take half of it I think I can put
I’ll take half of it I think I can put
I’ll take half of it I think I can put enough money together to get half of it
enough money together to get half of it
enough money together to get half of it I said well if you can out I’ll try to
I said well if you can out I’ll try to
I said well if you can out I’ll try to do my part and we’ll go up there and
do my part and we’ll go up there and
do my part and we’ll go up there and we’ll just take another gamble sure
we’ll just take another gamble sure
we’ll just take another gamble sure right and it was a gamble it was out 20
right and it was a gamble it was out 20
right and it was a gamble it was out 20 miles from the Kansas City city limits
miles from the Kansas City city limits
miles from the Kansas City city limits time we got to store open why it was a
time we got to store open why it was a
time we got to store open why it was a winner for the day we all I mean it was
winner for the day we all I mean it was
winner for the day we all I mean it was it was the best profit store I know one
it was the best profit store I know one
it was the best profit store I know one year it made $30,000 but more money than
year it made $30,000 but more money than
year it made $30,000 but more money than read everything herder ever dreamed
read everything herder ever dreamed
read everything herder ever dreamed about being able to make out of one
about being able to make out of one
about being able to make out of one store he moved to the east side line
store he moved to the east side line
store he moved to the east side line going towards the first corner I just
going towards the first corner I just
going towards the first corner I just chase him then and he opened the gap and
chase him then and he opened the gap and
chase him then and he opened the gap and knowing me like he does know he must
knowing me like he does know he must
knowing me like he does know he must realize that if there was a gap I was
realize that if there was a gap I was
realize that if there was a gap I was gonna try to overtake you under dohsa
gonna try to overtake you under dohsa
gonna try to overtake you under dohsa posters he should never have opened a
posters he should never have opened a
posters he should never have opened a gap in the first corner and then come
gap in the first corner and then come
gap in the first corner and then come back again because by doing so he opened
back again because by doing so he opened
back again because by doing so he opened began gave the gap and then closed it
began gave the gap and then closed it
began gave the gap and then closed it and in that sequence that there was no
and in that sequence that there was no
and in that sequence that there was no way to avoid that incident right but
way to avoid that incident right but
way to avoid that incident right but that only happened to him because you
that only happened to him because you
that only happened to him because you saw the gap and I accept that you’re a
saw the gap and I accept that you’re a
saw the gap and I accept that you’re a racer but
racer but
racer but amateur racer has to also think if he
amateur racer has to also think if he
amateur racer has to also think if he closes the door again we are going
closes the door again we are going
closes the door again we are going have an accident and in fact that was a
have an accident and in fact that was a
have an accident and in fact that was a high-speed entry so it could have been a
high-speed entry so it could have been a
high-speed entry so it could have been a very serious accident
very serious accident
very serious accident so wouldn’t it not have been more
so wouldn’t it not have been more
so wouldn’t it not have been more prudent under those circumstances to
prudent under those circumstances to
prudent under those circumstances to have at least seeing that the gap was
have at least seeing that the gap was
have at least seeing that the gap was potentially going to close not at all he
potentially going to close not at all he
potentially going to close not at all he was in a position where he could never
was in a position where he could never
was in a position where he could never under no circumstance put his car
under no circumstance put his car
under no circumstance put his car anywhere near mine in a difficult
anywhere near mine in a difficult
anywhere near mine in a difficult position because if we happen just to
position because if we happen just to
position because if we happen just to touch just to touch and have a wing
touch just to touch and have a wing
touch just to touch and have a wing damage or a wheel flat tire he had
damage or a wheel flat tire he had
damage or a wheel flat tire he had everything to lose
everything to lose
everything to lose so and under those circumstances my
so and under those circumstances my
so and under those circumstances my understanding was that he would never
understanding was that he would never
understanding was that he would never move against me in the first corner and
move against me in the first corner and
move against me in the first corner and I was very surprised when I found myself
I was very surprised when I found myself
I was very surprised when I found myself with him moving the car over mine so in
with him moving the car over mine so in
with him moving the car over mine so in that case you were calculating that he
that case you were calculating that he
that case you were calculating that he would give way that he would let you
would give way that he would let you
would give way that he would let you through of course he would not close the
through of course he would not close the
through of course he would not close the way he did from the moment he made the
way he did from the moment he made the
way he did from the moment he made the initial room he would not come back and
initial room he would not come back and
initial room he would not come back and close the door again a calculated risk
close the door again a calculated risk
close the door again a calculated risk of course risk there is no chance to
of course risk there is no chance to
of course risk there is no chance to evolve in progress without taking risk I
evolve in progress without taking risk I
evolve in progress without taking risk I feel like it’s the necessary element to
feel like it’s the necessary element to
