risks risky risk risks risks risks risks
risk whatever it is that you want to do
your there’s gonna be risk in your life
and risk is a necessary component of
progress I don’t know how you can make
any pioneering movements in the world of
any kind whether they be the
geographical physical exploration that
I’ve just been talking about whether it
be you know a more cerebral exploration
of a scientific field or I bet you could
ask that question of every speaker here
and I bet that every speaker here has
taken substantial risks whether it be
intellectual or otherwise to achieve
what they’re you know what they’ve done
the smartest business decision I ever
made was retiring from modeling and
doing it in a big way so I was a
Victoria’s Secret Angel one of the first
angels and I retired and really big
Tyra’s what last walk do you know
tomorrow night 8 p.m. you know and and I
walked away in a really big way and I
did that so that I wouldn’t be tempted
to go back but I realized yeah I’m not
sure if that was the smartest thing to
do because I had a new talk show back in
the day Tyra show it had not been
renewed yet America’s Next Top Model was
brand new had not been renewed yet so
here I am putting all of my eggs into
this basket not knowing if I had you
know a true future with this new
television production and producing and
hosting so good decision but I look back
on my dream very risky very risky but
sometimes those are the decisions that
pay off that I was my reward
yes when I look back at my career I see
all of these tangents in the chant the
tangents that have always yielded
success were the ones where there was no
established path no defined route for me
to take but I went down in anyways and
through that kind of exploration I
always discovered something new and
those those new things those new
entities whether they be movies or ideas
or things in my personal life have
always proven to be the most rewarding
for me life shrinks and expand
in direct proportion to one’s
willingness to take on risk and I think
when it comes to exploring the active
exploration is the act of assuming risk
the greater risk takers their greater
Explorer as a business grows
the natural tendency would be to take
fewer risks and to be cautious and to
have contingency plans but in a business
that’s changing very quickly or one that
you want to grow you actually need to be
explicit about accepting risk one of the
people who work with me kind of
described it this way they you know I
was sort of encouraging this person hey
you know let’s try this when we do this
how about this and at some point he kind
of came back and said so what you’re
telling me is you want me to try to do
ten things and if I only get eight of
them you know you’ll be okay with that
yeah you know if I don’t get all you
know all ten versus you know having five
things and doing all five perfectly
that’s exactly right you know you know
we want to accept some experiments
I think risk is important for every
company I think it is the essence of
entrepreneurship whether you’re the
smallest company in the world or like
Google the second largest company in the
world to take smart risks all the time I
run this experiment frequently with
groups where I give them two choices
choice a and choice B so choice a is you
get to deliver a million dollars of
bottom-line value to your company this
year guaranteed choice B you get to
deliver a billion dollars of bottom-line
value to your company this year but only
with one chance in 100 so everyone does
the mental math I say who wants to say
nobody raises their hand
who wants choice B everybody raises
their hand it’s got an expected utility
that’s ten times higher than choice a
and then I say who here believes that
your boss wants you to choose choice B
and not a single person in the room
raises their hand I mean these typically
are large multinationals who want to be
innovative and then I say you don’t need
a lecture on innovation you need a new
boss you need a new context I really
think that it’s the context that matters
we all inherently understand
the taking smart risks is the right
thing to do
now what counts as smart what counts as
a risk is different in different parts
of a company or companies or different
sizes you know you can tolerate a PR
Fiasco much easier if you’re a tiny
company because no one’s watching you
than if you’re a large company for
example so the calculus is different but
the principle is still the same the only
way to stay sharp to stay growing to
stay relevant is to take smart risks all
the time
our first astronaut Alan Shepard who
flew a suborbital flight followed
Gagarin by only three weeks after
Shepards flight it took only seven and a
half years for us to launch Apollo 8 to
go out and orbit the moon they went to
the moon on the very first manned flight
of the big Saturn 5 now can you imagine
today NASA developing a brand-new huge
big advanced rocket and the first time
people fly on it they go to the moon or
they go somewhere we’ve never been
before that puts in perspective the kind
of risks that we that we were taking and
those who put themselves in a position
to take enormous risks are those that
have breakthroughs and those that that
have research results now is the time to
take risk you don’t have yeah you know
you don’t have you don’t have kids your
obligation to all seven probably that
kids the the the but but as you as you
get older your obligations increase so
your and once you have a family you
