Ed Schultz is ready to take a risk in giving up his job as the territory's grand chief to run for the premier's office.

During a press conference Thursday afternoon, Schultz explained why he resigned as grand chief of the Council of Yukon First Nations this week to run for the leadership of the territorial Liberal party.

He admitted he's taking a chance.

'It is a calculated risk. But I can say that my wife and my children are standing behind me 100 per cent and fully endorse what I am doing.

'And it is a bit of a challenge, but you know, quite frankly, in my past, when I ran for city hall, when I ran for the grand chief's office or even when I changed positions in my career, those were all risks too.

'In our adult lives, we're all going to take calculated risks. If we want to change professions or we want to move to another city or another province, sometimes there's that little thing What if? What if?' Well, I think a lot of times, the what if' holds us back and good things can come as a result of going forward.'

Schultz noted he is leaving a guaranteed job, with an annual salary of $75,000, with no guarantee of getting the job he wants.

'Good leaders take calculated risks,' Schultz said.

'I have another year left in this current term, which I could have enjoyed,' said the first nation leader. He also noted he would have served another year on the prime minister's advisory committee he's been working for, as well as other activities he's involved in.

'And I'm walking from all of that. But I feel, and I am absolutely convinced, as demonstrated by this move, that there's very important work to be done at the territorial government level.

'I believe I have the background and the experience necessary that will help the government do the things that are required to facilitate the reshaping of the territory and its government systems in a manner that's conducive to the spirit and intent of the arrangements that they've signed onto with Canada and with the Yukon first nations.'

Schultz has been the grand chief for the past five years.

This is not his first flirtation with running for the Liberal party. In 1993, he ran for the nomination to carry the Liberal banner in the Yukon in the federal election. He lost to the late Don Branigan.

That run came during Schultz's 1991-1994 term on Whitehorse city council as the community's first aboriginal councillor.

He's wanted to enter mainstream politics for some time and said he couldn't turn down this opportunity, although it took a lot of pondering before deciding to go for it.

'I had to weigh the decision right up until this week.'

He said there were people who encouraged him to take a run at the Liberal post.

Going into the race, he admits that because of his position, he couldn't seek another job without resigning, so that put him behind competitors like current leader Pat Duncan and realtor Arthur Mitchell, who've already announced their intentions to run. Duncan made her intentions clear last April.

Said Schultz: 'The upside is I was able to maintain the respect and decorum of the office. The downside is that, unlike the other candidates, I didn't get an early lead of identifying (my support).'

But Schultz thinks he can turn that late start around into an advantage.

Schultz was asked if he had the people in place to help him win the Liberal leadership.

'If I didn't, I wouldn't do it,' he replied.

Besides Duncan and Mitchell, both of whom he spoke with prior to the announcement, Ross River musician Elvis Presley is also in the running.

If he becomes leader, and subsequently premier, Schultz wants to see changes with how the legislature operates. He said people are not happy with the legislature and its mudslinging and bickering.

Schultz indicated that regardless of whether he wins the leadership, he will run for a seat in the next territorial election.

He would not say which riding he would run in. However, the member of the Little Salmon-Carmacks First Nation said he would not run in Mayo-Tatchun, where the first nation is based. He plans to run somewhere in Whitehorse, where he lives.

Sources in the party indicate he may run in one of the two Riverdale ridings. Both are currently held by the Yukon Party Riverdale South by Community Services Minister Glenn Hart and Riverdale North by Speaker Ted Staffen.

The deadline for candidates for the leadership race is next Monday. The vote will be held on June 4.