Taking risks can literally change your business in the best way. Literally. But I know it is freaking terrifying!!
I hear you already, “I don’t like taking risks, please don’t make me do that!!” It isn’t something that comes easily or naturally to everyone. As amazing and life changing as taking risks can be, they’re also scary!! I get it! The dictionary definition of risk is… “a situation involving exposure to danger”. It is human instinct to avoid danger at all costs and protect and preserve our safety. But, that doesn’t move the needle… especially in business!
There are times in business where you need to take a quick, spontaneous, in the moment risk. But this is only sometimes. You CAN take risks and still have a safety net. Heck, you could have a safety net for your safety net in place! I want to challenge you a little bit to be a bit of a calculated risk taker. The definition of a calculated risk is… “an undertaking whose chance of failure has been previously estimated”. AKA take risks with thoughts behind them and a plan in place!
Weigh the Costs
Before you take the risk, weigh the costs. Ask yourself questions like these…
- What happens if it works out?
- What about if it doesn’t work out?
- What does this mean for my business financially?
- Will this affect my employees?
Make a plan, and take the risk! Just because you’ve thought it through doesn’t necessarily mean it’s less of a risk – but it can increase your confidence!
Take Smaller Risks
Another way to be a calculated risk taker is to take small risks – one at a time. Small calculated risks over time can build up to an outcome that’s huge in the end! By taking a series of smaller risks you’re…
- Getting used to taking risks and learning to trust your gut before jumping into something even bigger. This teaches you how to navigate risk taking and you’ll be able to see what you can and cannot handle. Kind of like exposure therapy!
- You’re not putting all your eggs in one basket! Safety nets, remember?
When you’re taking calculated risks in your business it often works out. But there can be tears and struggles along the way. Believe me, I have cried a lot of tears over a lot of different risks that I’ve taken. For example, when I was a photographer I took so many risks by reinvesting all of my money into the business. Did you know that most businesses don’t turn a real full time income for 3 years? That is because of reinvesting. This is a risk that I strongly believe is worth it and can build into something massive when done right. Again, calculated risks pay off.
As you learn to take risks, you’ll also learn to trust your gut. This is a huge part of taking calculated risks! You’re taking time to think and follow the guidance that is within yourself already. Pretty cool, right? There’s something so magical about learning to bet on yourself and trusting your gut!! Did you know that science literally supports this? Your brain and your body are totally connected.
So what do you think? If you haven’t felt confident taking risks within your business in the past, do you feel like you could start taking some calculated risks? It is super healthy to think through things logically when taking a risk! There are less surprises that way and it feels safer (even though it technically might not be safer – it’s safer emotionally!) Your heart will be more prepared! By taking risks, trusting your gut, and trying a whole bunch of shiz you’ll be able to continue to innovate with your business and move the needle! Which is the best freaking feeling! Trust your gut and take the calculated risks. You won’t be led astray, you might just be led somewhere different. I KNOW you can do this!