The word “risk” can conjure images of making poor investments, taking risks in a gambling game, or perhaps skydiving. Regardless of your unique situation, the word "risk" could give you the idea of something going wrong. And that can cause you to retreat, to stay safe.
Taking risks might even seem foolish. However, taking risks can help you grow professionally and personally if done correctly. If you're willing to take the necessary risks, you'll move forward and upward in your career faster than you ever imagined.
So how can you take risks at a time when there's job uncertainty or in a recession? Consider the following:
1. Come up with a proven method to assess risk. The number one thing you can do to weigh a considerable risk is to determine the probability that you'll succeed. The best way to evaluate risk is to look for past examples of success.
● For example, if you've done market research and found out there's a market for your product, then, logically, there's a market for your product right now. This knowledge can help you determine whether the risk you're contemplating is worth taking.
● You can also list all the pros and cons that come to mind. Once you've done that, decide whether you're willing to take the risk and move forward with your project.
● Looking at various sides of the risk can help mitigate any negative feelings that may come along with it and cause you to think twice.
2. Make information and research your best friends. The more you know, the more confident you'll be about taking risks. You'll also feel better because you'll feel you have more information to process. You'll feel more satisfied because you know what you're doing, and you'll have fewer second thoughts.
● And, if there's any chance that your fears are unfounded, you'll be more confident in your decision. Learn everything you can about your industry. Read trade-related articles, attend seminars, and hire a mentor. The unknown is what makes something risky.
● So, gathering information through various sources can offset this danger. There will also be less risk because you've researched it and know how to handle it. Don't let fear stop you from taking chances.
3. Take your time to assess the risk. On the one hand, risk-taking is an integral part of life. On the other hand, the ability to evaluate a situation and decide how much of a risk it is is invaluable. The motivation to succeed is necessary, but you shouldn't use it as a means to escape.
● A venture capital investor spends a lot of time analyzing potential investments, and they must determine whether they're worth the investment. They won't make a risky bet without a clear understanding of the risks.
● In the same way, it's essential to understand what the risks are and how they are likely to affect you in the event of failure.
4. Review your sphere of direct control to help you decide what risks to take. Stephen Covey states that the greatest strength comes from working from what he terms our "sphere of direct control." When we try to change things out of our control, we end up frustrated.
● On the other hand, when we focus on those things that we have the power to change, we have more significant potential for success. So, if you aren't a natural risk-taker, it might help to limit your exposure to risk by working on things within your sphere of direct control.
Taking risks is necessary to grow professionally and personally. However, it would help if you didn't take small risks that might significantly impact your life. Instead, choose smart risks that have a moderate impact on your life and are worth it in the long run.
