I began researching breeding and working with breeders
before I got my dogs, as opposed to after. The way I see it, that's a very important factor--to do your research first--so that you are more enabled to choose the dogs you desire for stock.
A lot of times I see people wanting to learn so they can breed a dog they have in the future. Just makes more sense in my mind that preparing and learning should be done in advance.
As far as risks are concerned, yes of course there are risks. However, I think that those risks are greatly reduced if you have a good grasp of what you are doing in advance. I generally see people being advised of the risks when it is evident that they have a lot to learn before they begin. It's not something you just pick up on as you go or in a matter of weeks or months of internet research.