Category Archives: About Edward Dovner

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The Importance of Risk for Entrepreneurs

People always mention entrepreneurs and taking risks in the same sentence and it’s a given that entrepreneurs are some of the biggest risk-takers when it comes to trying to grow their businesses. To some, taking a huge risk, especially with something as important as a business, is an intimidating prospect. There’s the chance of failure with any risk, which could mean losing your business and financial stability. However, risk could also lead to huge successes; this chance is what makes it a favorite of entrepreneurs. If you’re still skeptical about the importance of risk when it comes to entrepreneurship, read on.

Innovation starts with risk

The reasons risk is so important to entrepreneurs is that true innovation was never accomplished without risk. If you want to achieve true success with your business and smash your goals, you’re going to have to take risks. Some businesses may skate by on doing something they’ve always done or sticking to a stereotypical way of running things, but for many industries, this mindset will not work. Do you just want to have a mediocre business or do you want to be an influencer in your industry, who invents new products and ways of accomplishing tasks?

Your business could have the potential to be a huge success, but you’ll never know until you take the risk. If you currently run your own business, but are afraid to take risks, remember that starting your business in the first place was a risk. Starting any business is a risk, because there’s no guarantee it will succeed.

True entrepreneurs take risks

Like I mentioned, just being an entrepreneur involves taking risks when you start your own business. In addition, it sets the true entrepreneurs apart from those who aren’t sincere about the entrepreneurial journey. If you really want to be an entrepreneur, you’ll need to embrace risk and let it become part of your business strategy. Risk-taking identifies you as a leader and shows other people you’re ready to take charge and make decisions. Someone who’s a follower is willing to let others take the big risks.

Keep your risks calculated

Before you begin taking any kind of risk that comes your way, keep in mind that there’s such a thing as a calculated risk. As an entrepreneur, you need to be smart in your risk-taking. Don’t take a risk that seems completely unlikely to succeed or would tank your business and personal finances if it didn’t go perfectly. The secret to being a great entrepreneur is taking regular calculated risks that move your business along and being able to identify a big risk that’s worth it.

Even if you fail, you learn something

Finally, keep in mind that even if you fail, you can still learn something valuable. It’s important to know how to learn from your mistakes so you can grow as an entrepreneur and as a person. If you take a risk and it fails, acknowledge what went wrong so you don’t make the same mistake again. Instead of pouting over mistakes, learn from them.

Who is Edward Dovner?

As a Founder, Inventor and CEO, Ed has led a wide range of successful “build to sell” strategies in many industries.

A serial entrepreneur and Inventor, he has developed the technology and strategy for a wide range of products that are now patented in the US and around the world.  Ed has built management teams to successfully grow and ultimately sell his enterprises.

As Founder & CEO, Ed developed and executed a plan that grew one of his recent companies from $9 million ($2M EBITDA) to $85 million ($14M EBITDA) in less then three years which led to a strategic sale.

He has developed significant international distribution for existing products resulting in recurring $10 million in annual sales while increasing margins dramatically

Other Accomplishments:

  • Ed developed distribution model for domestic sales increasing annual distributor sales from $5 million to over $12 million annually
  • Ed Funded and developed initial R&D for advanced robotics platform

Ed Dovner started cultivating his entrepreneurial spirit at the tender age of 21 when he became an acclaimed sales agent at Metropolitan Life Insurance Company. He then successfully created a niche market company within gourmet coffee industry and sold his business for a substantial profit.  In 1993, Ed launched First Choice Armor & Equipment and grew the company to over $90 million in sales. Again Ed sold the company for a substantial profit in 2010.

Over the past two decades, Ed gravitated into the world of commercial real estate.  Ed’s primary focus in commercial real estate has been with the development of single-family house subdivisions and retail strip centers. Since the sale of his first successful company, the establishing and maintaining of his financial relationships has been the center of Ed’s core business. One Ed’s great strengths lies with his network of financial and real estate contacts. This vast network of financial professionals brings added value to Lockwood’s requirement to borrow debt and raise equity.  To date, Ed has delivered to Lockwood two significant developers along with a number of financial real estate companies.

Ed has supported charities such as Jewish Family Services and Catholic Charities. Ed has three sons and over the years has coached his son’s sports teams and continues to participate in such sports as golf, skiing and sky diving.