But not any old risk.
Many small business owners avoid taking risks, and that’s understandable. Trying something new is scary, especially if business at the moment is scary too.
But the whole idea in the first place, of owning your own business, was a huge risk as it is.
Entrepreneurship and risks go hand in hand.
How well is your business going currently? Bumbling along the same path month in month out, waiting for something to change? Well, what if it’s you that needs to make the change? What if that’s your answer? Let’s face it; you’ll never know what you could achieve unless you try it!
Risks can be scary but are necessary for growth.
With risk comes innovation, without it, you’re stuck in a rut. Without risk, there’s little chance to learn from possible failure.
So what sort of risks should you take?
Smart risks can be calculated to manage growth.
Calculated risks lead to success, ordinary risks lead to failure.
Smart, calculated risks open up new opportunities to lead to new successes in your business.
An ordinary risk taker bets everything they’ve got on one hand of cards, and so if they fail, they fail spectacularly and don’t have anything to bet on again.
Smart risk takers are the successful entrepreneurs. They figure out the way to minimise the chance of damage with every single risk they take. They often take two steps forward and one step back, but within time, they not only reach their goal, but they do it smarter, cheaper, faster and better than an ordinary risk taker. They leave hardly anything to chance.
Planning ahead for all possibilities is what enables you to be a calculated risk taker. A virtuous leader takes the chance to open their business up to brand new opportunities and chances. Look at any successful leader and I guarantee, you will find they have taken quite a few risks in their time to enable them to be where they are today.
Do your research thoroughly
Anticipate potential hiccups
Look at all possible outcome
Be critical in your decisions
Be prepared for a change of course
Taking risks can, and generally will lead to positive outcomes.
Of course, as with any type of risk, there is a small possibility of failure. Even if the risk was calculated by Stephen Hawking, it’s still a risk. But without risk, there is little chance of growth and innovation, and even with failure comes learning and experience.
But there is more of a chance of a positive outcome through the strategic planning of a calculated risk.