Business owners must be willing to take risks. Risk defines entrepreneurialism, however not all risk is equal. That’s when you must take time and think through your decisions regarding which risks present the highest reward for your effort.
When you consciously look at what risks yield the highest reward you should also identify what gives you the most control.
Look at all the opportunities that stand before you. Increasing your customer traffic may require spending more money than you budgeted but if it brings you more qualified clients it’s worth it. Hiring an employee(s) might mean you take less income for a while and may be frightening initially, but it may be the best decision in the long run. If you want to have a successful business and accomplish plenty, you are going to need to make decisions that you may not have normally made before.
1. Explore and brainstorm every option.
Carefully think through everything that feels like risk. List out the pros and cons of those risks. If the pros are plentiful, it makes sense to take such a risk. Just because an option has some cons doesn’t mean you can’t do it – it may mean that it’s too premature. Be sure you don’t overestimate the pro’s and make sure that they are executable and realistic. As you think through everything include some top line goals for yourself and your business.
2. Develop written goals and plans.
One of the top reasons most small businesses fail is because they do not have any kind of a written plan to follow. It can be one page or a thousand but regardless of the size you will follow something in writing better than something in your head. Set specific goals for yourself. Then set dates for when you want to accomplish those goals. When you have goals put in place, you have something to work toward and something that you are willing to take risks for, especially if you have a timeline and set a deadline. Just make sure your goals and the time allotted are realistic for you to achieve them.
3. Taking charge is your job.
Anytime you take a risk, you are taking charge of your business which is your job. No one else will take care and protect your business better than you. No matter how many professionals you hire or contract they will not take care of your business. Taking charge means that you are responsible for organizing your plans and strategies and how they will get done. Risk takers are more successful than those who are afraid of risk.
My father always said sometimes when you take a risk good things happen or sometimes bad things happen; but one thing for sure, if you don’t take any risk nothing happens.