start taking risks not just for yourself
but for your family as well it gets much
harder to do things that might not work
out so now is the time to do that before
you before you have those obligations so
I would encourage you to take risks now
do something bold you won’t regret it
the chain-store bug had already bitten
me
but and it wasn’t long as soon as I
could afford at all
kiss started casting around for another
location and where did where was that
fat veil on the square it was that
little 18 foot store shotgun 1950 1952
we got the sword Fayetteville started
didn’t we but and it became very
successful so then one day I got a call
from Ben Franklin and they said hey we
got a store in Kansas City and you
remember the story I certainly do and I
thought well if I’ve got it if I’ve got
to go to Kansas see I got to get me an
airplane and I didn’t I had never flown
probably it first looked at it in 53 I’d
say and this was our first venture in
the shopping center yeah and they were
pesto’s they know shopping centers are
not true that’s exactly right and this
was something entirely new and different
everybody was skittish of it no one else
wanted the franchise really another one
of those situations and let’s say well
I’ll take half of it I think I can put
enough money together to get half of it
I said well if you can out I’ll try to
do my part and we’ll go up there and
we’ll just take another gamble sure
right and it was a gamble it was out 20
miles from the Kansas City city limits
time we got to store open why it was a
winner for the day we all I mean it was
it was the best profit store I know one
year it made $30,000 but more money than
read everything herder ever dreamed
about being able to make out of one
store he moved to the east side line
going towards the first corner I just
chase him then and he opened the gap and
knowing me like he does know he must
realize that if there was a gap I was
gonna try to overtake you under dohsa
posters he should never have opened a
gap in the first corner and then come
back again because by doing so he opened
began gave the gap and then closed it
and in that sequence that there was no
way to avoid that incident right but
that only happened to him because you
saw the gap and I accept that you’re a
racer but
amateur racer has to also think if he
closes the door again we are going
have an accident and in fact that was a
high-speed entry so it could have been a
very serious accident
so wouldn’t it not have been more
prudent under those circumstances to
have at least seeing that the gap was
potentially going to close not at all he
was in a position where he could never
under no circumstance put his car
anywhere near mine in a difficult
position because if we happen just to
touch just to touch and have a wing
damage or a wheel flat tire he had
everything to lose
so and under those circumstances my
understanding was that he would never
move against me in the first corner and
I was very surprised when I found myself
with him moving the car over mine so in
that case you were calculating that he
would give way that he would let you
through of course he would not close the
way he did from the moment he made the
initial room he would not come back and
close the door again a calculated risk
of course risk there is no chance to
evolve in progress without taking risk I
feel like it’s the necessary element to
self development you know like it’s the
key to living life to the fullest risk
according to Webster is the chance of
injury damage loss the failure of your
expectations but I realized that it’s
also the opportunity to learn and gain a
fulfillment of your desires and dreams
when I think of risk or just what risk
means I feel like I might think of being
afraid or more really risk is a way to
overcome what you fear you can be afraid
to risk something
or everything because you don’t want to
lose what you have because you’re afraid
you may fail or think you can’t handle
it or whatever the case you’ll spend so
much energy and time trying to keep what
you have instead of progressing into
something new everything changes nothing
stays the same forever nothing from
business it’s a personal everything in
between
I realize that you can’t be afraid a lot
of us aren’t all the way satisfied but
are scared to lose security and what we
do have like I might not be able to get
a better job or a better partner etc or
even as bad as prison is you know there
are people who don’t want to leave
because they’re afraid of what’s on the
outside or being able to succeed the
number one thing I got to remind myself
sometimes and remember is that life is
here not to survive but to live it up
you know to expand to grow when you
settle for what’s familiar
or safe is because we forget that God is
our security God is creating artists and
that’s the only security you know you
could try and find security in people
and jobs or anything man-made but
there’s no point because everything is
designed to change including you most
people who have successfully taken risk
and succeeded have failed to but the
point is you learn from every lesson you
learn from every risk change is always
exciting it’s always exciting when you
know God is involved the world is
designed for change don’t ever be afraid
to take risks so
thank you so much for watching okay guys
you would like to know which Clips you
liked the most
leave your comments at the bottom we’re
gonna join in the discussion thank you
so much continue to believe and we’ll
see you soon
