In 2014, Mark Zuckerberg invested $2 billion in the startup virtual reality (VR) platform, Oculus. Observers, including the media, expected that Facebook would reap the same high ROI it had recorded on Instagram and Whatsapp. However,the company’s investment resulted in a downturn of fortune.

In fact, CNBC called Facebook’s $2 billion investment in VR “one of Mark Zuckerberg’s rare mistakes.” And the business site had reasons for making that assertion: Oculus didn’t generate much buzz. And Facebook lowered the prices of its products to make it more attractive to buyers — but to no avail.

Oculus Virtual Reality

Oculus

Nobody seemed to want VR — at least Oculus’s version.

However, this misstep wasn’t unique to Zuckerberg. While Oculus still exists, Altspace VR, which ran one of the most popular social VR experiences, actually closed operations because of the slow growth of the VR market.

It’s almost difficult to believe that Altspace VR once raised $10 million in funds.

So, why did Zuckerberg knowingly take the risk to invest in something consumers were clearly not ready for? Was it overconfidence? Was CNBC right that Zuckerberg had made a mistake?

“The middle name of entrepreneurship”

Taking risks is the middle name of entrepreneurship. Most successful entrepreneurs, at some point, are seen as daring or even downright crazy. But it’s those risks that have taken businesses to where they are today.

You too may be questioning your ability to take risks and how they will affect your standing as an entrepreneur. However, you may need to face those risks head-on to be successful.

Related: 2o Shocking Signs You’re Destined to be a Millionare

The reason why most people shy away from risks is that they are not well-informed about what risk-taking entails. Fortunately, here are three things they — and you — should know that may change your mind about risk-taking forever.

1. Risks are not taken at a whim

Many assume that when the occasion demands it, the typical perpetual risk-taker jumps in without thinking. But that’s far from the truth. Risk-taking requires careful thought, planning and hard work. Nothing is achieved by accident.

As entrepreneurship professor Leonard Green told Forbes, “Entrepreneurs are not risk-takers. They are calculated risk takers.”

In short, they move toward their goals, learn along the way, make adjustments where necessary and take action.

Green calls this the “Act. Learn. Build. Repeat” model. Careful preparation is what makes these people stand out from other so-called risk-takers. 

Down the road, as lessons are learned, backup plans can be set up to help minimize risks. For example, on its own, an online business comes with a lot of risks. One of those risks, an article on Quttera pointed out, is what it called “brute force attack. 

Look:

A real entrepreneur would have factored in and disarmed such risks, instead of shying away from what might prove to be a lucrative venture. That’s why smart entrepreneurs protect their businesses with different forms of insurance covers.

2. No matter what the outcome, risks almost always yield dividend.

Successful risk-takers look at the long-term gains while others consider the losses. Such risk-takers don’t measure gains ibkt in monetary terms. For them, “gains” also include valuable lessons learned from failure.

So, whether their risky venture turns out well or not, they win both ways. They either make millions or they learn something that’s worth millions.

For example, Zuckerberg knew the risk he was taking when decided to invest in VR. VR was a foreign concept at the time, and basically untried. But the Facebook founder dived in, nonetheless, because he recognized VR’s potential.

Mark Zuckrburg Oculus

Mark Oculus

In other people’s view, the investment in Oculus was a failure, but Zuckerberg saw the long-term gains. He was confident that in about five or 10 years VR would “get to where we all want to go.” That was his thought about how the VR industry would evolve and he seems to have been right.

Adrian Chan, head of marketing at ImmVRse, a Blockchain-VR platform, told Medium: “When Zuckerberg invested billions into a VR Startup in 2014, very few people believed in the potential of virtual reality. We have recently witnessed multiple milestones being reached in the development of VR, with technology giants swiftly moving into the industry, as Oculus Rift, Samsung VR and HTC Vive were all released last year. Suddenly everyone wants a piece of the pie.”

In fact, Forbes recently released a list of five ways VR is making higher profits.

3. Feel the fear but do it anyway.

You may have planned everything or have a backup in place, but for some reason, something still is keeping you from taking action. That force is fear, and it’s so strong that you can feel paralyzed.

Related: 5 Cheaper Alternatives to Amazing Selling Machine

The truth is that daring entrepreneurs feel afraid, too. They also feel doubtful and overwhelmed at times. Therefore, the only thing that sets them apart from others may be that while they feel the fear of the risks they’re about to take, that doesn’t stop them from taking action anyway.

Thanks For Reading. Share your thoughts in the comment thread below.

Source:

Tony Omary Signature


Email MarketingIn Case You Missed Them:

Tony Omary
 

What's up, ladies and dudes. I'm glad you finally made it here. I hope you found this post helpful. I build EliteAffiliateHacks to teach others Affiliate marketing the right way. You will find me here helping newbies make their first Dollar Online and assisting advanced & intermediate marketers not only make MORE Affiliate Commissions but also increase traffic, conversion, sales, and Profit. The Best of: ✶ Affiliate Marketing |✶ Niche Selection ✶| Amazon FBA(Selling on Amazon)✶| Landing Pages ✶| Email Marketing Tools ✶| Building a Profitable Shopify Store ✶| Email Alone Business ✶ |Affiliate Guide.