feel like it’s the necessary element to self development you know like it’s the
self development you know like it’s the
self development you know like it’s the key to living life to the fullest risk
key to living life to the fullest risk
key to living life to the fullest risk according to Webster is the chance of
according to Webster is the chance of
according to Webster is the chance of injury damage loss the failure of your
injury damage loss the failure of your
injury damage loss the failure of your expectations but I realized that it’s
expectations but I realized that it’s
expectations but I realized that it’s also the opportunity to learn and gain a
also the opportunity to learn and gain a
also the opportunity to learn and gain a fulfillment of your desires and dreams
fulfillment of your desires and dreams
fulfillment of your desires and dreams when I think of risk or just what risk
when I think of risk or just what risk
when I think of risk or just what risk means I feel like I might think of being
means I feel like I might think of being
means I feel like I might think of being afraid or more really risk is a way to
afraid or more really risk is a way to
afraid or more really risk is a way to overcome what you fear you can be afraid
overcome what you fear you can be afraid
overcome what you fear you can be afraid to risk something
to risk something
to risk something or everything because you don’t want to
or everything because you don’t want to
or everything because you don’t want to lose what you have because you’re afraid
lose what you have because you’re afraid
lose what you have because you’re afraid you may fail or think you can’t handle
you may fail or think you can’t handle
you may fail or think you can’t handle it or whatever the case you’ll spend so
it or whatever the case you’ll spend so
it or whatever the case you’ll spend so much energy and time trying to keep what
much energy and time trying to keep what
much energy and time trying to keep what you have instead of progressing into
you have instead of progressing into
you have instead of progressing into something new everything changes nothing
something new everything changes nothing
something new everything changes nothing stays the same forever nothing from
stays the same forever nothing from
stays the same forever nothing from business it’s a personal everything in
business it’s a personal everything in
business it’s a personal everything in between
between
between I realize that you can’t be afraid a lot
I realize that you can’t be afraid a lot
I realize that you can’t be afraid a lot of us aren’t all the way satisfied but
of us aren’t all the way satisfied but
of us aren’t all the way satisfied but are scared to lose security and what we
are scared to lose security and what we
are scared to lose security and what we do have like I might not be able to get
do have like I might not be able to get
do have like I might not be able to get a better job or a better partner etc or
a better job or a better partner etc or
a better job or a better partner etc or even as bad as prison is you know there
even as bad as prison is you know there
even as bad as prison is you know there are people who don’t want to leave
are people who don’t want to leave
are people who don’t want to leave because they’re afraid of what’s on the
because they’re afraid of what’s on the
because they’re afraid of what’s on the outside or being able to succeed the
outside or being able to succeed the
outside or being able to succeed the number one thing I got to remind myself
number one thing I got to remind myself
number one thing I got to remind myself sometimes and remember is that life is
sometimes and remember is that life is
sometimes and remember is that life is here not to survive but to live it up
here not to survive but to live it up
here not to survive but to live it up you know to expand to grow when you
you know to expand to grow when you
you know to expand to grow when you settle for what’s familiar
settle for what’s familiar
settle for what’s familiar or safe is because we forget that God is
or safe is because we forget that God is
or safe is because we forget that God is our security God is creating artists and
our security God is creating artists and
our security God is creating artists and that’s the only security you know you
that’s the only security you know you
that’s the only security you know you could try and find security in people
could try and find security in people
could try and find security in people and jobs or anything man-made but
and jobs or anything man-made but
and jobs or anything man-made but there’s no point because everything is
there’s no point because everything is
there’s no point because everything is designed to change including you most
designed to change including you most
designed to change including you most people who have successfully taken risk
people who have successfully taken risk
people who have successfully taken risk and succeeded have failed to but the
and succeeded have failed to but the
and succeeded have failed to but the point is you learn from every lesson you
point is you learn from every lesson you
point is you learn from every lesson you learn from every risk change is always
learn from every risk change is always
learn from every risk change is always exciting it’s always exciting when you
exciting it’s always exciting when you
exciting it’s always exciting when you know God is involved the world is
know God is involved the world is
know God is involved the world is designed for change don’t ever be afraid
designed for change don’t ever be afraid
designed for change don’t ever be afraid to take risks so
to take risks so
to take risks so thank you so much for watching okay guys
thank you so much for watching okay guys
thank you so much for watching okay guys you would like to know which Clips you
you would like to know which Clips you
you would like to know which Clips you liked the most
liked the most
liked the most leave your comments at the bottom we’re
leave your comments at the bottom we’re
leave your comments at the bottom we’re gonna join in the discussion thank you
gonna join in the discussion thank you
gonna join in the discussion thank you so much continue to believe and we’ll
so much continue to believe and we’ll
so much continue to believe and we’ll see you soon
”
Be First to Comment