The early years of adulthood often bring more questions than answers. But they also provide opportunities to explore different paths, take risks and discover what matters most. Few embody that mindset better than Spin Master Co-Founder Ronnen Harary.

Harary has taken his share of chances on his journey from transforming a $10,000 startup into the world’s fourth-largest toy company, home to brands such as PAW Patrol and Bakugan. During a recent BMO fireside chat, Harary shared anecdotes from his new book, No Experience Necessary, about the decisions, failures and relationships that shaped his career.

Because Harary’s story is meant to inspire the next generation as they begin their careers, the conversation was led by Cassidy Collins, a former BMO summer intern who joined the bank full time only a year earlier. Here are some of the lessons Harary shared.

Bet on yourself while people are still rooting for you

One of Harary’s earliest ventures was Earth Buddies, a Chia Pet-like novelty product that he and his partners were making in small batches and selling on the streets of Toronto. Breaking into a major retailer meant convincing someone to take a chance on a young entrepreneur.

After waking up early and driving four hours to Michigan for a meeting at Kmart, he realized he was pitching the product to the wrong buyer. He tracked down the right decision-maker, reduced the price on the spot and managed to close the deal.

Looking back, Harary said young people often have more freedom to take risks than they realize. “Everybody’s going to forgive you,” he said. “Everybody’s going to root for you. Everybody wants you to win.”

Focus on the next step

One lesson Harary took from his early experiences pitching executives was not to wait for perfect conditions before acting. Earth Buddies was not launched as part of a grand plan to build a global toy company.

Instead, he and his partners were focused on a more attainable goal at the time by producing and selling 5,000 units of their novelty product. Their focus was on taking the next step, not trying to leap ahead to build the business that it would eventually become.

They took it one stage at a time rather than mapping out the future from the start. “We didn’t think about what’s going to happen afterwards,” he said. “By the end of the year, we had manufactured and sold a million pieces.”

Don’t ignore the risk of standing still

Every decision carries some level of risk, but Harary said people often weigh only the downside when making a decision. They overlook the opportunities, experience and momentum they could miss by doing nothing.

That’s the idea behind what he describes as inverse risk, the final chapter of his book and the title he originally wanted before his publisher talked him out of it. “You don’t want to overintellectualize things too much, because when you get doubt in your mind, you get stuck,” he said. “Momentum is the biggest thing that you can actually give yourself.”

Give others the chance to help

Successful professionals can seem too busy or accomplished to approach, but Harary said younger people shouldn’t assume they’ll be a burden. A genuine request gives someone the chance to share knowledge they’ve accumulated over years of experience.

He recalled calling the late Alan Hassenfeld, whose family founded Hasbro, during Spin Master’s early years. Hassenfeld regularly took his calls and welcomed Harary and his fellow entrepreneurs into the industry rather than treating them as competition.

“If you ask older people for help and you’re genuine, they’ll want to help,” he said. “You’re giving them an opportunity to pass on their wisdom.”

Let failure be your friend

Before Spin Master became a global business with major hits like Bakugan, the toy manufacturer endured a string of unsuccessful products. Harary said those failures taught him and his partners how to work with buyers, develop products across different categories and clear inventory when something didn’t sell.

Those experiences also helped create a culture that avoided blaming individuals for mistakes and quickly moved on to the next idea. The knowledge they gained from those early setbacks helped prepare the company for everything that followed. “Failure is the precursor to your success,” he said. “It gives you an incredible body of knowledge.”

Bring an entrepreneurial mindset to every role

Not everyone is prepared to launch a company, but Harary said that doesn’t mean they can’t think like a founder. He encouraged anyone working inside a large organization to be “intrapreneurs” who spot opportunities and build them from within.

Now 55, Harary has stepped back from Spin Master’s day-to-day leadership, but he said he has no plans to retire anytime soon. “You can bet on yourself at any point in your life,” he said. “We all truly know what’s right for us. We just need to have the courage and faith that it’s all going to work out.”