An Entrepreneur Shares the Time He Invested Half His Capital Into an Idea -- and It Paid Off When taking risks, you need to be strategic.
By Rose Leadem
Opinions expressed by Entrepreneur contributors are their own.
Taking risks is never easy, but it's an integral part of the entrepreneurial journey. While sometimes they can lead to mistakes, other times they can be the breaking point to success.
Related: 5 Things Every Entrepreneur Should Know About Risk-Taking
For Nick Devane, the CEO of PilotWorks, a co-working space and commercial kitchen rental company that caters to food entrepreneurs and startups, it was taking a major risk that really helped get his business off the ground. Having initially launched as a peer-to-peer software marketplace, Devane and his team quickly recognized that their idea wasn't going to pick up. So, when the opportunity to purchase their first kitchen popped up, the company jumped at it -- investing nearly half their capital.
Related: How to Take Risks That Win (Almost) Every Time
Now with six locations across the country and plans to expand more, the risk has certainly paid off for Pilotworks. "If you're not taking risks, you're not necessarily living in a place to get outsized outcomes," Devane says in the video.
Click play to learn more about Devane's personal experience with risk-taking.
