The Importance of Taking Risks in Execution
One of the key differences between being a good businessperson and being a great businessperson is the willingness to take risks. If you’re unable to take that leap of faith and believe in yourself, you will never be able to reach greatness. Many people struggle with the fear of stepping outside of their comfort zone and into uncharted territory. However, in that uncharted territory is where greatness lies, and it just takes a little bit of confidence to get there.
Don’t get ahead of yourself - not all risks are created equal. Before jumping headfirst into a new idea, it is extremely important to consider the difference between a risk and a calculated risk. A useful way of considering this concept is to think of the difference between a pure-chance gambler and a calculated risk-taker. While the gambler follows their gut and makes instinctive decisions, simply hoping for a positive outcome, the calculated risk-taker spends time to remove chance from the equation. By conducting extensive research, considering possible outcomes, and seeking outside opinions, they are able to take their risks with confidence that they will succeed, rather than leaving the outcome up to chance.
Risk-Taking at All Levels
It’s not just the person at the top who can take risks; every employee, no matter their experience, can take risks. If you take a risk or stretch yourself with an out-of-the-box solution to a problem or suggest a new way of thinking, you ultimately bear full responsibility for the outcome. If your solution works, you gain not only respect from your superiors, but also a sense of pride and confidence that will motivate you to continue taking risks in the future. If your solutions do not go as planned, you will also be able to learn from the experience of taking ownership of your action and moving forward with new knowledge.
Adapting and Growing from Failure
Failure can elicit feelings of disappointment, frustration, and embarrassment - obviously, no one wants that. Fear of this failure is one of the greatest challenges in risk-taking, as risk-taking creates many opportunities for failure. However, if you can mentally reframe failure from a dream-ending catastrophe into a valuable experience that moves you closer to finding success, you will become stronger both in the business world and your everyday life. Pushing away this fear of failure and accepting the growth that can come from it will give you the confidence to take risks and push yourself and your business closer to your end goals.