My approach to managing and investing is a little bit different than the norm. My strategy is based on the idea that people should invest in things they care about, and then spend their time working on those things.
I'm not saying you should invest in your favorite dog-walking app because it will make you rich, but if you have an idea for a dog-walking app and it excites you, why not give it a shot? The worst that can happen is that you fail (and hey—that's how most startups fail). The best that can happen is that your app takes off, which would mean you're no longer working for someone else. And if it doesn't work out, at least you tried something new and exciting!
In real-life situations, this means I don't put all my eggs in one basket. I'm not going to bet all my money on one stock; instead, I'll spread out my investments among multiple companies and industries so no matter what happens with any single one of them, I still have some money coming in every month.
My approach to managing and investing is to always be aware of my risk tolerance and invest accordingly. For example, if I am not comfortable with the idea of losing a certain percentage of my investment in a short period of time, then I will invest in assets that have a lower risk profile.