risk whatever it is that you want to do
your there’s gonna be risk in your life
and risk is a necessary component of
progress I don’t know how you can make
any pioneering movements in the world of
any kind whether they be the
geographical physical exploration that
I’ve just been talking about whether it
be you know a more cerebral exploration
of a scientific field or I bet you could
ask that question of every speaker here
and I bet that every speaker here has
taken substantial risks whether it be
intellectual or otherwise to achieve
what they’re you know what they’ve done
the smartest business decision I ever
made was retiring from modeling and
doing it in a big way so I was a
Victoria’s Secret Angel one of the first
angels and I retired and really big
Tyra’s what last walk do you know
tomorrow night 8 p.m. you know and and I
walked away in a really big way and I
did that so that I wouldn’t be tempted
to go back but I realized yeah I’m not
sure if that was the smartest thing to
do because I had a new talk show back in
the day Tyra show it had not been
renewed yet America’s Next Top Model was
brand new had not been renewed yet so
here I am putting all of my eggs into
this basket not knowing if I had you
know a true future with this new
television production and producing and
hosting so good decision but I look back
on my dream very risky very risky but
sometimes those are the decisions that
pay off that I was my reward
yes when I look back at my career I see
all of these tangents in the chant the
tangents that have always yielded
success were the ones where there was no
established path no defined route for me
to take but I went down in anyways and
through that kind of exploration I
always discovered something new and
those those new things those new
entities whether they be movies or ideas
or things in my personal life have
always proven to be the most rewarding
for me life shrinks and expand
in direct proportion to one’s
willingness to take on risk and I think
when it comes to exploring the active
exploration is the act of assuming risk
the greater risk takers their greater
Explorer as a business grows
the natural tendency would be to take
fewer risks and to be cautious and to
have contingency plans but in a business
that’s changing very quickly or one that
you want to grow you actually need to be
explicit about accepting risk one of the
people who work with me kind of
described it this way they you know I
was sort of encouraging this person hey
you know let’s try this when we do this
how about this and at some point he kind
of came back and said so what you’re
telling me is you want me to try to do
ten things and if I only get eight of
them you know you’ll be okay with that
yeah you know if I don’t get all you
know all ten versus you know having five
things and doing all five perfectly
that’s exactly right you know you know
we want to accept some experiments
I think risk is important for every
company I think it is the essence of
entrepreneurship whether you’re the
smallest company in the world or like
Google the second largest company in the
world to take smart risks all the time I
run this experiment frequently with
groups where I give them two choices
choice a and choice B so choice a is you
get to deliver a million dollars of
bottom-line value to your company this
year guaranteed choice B you get to
deliver a billion dollars of bottom-line
value to your company this year but only
with one chance in 100 so everyone does
the mental math I say who wants to say
nobody raises their hand
who wants choice B everybody raises
their hand it’s got an expected utility
that’s ten times higher than choice a
and then I say who here believes that
your boss wants you to choose choice B
and not a single person in the room
raises their hand I mean these typically
are large multinationals who want to be
innovative and then I say you don’t need
a lecture on innovation you need a new
boss you need a new context I really
think that it’s the context that matters
we all inherently understand
the taking smart risks is the right
thing to do
now what counts as smart what counts as
a risk is different in different parts
of a company or companies or different
sizes you know you can tolerate a PR
Fiasco much easier if you’re a tiny
company because no one’s watching you
than if you’re a large company for
example so the calculus is different but
the principle is still the same the only
way to stay sharp to stay growing to
stay relevant is to take smart risks all
the time
our first astronaut Alan Shepard who
flew a suborbital flight followed
Gagarin by only three weeks after
Shepards flight it took only seven and a
half years for us to launch Apollo 8 to
go out and orbit the moon they went to
the moon on the very first manned flight
of the big Saturn 5 now can you imagine
today NASA developing a brand-new huge
big advanced rocket and the first time
people fly on it they go to the moon or
they go somewhere we’ve never been
before that puts in perspective the kind
of risks that we that we were taking and
those who put themselves in a position
to take enormous risks are those that
have breakthroughs and those that that
have research results now is the time to
take risk you don’t have yeah you know
you don’t have you don’t have kids your
obligation to all seven probably that
kids the the the but but as you as you
get older your obligations increase so
your and once you have a family you
start taking risks not just for yourself
