Latest / The Jasmine Star Show / Taking Strategic Risk in Business: How to Determine Whether a Decision is the “Right” One

Transcript

Taking Strategic Risk in Business: How to Determine Whether a Decision is the “Right” One · The Jasmine Star Show

• 0:13
  You may share how to minimize your business risk. Okay, I'm gonna, I'm gonna one up it.
• 0:18
  I wanna show you how one of my podcast listeners used this exact framework to make some really big changes that brought her more joy, freedom, and more money into her life. But first I need to share her backstory.
• 0:30
  So if you stick with me for a little bit, let's pause here.
• 0:33
  Episode 3 0 4 of the Jasmine Star Show.
• 0:36
  I had my husband come on as a guest and we were talking about where we were, their business and getting comfortable with being uncomfortable and being certainly uncertain. And in the process of us having this conversation, JD was like, you know what I wanna do?
• 0:51
  I wanna reach out to people who are having a hard time and then let them know that everything's gonna be okay.
• 0:55
  And he offered to send a handwritten note to people who sent him an email.
• 0:59
  And I was like, do you know how many notes you're gonna be writing?
• 1:02
  And so he said, I'll just send it to about 10 people.
• 1:04
  The first 10 people who reach out. Well, you know jd, well, if you don't know jd, the man has a bleeding heart and was like, I'm gonna write everybody a letter. So he wrote letters to people along the way, and sometimes we heard back from people letting them know that the letter had an impact on them. And then sometimes we didn't hear back from the letter, which was fine. Well, what happens is I ended up hearing from one person who received a note from JD and then she like one upped our advice and then applied it to her business.
• 1:31
  And I wanna share a little bit more details with that with you right now.
• 1:33
  I'm gonna be real and let you know.
• 1:35
  I had no idea the impact that j D's notes would have on people.
• 1:38
  We've heard really amazing stories, but I want to share this particular story because she created an additional framework and then I know you're going to love. Now, out of respect to her privacy, I'm not gonna share her name or key details.
• 1:50
  There's some really big names involved with this story, like it was really legit.
• 1:54
  But I am gonna share how you can apply this same principles when it comes to taking strategic risks in your business.
• 1:58
  For the sake of this conversation, I've changed her name to Ella, and I'm gonna read from an email that she sent to me and jd.
• 2:07
  Hi Jasmine and jd. First, I apologize for the long email, but I have so much to tell you both, and it's related to your podcast episodes.
• 2:15
  I took the leap into uncertainty when I was offered the c o o role for one of my clients, seven figure brands.
• 2:23
  Then she goes on and explains who this person is and all the other people they're working with.
• 2:27
  Then she goes on to explain her background as to what made her business fully in alignment with this other person's business.
• 2:36
  So she goes back and writes operationally the business needed a lot of help and there was so much untapped potential left on the table.
• 2:42
  I worked for the business for 90 days over the summer as a trial for the both of us. And when I wrote to jd, this person had just offered me the c o o role as a full-time position, which would mean I had to set aside my full-time coaching practice practice.
• 2:59
  It was a decision.
• 3:00
  And I also knew that I would be doing the ugly backbreaking cleanup work for months before anybody would see the benefits.
• 3:08
  I would be doing work that nobody wants to do but needs to be done.
• 3:12
  J D's note helped me so much.
• 3:14
  And then I listened to your podcast on October 27th, and you were spot on with what was holding me back. Back in August, I was at a crossroads asking myself, am I doing the right thing?
• 3:25
  And luckily I did for myself in August, what you were telling the audience to do in October, I told myself to step into uncertainty to get my answer.
• 3:34
  I took the leap so I could see if there was just the right thing to do or not.
• 3:40
  I knew it felt exciting and in my heart I knew that I could do something and I had zero doubt that I could do it successfully. Zero.
• 3:48
  It just felt uncomfortable to step away from a business that I had built while asking at the same time, am I doing the right thing?
• 3:55
  So instead of asking that question, I asked myself three additional questions.
• 3:59
  Number one, do I have the chops to do this new thing?
• 4:04
  A hundred percent I do.
• 4:04
  But even if I didn't, I believed in my ability to find the right answers. Ooh yes.
• 4:12
  Question number two. One year from now, would I regret not giving this a shot?
• 4:16
  I think it would've haunted me if I didn't try, because doing this work felt so aligned in my heart.
• 4:22
  My brain just wanted a guarantee, which is unrealistic. Question number three, what's the worst that could happen if it didn't work out? And she's like, this is the question that we as entrepreneurs get stuck.
• 4:35
  So I sat and point blank explored the doom and gloom possibility of losing everything and having to start over.
• 4:43
  What's the worst thing that could happen? When you get real with yourself, you realize that even if it didn't work out, nobody would die. Seriously.
• 4:50
  If everything falls apart, we can build again. If I decided it was a mistake, it would still be the lesson I needed. Additionally, I told myself that if for some reason it didn't work out, I knew plenty of high level CEOs who I could help in a similar way. Come on.
• 5:06
  I could always offer myself to clean up the chaos as a temporary COO who could step back in and work inside of the company to clean coach the team in a more streamlined way.
• 5:15
  Honestly, I'm damn good at this work, and I know the value of this type of work. Really, this was all about stepping into the comfortable place of being uncomfortable just like it is in all entrepreneurship.
• 5:30
  So I took the leap and I said yes to the CEO role.
• 5:33
  I left my private consulting practice behind. Honestly, the work has been hard, very, very hard work, but I've never been afraid of hard.
• 5:43
  I had a three month trial and three months now officially as a coo.
• 5:46
  And we're just barely now starting to see the light. There's so much more to do, but there's so much more to do mb, which is so satisfying.
• 5:55
  And if I don't wanna wanna stay here forever, I don't have to, but I wanted you to know where I'm at and what I'm doing because j d's note and your two podcast episodes really help solidify my leap.
• 6:06
  I love you and JD so much for believing in always supporting me.
• 6:10
  Thank you from the bottom of my heart for that. Big hugs. Ella, y'all, I feel like this woman just wrote an even better podcast.
• 6:21
  I mean, she's amazing. On the podcast, I'm always talking about taking action and I'm always talking about simply doing. It's a consistent action that leads to clarity and growth.
• 6:31
  Being able to create podcasts and videos that empower those changes is an honor.
• 6:35
  Like quite honestly, I got clear my throat, there's a lump in there.
• 6:40
  Like I am so honored.
• 6:41
  I am humbled that JD and I could be a small part of your journey of anybody's journey. So what I wanna do in closing, I just wanna recap what we just spoke about. Number one, we all feel uncertain as business owners. Number two, we must choose to be certainly uncertain all the time in business. Number three, we cannot let fear of the unknown of what's new or what's safe, keep us stuck.
• 7:03
  And number four, it's time to take the leap and see if your decisions is the best for you, not just think about taking a leap. And finally number five, ask yourself, do I have the chops to do this thing? And if the answer is yes, do it. Number six, ask yourself if you'd regret not doing it, because if you'd regret it, then you gotta do it. Seven, list the worst case scenario and if you're okay with what could happen, do it.
• 7:28
  Like always, I create content like this and hope that we have the chance to connect.
• 7:32
  If you have enjoyed or learned something today, it would mean the world to me.
• 7:36
  If you subscribed and shared what you are learning.
• 7:39
  You can also tag me at Jasmine Star so I can personally thank you for supporting our goals and visions for this community as well as hype you up. Let's go.
• 7:47
  Thanks for listening.