If someone told you 'Invest $500 today, and there is a 60% chance you'll make 10X in a few months,' would this be a risk you'd take?
The chances are more than in your favor and it's a good risk to reward.
Your answer to this question will dictate your appetite for risk.
Personally, I've never been much of a risk-taker my whole life.
Before getting into business, I was much timider than I am now.
Back when I had school to worry about, I just stayed in line and didn't do anything more than what was asked of me.
I didn't do many extracurricular activities until around 17 or 18 years old too.
I could never relate to those who say 'I've been an entrepreneur my whole life - because I wasn't.
I never had much money to throw around.
This sort of mentality was prominent among my family members.
They had the mindset that wealth and riches don't come to people like them.
Yet, I've never seen any of them step out of the norm to change that.
So when it was my turn to start learning more about the inner workings of money, I naturally adopted a scarce mentality towards it.
I remember starting my first e-commerce store and giving up after losing £11 in ad spend since it didn't yield any results.
I was scared of buying a domain because I felt like the costs were too high to incur.
FYI: A domain can cost less than £1
Looking back, there was no chance of success with this outwards mentality towards spending money.
No matter if you like him or absolutely hate him, Donald Trump is a great person to reference for this.
Between the years 1985-1994, Trump lost over $1.17 billion yet managed to become a billionaire again later on, in record time.
How is this possible?
When you're in a position like Donald Trump, your appetite for risk is already much higher than the average person.
Having had this sort of wealth previously, it was an easy decision to risk big to win big once again.
So how can we also start to build this sort of appetite for risk?
How can we learn to take more risks in our lives and businesses?
Here are some of the lessons I've learnt about taking risks and how they can help you too.
Spend vs Invest
However, when you 'invest' money, you're putting it into something with the expectation to make a future profit.
When I was building Condensr, I had no experience in coding, or even building functional wireframes.
After you do your due diligence, you can make a better-informed decision on the sort of risk you need to take.
Treat it like a game
Once the individual accepts the game's rules, they can eventually become used to the pain that comes with continuous dissatisfaction
In these courses, there was a specific lesson that stood out to me.