Taking risks is always intimidating. It can be scary to leave comfort and safety behind and leap toward a potentially difficult and life-altering decision. But anything worth having rarely comes from taking the easy path.
To inspire you to take that "big chance" you've been dreaming about, we asked 10 members of Young Entrepreneur Council about the biggest career risks they’ve ever taken. Below they shared their stories about what happened and what they learned from following their instincts.
Young Entrepreneur Council members discuss the risks that paid off for them and their business.
Photos courtesy of the individual members.1. Jumping Into My Business With Both Feet
I left the comfort, safety and security of a full-time legal job to continue building my companies. I had a mortgage and monetary commitments, but luckily all the risk was on me. I had not started a family at that point, so I felt confident that, even if things didn't work out, I could still dig down and rebuild. There is never a perfect time, so you just have to jump in with both feet and do it. - Lisa Song Sutton, Sin City Cupcakes
2. Betting On Myself
The biggest risk I’ve taken was starting Lunya. It was a huge bet on myself and, in hindsight, I think the mountain that decision set me off on was far bigger than I could have imagined. Looking back, the journey has taught me to value myself, time and the human connection more than I could have guessed. - Ashley Merrill, Lunya
3. Giving Myself Six Months To Achieve Startup Success
The biggest risk I took was quitting my job to start my own business. I gave myself six months, knowing it doesn’t work out 99% of the time. Six years later, Fattmerchant’s success has been crazy. When taking big risks, be confident in your ability to make the sacrifice. Nothing is guaranteed. In the end, you have to bet on yourself, always with the mindset that you’re OK walking away with a loss. - Suneera Madhani, Fattmerchant
4. Making A Quick Career Change
My biggest career risk was switching from nursing to web development rather quickly. I didn't expect to enjoy web development as much as I did, but I also knew that staying where I was wasn't an option either. I haven't had a single regret about my decision, and if I could, I would do it all over again. - Stephanie Wells, Formidable Forms
5. Buying Out My Business Partners
In 2018, I took on a loan through the SBA to buy out the two partners in the business I had co-founded. It was a risk because we had to take a loan and put our house up as collateral, and I needed to restructure our leadership team. I could not be happier that I made this decision, and I know that it's been key to our team getting through this Covid crisis as well as we have. - Kelsey Raymond, Influence & Co.
6. Investing In Two Struggling Businesses At Once
Back in 2008, I had two businesses, one in graphic design and the other in the retail industry. Things were bad and the businesses were not doing so well. I had saved a little money and I was in a dilemma. I thought I had to invest only in one business and let the other die. But I invested half in the former business and the rest in retail. Fortunately, they both survived, but it was my biggest risk. - Kelly Richardson, Infobrandz
7. Cutting Out Activities And People Who Held Me Back
My story is about taking risks. As the CEO of the company, I also had to take steps and measures to make sure that my company’s mission and vision were aligned with what my employees do. I had to phase out some activities that were not healthy for me and cut out people that weren’t helping in my personal growth. Since I started my business, I have become a different person—more courageous, a greater risk-taker and smarter. - Daisy Jing, Banish
8. Delegating My Day-To-Day Tasks To A New Hire
My biggest risk was hiring my first operations manager and delegating a lot of my day-to-day to her. I was absolutely terrified at the time; it was a huge financial commitment and it felt so much like taking my hands off the proverbial steering wheel of my business. I learned how to delegate, to be vulnerable and to start trusting others, which was huge and absolutely necessary for growth. - Rachel Beider, PRESS Modern Massage
9. Opening Six Businesses With A Large Family To Support
Opening six businesses with a family of more than six was a pretty big risk. However, by managing my time very effectively and systematizing my businesses and processes, I've been able to enjoy the benefits of my hard work and still give time to my family as needed. - Nicole Munoz, Nicole Munoz Consulting, Inc.
10. Starting A Business With No Safety Net
The biggest career risk I've taken was starting a business without any safety net after being laid off from my consulting position during the Great Recession. I was scared due to the lack of predictability and stability, but I made it through with patience and persistence. In hindsight, launching my first business was the best decision I've made for my career. - Kristin Kimberly Marquet, Marquet Media, LLC