  • Aweda Olakunle says:

    Hello Tony

    A wonderful and well written article from start to finish. Risk taking is hard especially whenyou don’t gave a suitable backup. I could say mark zuckerburg had enough backup to sustain him even if ocular didn’t succeed him but for most of us when we want to risk, it’s all or nothing for us. This kind of risk is scary and only the stronghearted can proceed with the risk. I do not discourage taking risks but they should be very well calculated risks.

  • Mariah says:

    This is an excellent and well-written article. It made me think about my own personal risk tolerance. I am not a natural risk taker and it is very hard for me to take risks when I’m feeling the fear of potential failure and losses. I really liked that you pointed out that gains other than monetary ones also exist. I need to take that into account when I consider possible risks that I may want to take.

    Do you have any suggestions for how someone like me can learn to be a smart risk taker and/ or bounce back when a risk we’ve taken ends in a percieved failure?

  • Wealthfather says:

    I absolutely love this insightful article because it is full of great information. This is fascinating and intriguing to meYou did an excellent job of providing education and resources; The article was well written and easy to understand

    I have always love to take risks in my entire life because a particular risk will surely lead you to success . I am inspired by your third point which says Feel the fear; but do it anyway. Thanks for this wonderful eye opener

  • Mary says:

    Tons of good information that is well detailed and will be of help to your reader. This article on 3 things you may not have heard about taking risks has open my eyes to know that without risks we cannot be a successful entrepreneur. It’s good to know now that taking risks is the middle name of entrepreneurs.Thank you for sharing!

  • ajibola40 says:

    Thanks for the enlightening article about risk taking. There is so many type of risk in my own view

    one is low risk, medium risk and high risk.As a person that want to be successful in life,there is no way the person is not going take a risk. It can financially risk, health risk and so on.

    No matter the nature of the risk there is always a reward at the end of the day. Without risk there is no successful entrepreneur. That is my take

  • mzakapon says:

    Hi Tony Omary,

    After reading your article, I am very inspired to establish my new blog. I was sometime disappointed to try other on line opportunity which are scam product most of the time. I think article will motivate many newbies who are not serious about the right platform. I am going to share your article to my followers. Thanks for writing this helpful content.

  • Madonna says:

    You are what your attitude is. Your attitude decides your destiny. With this article I have totally understood who are successful enterprenures. He who stops in between distracted by challenges will be counted as a failure. He who comes against the challenges is taught as a fighter or a role model to future generations. I have the checked the social media arms or weapons the author has selected truly they are awesome . I am sure to become a successful online business men we need to master them or play them.

  • Olalekan says:

    I really enjoyed reading this article today. Only the  risk takers can be successful. Many opportunities have passed  many people just because they are unwilling to take a risk. The rich are getting more richer because they take risk and the poor will be getting poorer as they let opportunity pass them over. The greatest risk in life us not to take a risk. Thanks for sharing this article 

  • Ranao says:

    It is quite good to read an exceptional article. We found much unknown information about Mark Zuckerberg, the VR platform, Oculus, etc. About 300 million people use Facebook in our Indian subcontinent. It is astonishing to know the extent of this huge business that has started through big risk. However, to be successful, we have to take some risk. The third point of the article has drawn special attention. Where it has been said, In fact, it is desirable to win ahead of everyone by winning the fear.Finally, a bunch of thanks to Tony Omary’s humbly request to reach.

  • I started taking “risks” after I was fired from a job working for someone else. Even though I was the top salesperson for the company, I had no control over decisions that could be made that affected my life. That happened in 2001 and from that day forward I vowed to never let someone else control my destiny.
    My risk was relying on only me to determine my future. It is definitely scary, and the hours you may have to put in can be enormous. But I have never looked back and have had my own business for the last 18 years. I have taken my idea and formed it into the business model I wanted and have no one to answer to except me. Even though there are lots of downsides (no guaranteed salary, paid health insurance, vacations, sick days, etc), the upside is freedom. I call the shots, I work when I want to. I’ve never looked back and the future is bright

  • >
    [i]
    [i]
    [index]
    [index]
    [523.251,659.255,783.991]
    [523.251,659.255,783.991]
    [523.251,659.255,783.991]
    [523.251,659.255,783.991]
    [index]
    [index]
    [523.251,659.255,783.991]
    [523.251,659.255,783.991]
    [523.251,659.255,783.991]
    [523.251,659.255,783.991]
    [i]
    [i]
    [index]
    [index]
    [index]
    [index]
    [523.251,1046.50]
    [523.251,1046.50]
    [523.251,1046.50]
    [523.251,1046.50]
    [index]
    [index]