Show Notes:

How to properly evaluate risk. “If you don’t play the game, you’re never going to win. You can’t expect to reach all of these lofty goals you make for yourself if you don’t ever take a risk in the first place. I’m not saying to bet the barn in every situation because that would be irresponsible, but it’s knowing when to make the right bet at the right time that will give you the best outcome. You never want to be in a situation where you’re in too deep and then you have to make decisions like laying off your whole team or even closing the doors entirely because you made the wrong bet. I’m constantly making decisions where we invest more and more into our organization because of the idea of grow or die, meaning you’re either doing things that will help your company grow, or you’re not and your company is dying. Everyone’s risk threshold is different, but I believe that not taking risks is the biggest risk you can take.”

Be the example. “You can’t make anyone do anything. You can’t convince someone to do something themselves that they don’t want to do. You can’t control anyone else’s effort. Since all of this is true, the best thing that you can do is be the best example for other people. If you want to build a committed, relentless team, it’s going to fall on deaf ears if you aren’t being the role model for that. The best way to get someone to operate in a must-mindset is by seeing you in that same light. Your team will appreciate it and respect you for doing that.”

The price you pay as your own boss. “The price you pay for the freedoms that you have as a law firm owner are now the headaches that you have today as a result of being your own boss. You’re the one in charge of figuring out how you’re going to grow your firm, who you need to hire in order to make that happen, how to build your operations, and so much more. That’s why entrepreneurship is not for the faint of heart. You’ve got to be somewhat psychotic to even want to do this and take on the risk. I believe that entrepreneurs are the only people crazy enough to leave a 40 hour per week job to go work 100 hours a week for themselves and make less money. It’s insanity when you think about it — and that’s why it’s so important to make sure it’s right for you.”

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