At a young age our parents, teachers, and coaches taught us to take risks to win that little league game or stand out in the crowd. You can agree with me that this was a beneficial trait to learn. Today, as a business owner, it is likely that you are taking risks every single day.
In any industry, and in life itself, risk is unavoidable. With each fork in the road, you will face a new set of risks. This can be scary, and leave you anxious. On the other hand, it is highly thrilling and takes you out of your comfort zone. With each risk you take, you grow as a business owner and leader.
Our team has put together four keys ways to become a successful risk-taker.
Practice, Practice, Practice
Risk taking can absolutely be practiced. If you are not comfortable with taking risks, start out with small ones. Once you become comfortable taking small risks, graduate to taking bigger ones. It is possible that the same risks may also come up more than one time. When this happens, you will know how to attack it because you have done it before.
Remember, it’s a Learning Experience
Learn from your mistakes. You are not going to be successful with each risk you take. In fact, it is actually likely that you fail more than you succeed. Do not let that deter you from taking risks in the future. With each failure, take a moment to learn what you did, what went wrong, and how you can be better the next time.
Big Risks for Big Results
To achieve that big, hairy, audacious goal, you are going to have to take a big, hairy, audacious risk. The bigger the result you are looking to achieve, the bigger the risk involved. If taking a big risk scares you… good! That means you are on the path to success!! To make a risk less hairy or less audacious, try breaking up the risk into smaller tasks. Use your lead and lag indicators to help you map out your path to achievement.
Double Check Your Alignment
It is important that you take risks that are in alignment with your goals or values. What is it that you are ultimately looking to achieve? And, what risks do you need to take in order to get there? Take a moment and write out what these risks are. Next, go through each one individually and make sure they will help you achieve your goal. If there are some that do not align, cross them off your list. Do not waste your time taking risks that are out of alignment with your goals and values.
Taking massive action that oftentimes comes with risk is necessary if you crave success. But let’s be careful and calculated here. By encouraging you to take risks I am not granting your approval to spend money on that long shot, “shiny object” lead generation tool that you did not thoroughly review. Instead, I am encouraging you to take calculated risks that push you to the brink, that challenge your skills, and that put your leadership to the test. Remember that “hope” is never strategy. So if you’ve done the analysis and you feel that you’ve vetted your options, it’s time to jump! What’s the worst that can happen? You fail? Good. Now we learned what not to do, we’ll recalibrate, and we’ll take that risk once more.