The best business advice I’ve ever received was from the legendary Sir Richard Branson (an investor in CreativeLive and mentor/inspiration to me). His simple but brilliant advice is to always manage the downside. “When you prepare against catastrophic downsides (avoid “betting it all” or “mortgaging everything”) it allows you to create a culture where you can take lots of small to mid-size risks, learn and build.” Put simply – it’s exceedingly rare that greatness comes from a single blind all-in swing or a brash act. Boldness is required but the boldness that sticks around to experiment regularly, to fail small and often, and cultivate a culture of risk taking is what generates the most big wins in the end.
Here’s a recent video we shot with Chase and several other entrepreneurs, sharing more business advice.