Majority of us know Ben Carson. He was a brilliant neurosurgeon. He was also a risk taker…and he came up with a formula to help him determime if a risk is worth taking or not. He called it “Best/Worst Analysis”
Entrepreneurs are known to be risk takers too. But some take risk they shouldn’t have in the first place.
Do you think Carson’s formula would “epp” entrepreneurs to be better risk takers (if there’s anything like that)? Share your 2 kobo.
I used to be all about the risk mehn. Made me feel like a true passionate entreprenuer. Afterall,
Robert Kiyosaki said the job of an entrepreneur is to take risks
If I could make a really big difference in the world (and a lot of cash in the process), why should I keep playing it safe because of a fear of failure.
However, about a month ago, a discussion (more like argument) made me reach out for advice from a mentor. He recommended I read the book
Originals: How Non-Conformists move the world by Adam Grant
It taught me so much and the part about risk really made its mark on me.
I’ll try to summarise what it says like this.
He backed all these with research and stories and I highly recommend this book to everyone I know.
Yes of course. The analysis isn’t for just for entrepreneur s but as he puts it , “taking life acceptable risks”. I used to take a crude form of the analysis(didn’t call it an analysis at the time) before i read the book, reading the book validated the process for me.
Let as take for instance you have this idea, that was going to disrupt(we love to use this word)tech circle, but you cant execute it because you are not a coder, and you wouldn’t want to pitch to someone who might help you develop it as you are afraid your idea might be stolen. Applying best/worst analysis;
What is the best things that could happen if i pitch to someone who might help me develop this?
Ans: he could to decide to partner as a co founder or agree to work on the project at a fee, thereby helping accomplish your goals.
What is the worst thing that could happen if i tell someone about the idea
Ans: s/he might end up stealing and implementing your idea while making a fortune.
Whats the best that could happen if i don’t pitch to someone who could help do the work?
Ans: probably no one would get to know the idea and execute before you, so you still have a chance.
Whats the worst that could happen if i don’t pitch?
Ans: same as best thing that could happen if i don’t pitch + you might probably die with your idea, or someone executes before you(as you not the only one thinking)
As you can deduce from this your best option would be pitching to someone as that would be a step to getting the work done(which i believe is your ultimate goal) since any other option you choose wont get the job done and wont even guarantee one would not execute that same idea before you.
PS: this is the same analysis i have given to people i have come across that say they have this idea, but since they aren’t coders are scared of sharing the idea, for fear of been hijacked.
PSS. Remember to add a little bit of extra sense while you apply this rule.
Over the years, I’ve seen totally different people having the same idea.
So there’s no use being obsessed with hiding ideas. Sooner or later someone is going to come up with it, or someone might already have in another corner of the world.
Take Moview for example: There’s a guy in Tanzania who executing the same idea with the same name…and we don’t know each other.
Also, read up on the invention of the telephone & see how many (independent) people were working on the same idea.
Imagine how many others were treating the same idea as a classified top secret.
Ben Carson? The ‘Ben Carson’?
I’ll pass!
Wow. Are you planning to do anything about it? I mean the Moview facsimile.
I have no current plans to change the name.
truth is a whole lot of “Intelligent” Americans think a lot of things that you would find unbelievable, but then that’s America for you. 
You are right. I keep telling people this especially the part they might end with unfulfilled aspiration which they could have achieved just because they refused to share.
Here is an excerpt from a quote by Les Brown.
The graveyard is the richest place on earth,
because it is here that you will find all the hopes and dreams that were
never fulfilled, the books that were never written, the songs that were
never sung, the inventions that were never shared…
And about your Moview, you can stick with the name as long as you are operating withing Nigeria alone, but that would be different if you wish/have plans to scale abroad.
@ValentineO, there’s also an American (abi na European) firm with the same name, though they are in the advert/marketing space.
Before I started, I was patting myself on the back for coming up with a unique name, not knowing say no be so e be.
There is a poem that helps me anytime I feel like slacking or idling away.
I’d rather choose failure than regret.
You could use it if it helps you.
The Climb by Phyllis Trussler
The small boy heard the mountain speak
There are secrets on my highest peak
But beware, my boy, the passing of time
Wait not too long to start the climb.
So quickly come and go the years
And young man stands below with fears
Come on, come on, the mountain cussed
Time presses on: Oh climb you must.
Now he is busied in middle age prime
And maybe tomorrow he’ll take the climb
Now is too soon: It’s raining today
Gone, all gone, years are eaten away.
An old man looks up, still feeling the lure
Yet he’ll suffer the pain, not climb for the cure
The hair is white, the step is slow
And it’s safer and warmer to stay here below.
So all too soon the secrets are buried
Along with him and regrets he carried
And it’s not for loss of secrets he’d cried
But rather because he’d never tried.
EDIT
A good movie that contrasts having adventures in your head with having actual adventures is The Secret Life of Walter Mitty.
I recommend this movie.