Entrepreneur Risk and Reward Tactics and Strategies
Steve breaks down how entrepreneurs can manage risk instead of avoiding it, using product liability insurance and manufacturer negotiations in China as examples of a calculated bet.
Steve Simonson
Show notes
Steve talks through why risk is something entrepreneurs have to learn to manage rather than avoid, using product liability insurance as his main example: how pricing is based on a product's risk profile and sales volume, and a technique for shifting some of that cost onto contract manufacturers instead of carrying it all yourself.
He extends the idea to marketing spend, warning against both reckless bets, like SEO promises that sound too good, and abandoning a channel too early just because it didn't pay off in the first few days.
The core message: no risk, no reward, but the goal is measured risk, not blind risk.