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Is Going for the Risk the Key to Success?

ZUU Online SG logo ZUU Online SG 8/8/2018 Racheal Muriithi
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From time immemorial, winners are identified as risk takers. In their journey to success, they embrace risks rather than averting risks. Success comes from discerning a worthy risk and embracing it. Risk takers live in a world of possibility and greatness.

Successful entrepreneurship entails risk-taking. Playing safe is the playground for average people who have no greater vision. You will only achieve business supremacy by realizing that risks hold the key to long-term success. The 8 most famous entrepreneurs in the world were never afraid of taking risks. Thus, to avoid risks is to throw away success.

However, taking risks does not mean rushing into business blindly. Take calculated risks by evaluating possible options. Here are the practical reasons why you should take risks if you want to become an entrepreneur.

Any Business Undertaking is About Risk-taking

Risk-taking is inherent in entrepreneurship. Are you hesitant about taking risks? Then, you have no business pursuing entrepreneurship. Being an entrepreneur is primarily linked to risk-taking. It requires you to invest some capital in a growing business. You sacrifice your finances for several months to a year.

It is to stake your reputation on an unproven idea. Everything else that follows carries some risks. Your new hires might leave two months after orientation training. Your lead generation strategy might not work. Your work methodology might anger your new clients and many others. Therefore, be ready to accept risks for survival in the entrepreneurial world.

Taking Risk Doesn’t Mean you are Careless

The ultimate description of an entrepreneur is ‘ a calculated risk-taker’ rather than mere risk-takers. Risk-taking doesn’t occur in a vacuum. To benefit from risk, you need to prepare as well as educate yourself on the possible fall-out.

As Jean Kucey the CEO to JetStream Federal Credit Union said in an interview with Credit Union Times. “You can’t merely throw a bunch of ideas without evaluating the whole project and contemplate the outcome.” You should look for ways to reduce risks as you proceed with the business.

Risk-taking Gives Contentment and Life-fulfilment

A study on risk-taking revealed that there is personal satisfaction in taking risks.  You may have a business idea, but you do nothing about it. Later you learn that somebody else pursued a similar business idea and succeeded. You will live with regrets that you should have tried.

If you tried, you wouldn’t regret it since you have the satisfaction of having overcome your fears.  Jeff Bezos, the founder of Amazon said that he would have regretted not having tried. Failure of not trying would have haunted him every day. Jeff Bezos is famous for his success in internet business. If he had failed, he wouldn’t have regretted.

You Learn from Taking Risks

Some business risks might bear no rewards. Being an optimistic risk-taker will enable you to see failures as opportunities to learn. Failures will teach you to think smart and plan strategically. Whenever you fail, learn from it and take a better approach.

Bill Gates, the owner of Microsoft, the world’s largest software company had failed several times before finally succeeding with Microsoft. Bill Gates in partnership with Paul Allen started a company called Traf-O-Data. Traf-O-Data closed down ten years after its formation for lack of customers.  Despite the failure, the learning experience earned formed the basis for the creation and success of Microsoft.

To Find Success, you Have to Pursue it

Taking risk might be the necessary step to find success finally. To make your vision valid, you have to put one foot in front of the other. Start your success journey with optimism. Take comfort in that you don’t exactly know how to achieve the success you want to see. Various undertakings will be on experimentation along the way.

Be comfortable to brainstorm the way through. Implement your way through to the desired results.

No Dreams are Achievable by Playing Safe

Risk taking will not only benefit your career path, but it may also open up to a world of possibilities. The world outside the comfort zone is vast and limitless. Pamela Bernes, the President, and CEO of Engender Health urged professionals to leave comfort zones. During an interview with Grindstone, she expressly said that you couldn’t realize your potential until you take a risk.

Time to follow what you are passionate about is time to leave your comfort zone. Breaking your routine can only make you more confident and stronger to reach higher levels. Innovation can only happen if you step out of the comfort zone. Mostly, fear of failure is what drives us to play safe. The key to overcoming this fear is getting comfortable with the uncomfortable.

You Earn a Competitive Advantage by Taking Risk

Typically, people tend to avoid risk. If you are bold enough to take a risk, then, you win a competitive advantage. It means the more the individuals stay away from risks, the less the competition risk-takers face. Can you achieve like the risk-taker? You might not be sure of this question until you are willing to leave your comfort zone.

A risk is the cost of opportunity. An entrepreneur who understands the importance of standing out accepts risks. It is the approach to creating a blue ocean in the market. This is whereby you face minimal or no competition at all.

Risk-taking Leads to Rewards

We all know the people who are famous because of their business achievements. Things don’t just come their way empty-handedly, they take risks and reap the rewards. To achieve a dream, big or small, you have to take a risk.

Sometimes the reward is intrinsic. You might say, “I took a risk and failed.” Thus, you say you realized no reward. I would challenge you that the reward was overcoming your fear.  Also, you learned new lessons, you gained confidence and experienced different possibilities. It is better to take a risk and experience life rather than stagnating to death in a comfort zone.

For us to have a conducive environment that allows creativity and inventiveness, we must embrace risks. Thus, there is the need to encourage the culture of failure. Such a culture will allow an entrepreneur to try an opportunity and push forward. By embracing risk, you take an exciting journey to success.

Here are some more interesting articles you should check out:

How to Become a Millionaire by Age 30

Is trading really risky as Gambling 

Putting a Spin on Real Estate Investment for Singapore Investors: An Interview with Coassets, Getty Goh

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