Are you playing it safe in your business?
Are there things you want to do but you’re not because you think they’re too risky?
What is risk anyway?
Here’s one definition:
Risk –noun 1. exposure to the chance of injury or loss; a hazard or dangerous chance: It’s not worth the risk.
The chance that taking a risk in your business will result in a physical injury is pretty low. But what about the chance of loss, what do you have to lose?
– Money
– Time
– Your Reputation
Keep in mind; these are the same things you stand to gain if your risk pays off.
Risk isn’t about being careless or reckless. The risks you want to take are calculated risks. And while there is no guarantee even for calculated risks, if you’re not willing to try something your business will stagnate.
Think about it, not taking a risk is also a risk. Just like choosing not to decide is a choice. Are you with me here?
The longer you stay in inaction, the easier it is to keep doing nothing. The opposite is also true, when you get into action you create momentum and taking additional action becomes easier.
This quote by Seneca hits the nail on the head, “It is not because things are difficult that we do not dare, it is because we do not dare that they are difficult.”
If the reason you’re not taking a particular risk is because you don’t know how to do get it done, you have two choices. Either learn how to do it or hire someone. Problem solved.
So what’s the worst thing that could happen if you went ahead and took the risk? Write down a list of all of the potentially awful things that could happen. Now, go through the list and ask yourself the following questions.
Ask Yourself
- If all of these things actually happened, what would the consequences be? Would the benefits outweigh the bad stuff?
- How likely is it that these things will actually happen?
- How would you feel if none of the bad things happened?
What you’ll probably discover is that you’ve exaggerated what could happen as well as the size of the impact it would have.
See, fear is a funny thing. As long as it’s an abstract concept with no connection to tangible outcomes it can paralyze you. If you can get specific about what you’re afraid of, and what might happen, it’s much easier to take action to prevent it or prepare for it.
You need to get clear about whether you’re just afraid or if what you’re thinking about doing isn’t really a good idea after all. Read more about fear in my post, How to Overcome This Four Letter Word in Business.
5 Benefits of Taking More Risks
1. You’ll make more money (yeah, that’s one of the reasons you’re in business right?)
2. You will learn as you go (perfectionism is highly overrated – “Perfectionism is the voice of the oppressor.” Anne Lamott Click to Tweet)
3. Taking risks or actions consistently creates momentum and will lead to you taking more risks andactions (trust me about this)
4. By taking small risks you’ll be willing to taking bigger risks
5. You will keep moving your business forward and not get stuck in a rut
I hope you’re starting to see how taking calculated risks pays off. What’s one risk you can take today that will help you grow your business?
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How do you evaluate risk taking in your business? Share your thoughts below in the comments section.
