I absolutely believe that risk is imperative to success. The worst thing a business person can do is to let fear dictate whether they start a new venture – personal or professional. That is not to say that you will hit gold 100% of the time, but the old adage of nothing ventured, nothing gained is true. One who tries may not succeed, but one who doesn’t try will always fail.
Having a stake on whether your business fails or loses may be one of the most important drivers of entrepreneurs. If I hadn’t had some sort of fear of failure, I may not have worked as long or pushed as hard. Nor would I have seen my business The Allure Group become the success it is today. I know it was my stake in the failure or success of the business that led to its success.
But there is more than just monetary risks that can be good for business.
“It’s not personal” is something we’ve all heard in business. But, what if we did make it personal? I believe there is value in choosing a business venture that is directly connected to you personally; after all, passion fuels entrepreneurship and passion is often personal. For me, nothing drives professional success more than risk. And when are the stakes higher than when they’re personal?
Human Connectivity
In my experience as an entrepreneur, being personally connected to a venture can be directly proportional to its success. In other words, if I have a personal stake in a company or venture, and can spark that same attachment in others, I can be sure that energy will directed towards there proportionally. It is that fierce, immediate consideration that breeds long-term success.
One such experience would become the foundation for what would become my current business.
When my elderly grandfather started needing advanced care, I became frustrated with the many deficiencies that I witnessed in eldercare. I knew there had to be a better way to deliver much-needed health services to the community–especially ones that required culturally-sensitive services. My experience with the nonprofit nursing homes was that they were unresponsive and just couldn’t deliver quality services on a reliable basis.
Since I’ve always seen entrepreneurship as an important way to find solutions to problems, I founded The Allure Group to provide a better model to increase and improve care for seniors. After my experience with my grandfather’s care, I took the next logical step by making it a personal mission to improve this niche in the healthcare system so that seniors could have access to better care.
In essence, the foundation of my business was personal – I had a stake in this endeavor that went beyond the monetary, and these stakes have driven me as well as many of my associates, who I have recruited based partly on their personal passion for eldercare.
Connect the Dots
Though giving isn’t a ‘business’ per se, it is the business of paying it forward. For me, there is great joy in being a useful member of a community – my family community, my cultural community, and the greater community of New York City. As a family man, I have a stake in the future that my children will inherit. I want to set an example that giving is just as important as financial success.
Necessity is the mother of invention; this concept also holds true in business ventures. When people have a need that isn’t being filled, it is a great opportunity to innovate.
Seeing a problem, solving it, and being of value to a community is a habit I hope I pass onto my children. It is because I have a stake in their upbringing that makes me cognizant of how I can shape who they will become as adults.
Stake Your Claim
By keeping up with the communities I serve, I stay grounded in the bedrock of my original ideas and inspiration, and my guiding principles remain intact. In that way, I’m able to ‘stake’ my place in the world and think other entrepreneurs can follow suit. Staying true to the goal that I set at the beginning of a project allows me to build on it, while staying flexible and open to new directions that will further my goal – sometimes in unexpected ways.
New York is a place of innovation and growth, but also a place to put down roots and create something that will last. Entrepreneurs of all industries and locations can achieve meaning and longevity by prioritizing what’s personal and letting it strengthen their company’s foundation. What could be better than contributing something meaningful and personal to the world and watching it come to fruition?
