Patrick Schwerdtfeger is a motivational speaker who can speak about the benefits of taking risks, even if it results in failure, at your next business event. Contact us to check availability. The full transcript of the above video is included below.
Full Video Transcript:
Hi, and welcome to another edition of Strategic Business Insights. Today we’re going to talk about taking risks and how important that is to achieving success. Now look, I had a video just recently that I released which was about doing what is necessary to achieve success, and the phrase I said in there is you have to be willing to do what’s necessary. You have to be willing to take those risks. And the video got a very good response.
And right at the end of the video, I talked about something, and in retrospect I wish I would have elaborated on it more during the video. Well, that’s what this video is about. This video is essentially a continuation of that video, and I’ll tell you what, I’ll put a link right here so you can click back and watch that other video if you would like to. This is essentially a continuation of that video.
So look, taking risks is super-important for business, but people don’t understand why. They see only one reason for it instead of two. There are two reasons for taking risks, not one. The one that everyone thinks about is, well, you have to take a risk to go big and start your business, which is risky, and it’s either going to succeed or fail. So if it succeeds, you’re in great shape, the risk was worth taking. If it fails, you’re screwed, it’s over, you lost whatever money you lost in the process, and time. But there’s more than that.
There’s more than that. You see, you can never lose entirely, and I’ll tell you why. When you take risks, the people in your circle, the people who know you, the people who see you, in your circle of influence, they see that you are a risk-taker and a doer. You took action, which means you establish yourself as someone who is willing to take risks. Do you have any idea how important this is? When businesspeople want to deal with other businesspeople, do you think they want someone who’s never going to take action, who’s never going to get the job done and take the steps that need to be taken? No. It’s like the people who are wealthy only want to do deal with other people who are wealthy.
A friend of mine, multimillionaire, said to me once—we were driving to a restaurant, we were going to go get lunch—and he said, “Why would I ever want a financial adviser who doesn’t have at least as much money as me?” It’s the same thing, guys. It’s the same thing. When you want to deal with other businesses and you’re doing partnerships or strategic alliances or things, joint ventures with some other partner to build some new aspect to your business or expand or even just getting loans or whatever it might be, the other businesses around you, they want to be with someone who’s going to get the job done, someone who’s willing to take the risks and do the things that are necessary to get the job done, which means even if you take a risk and it fails, you still win. You still win. You still win something.
Or let’s say it differently: You don’t lose everything. I understand losing some money, losing some time by taking a risk; believe me, I’ve done that so many times. I’ve risked money so many times and had it not come through. I know what that feels like. So I’m not suggesting that that’s not a negative, but what I am suggesting is that my friends and my colleagues and my business associates, they know that I will do what is necessary. I always do. I always pull the trigger, every time. I never don’t. They know that.
And I’m not stupid. I don’t just pull the trigger without doing my research, my due diligence first. I’m not suggesting that you do that either. But what I’m suggesting is, once you’ve made the decision, you’ve done the research, you know that you should be doing it, you need to do it. You need to do it every single time, because you’re going to build a reputation for that in your circle that says, “Patrick is someone who gets the job done. Patrick is someone who’s willing to do what no one else is willing to do.” So you benefit either way.
You need to take risks. Being a risk-taker and an action-taker is part of success. If you don’t take risks, if you don’t take action, you will never get there. It’s not that you take one risk and get lucky and that one risk paid off and now you’re done. It never works that way, or hardly ever. Every now and again you might get a story like that that actually plays out that way where someone took one risk and it worked out perfectly like magic and now they’re wealthy. It’s possible, but it might be one in a hundred or one in a thousand.
Listen to this—success is the accumulation of 10,000 tiny victories and 100,000 tiny failures. That’s what I believe. I believe that success is the accumulation of 10,000 victories and 100,000 failures, because every time you fail you learn something, and every time you take action in general, you learn as well, you expand your comfort zone, and everyone around you knows that if they want something done, if they want someone who’s willing to do the hard work, to take those hard steps, you’re the person for the job.
So take risks. Don’t take stupid ones, but take risks, and always take action when it’s time to take action. It’s going to help your business grow, I promise, in the long run. It might hurt in the short term. You might stumble and fall a few times. I’ve stumbled and fallen so many times it’s not even funny. But in the long term it’s going to help out, and you’re going to be known as a person of action.
Thanks for watching this video. My name is Patrick, reminding you once again to think bigger about your business, think bigger about your life.
Patrick Schwerdtfeger is a keynote speaker who has spoken at business conferences in North America, South America, Europe, Africa, the Middle East and Asia.