It’s no secret that entrepreneurship equals risk – in fact, the very definition of “entrepreneur” includes “risk.” In The Risk Advantage: Embracing the Entrepreneur's Unexpected Edge, author Tom Panaggio tells the story of how he and his partners explored the link between risk and opportunity to grow their business into two thriving companies, going from just a handful of employees to over 600 and revenues of nearly $100 million.
Panaggio took the true family business route, founding his direct marketing companies in 1983 with his brother Mike and sister Kathy. And throughout his tenure at first Direct Mail Express (DME) and then Response Mail Express (RME), Panaggio took risk head-on, viewing it as opportunity that should be seized and not something to be feared.
What’s remarkable is that Panaggio began his career as a race car driver, proving the correlation between dedicated athletes and successful entrepreneurs exists. Each challenge, each opportunity that DME or RME faced, like the poor timing of a tragedy just as the company began importing souvenirs, or the need to revisit the business model, was met in stride.
Panaggio teaches the lessons most entrepreneurs need to absorb: short-term failure doesn’t derail the business. Businesses can risk being known for what they are, and in the process, they can invest in marketing and branding that will take them to the next level.
A great book to add to any entrepreneur’s summer reading list, The Risk Advantage is available in both Kindle and paperback editions.