The Risk-Taking Business Person Wins In The End
We’ve all heard the old saying “nothing ventured, nothing gained”. Like most old sayings, there is a strong element of truth in those words. At the risk of following one old saying with another, “without risk there is not, and cannot be, any reward.” There is an element of chance inherent in every venture and, unless that chance is recognized and faced, the venture will never become reality.
That being said, there are people who are natural risk takers, as well as people who are very risk adverse. The key to success in business and life, when it comes to risk-taking, is understanding what type of person you are and how this personality trait can affect how you look at taking a risk. It is important to keep in mind that the secret of success when it comes to business risk is mitigating potential damage in favor of potential gain. Therefore, neither type of risk personality, in and of itself, provides an advantage over the other when it comes to risk management. A risk-taker can just as easily overreach themselves as a risk adverse person can under reach themselves.
When faced with a situation that offers reward and risk, the key is to coolly and impartially assess the potential positive and negative outcomes and decide accordingly. Successful business people are sometimes seen as risk-takers simply because they understand the danger in a situation better than anyone else involved. So, while it appears that they are courting disaster, the reality is that the risks involved have been managed so as to control negative consequences.
In this way, the successful business person who takes a risk is very much like a professional tightrope walker. To the observer it looks death-defying and, perhaps, frightening. To the performer, it is simply another day at the office. Their skill, training and preparation sufficiently offset the inherent risk to make the feat only appear to be remarkably dangerous. In your own business, don’t be afraid of risk but, at the same time, don’t take the risk lightly. Weigh your options carefully and, when you arrive at a prudent decision, move forward with confidence.
One helpful tip is to create a pros and cons list to write out perceived negative consequences, as well as positive ones. You can even give them a rating, say 1-10. Doing this activity will give you a visual representation so you can make a better decision. Another is to listen to your intuition, which can guide you with trust on what steps are needed and the outcome/answer should be. You really have the answers inside. A final tip is to seek out advice, such as the services of a coach or advisor, who can help you walk through the situation and potential outcomes and lead to a successful one.
We don’t realize that we take risks daily but, when the stakes are high, it takes planning and stepping out of one’s comfort zone to take a risk you might not have taken before – but, it can be the very step you need to reach success. It all starts with a decision and a step forward. Try it, you might like it.