Expert Tips on Risk Management for Startups | News & Trends

Rodney Sampson shares different ways he manages risks as an entrepreneur and how failing can help propel you forward. Watch more Small Business News & Trends videos: https://bit.ly/2VsFsag

0:00 Who is Rodney Sampson?
0:22 Importance of risk in entrepreneurship
0:36 Types of risks to take as a business owner
0:50 Taking measured risks in business
1:30 How failure still makes an impact in business
2:05 How to not be afraid of failure as an entrepreneur

If anyone has the permission to fail, Rodney Sampson, Executive Chairman & CEO of OHUB and Partner of Black Angels & Allies Fund, says startups and small business owners are the ones encouraged to take that risk. As the first Black co-founder to raise millions in venture capital throughout the Southeastern U.S., Rodney knows firsthand what it means to take many leaps of faith in order to reap the rewards. Because most entrepreneur ventures start off with a lot of risk, both success and failure is theoretical until you actually pursue it. Rodney discusses the importance of taking measured risks and the types of risks to tap into for scalability — regardless of the outcome. Even if failure comes, the length of time that failed startups chugged along still made a positive impact on the economy and those employed for their future startup careers. In other words, it’s never a waste of time. Rodney encourages aspiring entrepreneurs to build up their muscle of hope that will help them push forward in success or fail forward in positive ways.

References:
Only 6% of directors believe their organization’s board is effective at managing risk. https://quantivate.com/blog/grc-risk-compliance-statistics
20% of small businesses fail in their first year. https://www.fundera.com/blog/what-percentage-of-small-businesses-fail?irclickid=Wf9TplSLmxyLRhuTw3SRMwTdUkBRMtxxRzgIWM0&utm_campaign=Skimbit%20Ltd._10078&utm_source=Impact&utm_content=Online%20Tracking%20Link&utm_medium=affiliate&irgwc=1?campaign=10078&source=Fundera_Impact
33% of Americans say fear of failure holds them back from starting a business. https://smallbiztrends.com/2018/11/fear-of-failure-in-business.html#:~:text=33%25%20of%20Americans%20Say%20Fear,Back%20from%20Starting%20a%20Business

Learn more about Rodney Sampson:
https://www.linkedin.com/in/rodneysampson
https://www.opportunityhub.co
https://www.blackangels.co

Resources for Small Businesses:
Venture Forward study: https://www.godaddy.com/ventureforward
Up-to-date info on COVID-19: https://www.cdc.gov
COVID-19 resources and grant information: https://www.covid19businesscenter.com

The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter.

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