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Book review: 'The Risk Advantage' by Tom Panaggio

'The Risk Advantage' by Tom Panaggio is a useful business guide for entrepreneurs.

Tom Panaggio is an entrepreneur and a race car driver who over the years learned that success cannot be earned by avoiding risk. In “The Risk Advantage: Embracing the Entrepreneur’s Unexpected Edge” he shares the story of how he and his business partners built two successful companies and shares the secrets he learned along the way.

“The Risk Advantage” is a business guide for anyone thinking about starting their own business but it also has valuable tips that can be applied to everyday life. Panaggio starts off with the Prologue in which he describes one of his races and what he learned that day that helped him achieve success: “you cannot avoid risk if you want to be a winner.” He compares racing to business and emphasizes that in order to advance people need to step out of their comfort zone and take a risk. He makes a powerful point when he describes the difference between failure and defeat: “Failure is temporary, but defeat is permanent.” In his view every opportunity will involve some kind of risk and that the risk of failure should be embraced and let it become a beacon to success.

Standout chapters include Chapter 1 – ‘Are You In?’ where he describes what it means to become an entrepreneur and the risks involved in business including money, time, negativity from others and the need to avoid envious people. In Chapter 5 – ‘Prisoner of Hope’ he writes about the entrepreneurs’ need to stop counting on technology and others to make them successful.

In “The Risk Advantage,” Tom Panaggio shares what he has learned about starting a business and what it takes to be successful by stressing the necessary relationship between risk and opportunity. It is written in plain language so that anyone can understand and use his tips for business and life in general.

“Our natural risk aversion and desire for instant gratification makes the idea of long-term commitment a daunting prospect for even the most dedicated entrepreneurs.”

*A copy of this book was given for an honest review. The opinions expressed in this article are solely the author’s.

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