but for your family as well it gets much
harder to do things that might not work
out so now is the time to do that before
you before you have those obligations so
I would encourage you to take risks now
do something bold you won’t regret it
the chain-store bug had already bitten
me
but and it wasn’t long as soon as I
could afford at all
kiss started casting around for another
location and where did where was that
fat veil on the square it was that
little 18 foot store shotgun 1950 1952
we got the sword Fayetteville started
didn’t we but and it became very
successful so then one day I got a call
from Ben Franklin and they said hey we
got a store in Kansas City and you
remember the story I certainly do and I
thought well if I’ve got it if I’ve got
to go to Kansas see I got to get me an
airplane and I didn’t I had never flown
probably it first looked at it in 53 I’d
say and this was our first venture in
the shopping center yeah and they were
pesto’s they know shopping centers are
not true that’s exactly right and this
was something entirely new and different
everybody was skittish of it no one else
wanted the franchise really another one
of those situations and let’s say well
I’ll take half of it I think I can put
enough money together to get half of it
I said well if you can out I’ll try to
do my part and we’ll go up there and
we’ll just take another gamble sure
right and it was a gamble it was out 20
miles from the Kansas City city limits
time we got to store open why it was a
winner for the day we all I mean it was
it was the best profit store I know one
year it made $30,000 but more money than
read everything herder ever dreamed
about being able to make out of one
store he moved to the east side line
going towards the first corner I just
chase him then and he opened the gap and
knowing me like he does know he must
realize that if there was a gap I was
gonna try to overtake you under dohsa
posters he should never have opened a
gap in the first corner and then come
back again because by doing so he opened
began gave the gap and then closed it
and in that sequence that there was no
way to avoid that incident right but
that only happened to him because you
saw the gap and I accept that you’re a
racer but
amateur racer has to also think if he
closes the door again we are going
have an accident and in fact that was a
high-speed entry so it could have been a
very serious accident
so wouldn’t it not have been more
prudent under those circumstances to
have at least seeing that the gap was
potentially going to close not at all he
was in a position where he could never
under no circumstance put his car
anywhere near mine in a difficult
position because if we happen just to
touch just to touch and have a wing
damage or a wheel flat tire he had
everything to lose
so and under those circumstances my
understanding was that he would never
move against me in the first corner and
I was very surprised when I found myself
with him moving the car over mine so in
that case you were calculating that he
would give way that he would let you
through of course he would not close the
way he did from the moment he made the
initial room he would not come back and
close the door again a calculated risk
of course risk there is no chance to
evolve in progress without taking risk I
feel like it’s the necessary element to
self development you know like it’s the
key to living life to the fullest risk
according to Webster is the chance of
injury damage loss the failure of your
expectations but I realized that it’s
also the opportunity to learn and gain a
fulfillment of your desires and dreams
when I think of risk or just what risk
means I feel like I might think of being
afraid or more really risk is a way to
overcome what you fear you can be afraid
to risk something
or everything because you don’t want to
lose what you have because you’re afraid
you may fail or think you can’t handle
it or whatever the case you’ll spend so
much energy and time trying to keep what
you have instead of progressing into
something new everything changes nothing
stays the same forever nothing from
business it’s a personal everything in
between
I realize that you can’t be afraid a lot
of us aren’t all the way satisfied but
are scared to lose security and what we
do have like I might not be able to get
a better job or a better partner etc or
even as bad as prison is you know there
are people who don’t want to leave
because they’re afraid of what’s on the
outside or being able to succeed the
number one thing I got to remind myself
sometimes and remember is that life is
here not to survive but to live it up
you know to expand to grow when you
settle for what’s familiar
or safe is because we forget that God is
our security God is creating artists and
that’s the only security you know you
could try and find security in people
and jobs or anything man-made but
there’s no point because everything is
designed to change including you most
people who have successfully taken risk
and succeeded have failed to but the
point is you learn from every lesson you
learn from every risk change is always
exciting it’s always exciting when you
know God is involved the world is
designed for change don’t ever be afraid
to take risks so
thank you so much for watching okay guys
you would like to know which Clips you
liked the most
leave your comments at the bottom we’re
gonna join in the discussion thank you
so much continue to believe and we’ll
see you soon
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