Should I Take Risks In Business?

Claire Vane
September 29, 2016

A friend of mine quoted this to me last week from an article that he had seen and it set me thinking about the importance and upsides of risk, despite the fact that society seems hell-bent on avoiding/diminishing risk; we even appoint risk managers to look at risk.

Some people are more naturally risk takers than others and certain psychometric profiling tools can assess who is more risk averse and who more inclined to take risks.

There are certainly many advantages in taking risks but the question is, when should we take a risk and how far should we push it? It is undoubtedly, as all entrepreneurs know, impossible to have security and freedom and it is a calculation a business founder consciously or unconsciously makes; which is more important – freedom or security?

When should we take a risk?

Ironically, it is often at times of low ebb that you need to decide whether to take a risk. However, one does not need to be too gung-ho – you can calculate the risk by carefully weighing up the evidence and adding in some instinct emanating of experience. 

If entrepreneurs knew how tough a new route would be, then they probably wouldn’t take the risk in the first place as the buck stops completely with the sole founder, but risks are survivable and can be calculated and it is interesting that nobody seems to regret doing things; they regret not doing them.

Big ambition requires more risk and if you want a huge change in your life then the risk stakes are likely to be higher; it is safer to settle with the middle course but then you may not realise your dreams. The positives of risk-taking include the need to learn new skills as well as overcoming fear of failure. It allows you to become more creative and define what you really want, breaking free of the average and the norm while you uncover opportunities you never dreamed of. As a result of all this, you have to learn to trust more, which in itself can be a useful attribute.

Conclusions on risk

We can either consider risk as something terrifying or as an opportunity to succeed.  The confidence you may find from risk taking spirals upwards and enables you to stand out from the crowd.

Arianna Huffington made a nice point last year when she said:

“Failure is not the opposite of success but a stepping stone to success”. 

Are you a risk taker?  Would you like some help working out whether you are or not and what to do about it?  If so, do get in touch with the team at Integrated Resources today.

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Claire Vane

Claire is the Managing Director and Founder of Integrated Resources. She is passionate about releasing potential in individuals and organisations.

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