Risks come in all shapes and sizes and there are many different levels of risk. Some risks are small with minimal consequences, whereas some risks can be large and life-changing. Inherently, many people think that taking risks is a bad thing. This is a total myth!
In reality, whether we realize it or not, we take all kinds of small risks on a daily basis. Some yield amazing results and some don’t. The point is, risk taking is an essential part of life. In fact, becoming a successful entrepreneur starts by taking risks. Of course, taking risks can be overwhelming, scary, and uncomfortable. But, at the same time, they can also bring about something new and beautiful.
But, we totally get it, some people may find it difficult to move out of their comfort zone and try something new. However, we know from experience that taking risks can really pay off in the long run. So, today we’ve dedicated a whole article to the art of risk taking. We hope to help you develop the confidence, skills, and risk taking behaviors you need to learn how to take the smarter risk and get the results you want. Let’s get right to it!
How To Start Taking Risks
Learn to assess risks.
Before you can start taking calculated risks, you must first learn to assess risks. This might sound hard, but with a few easy steps, you will be able to better identify which risks are actually worth taking. Here’s how to best assess risks:
- Identify all your options and write them down
- Determine the best possible outcomes (or consequences) of each risk
- Then, determine the worst possible outcomes (or consequences) of each risk
- Take time to weigh your options – never make rash decisions
- Ask for assistance or advice if needed
- Make your final decision with confidence
Think about the benefits of change.
With risk comes change and with change comes fear. But, not all change is negative. Of course, you can stick to the status quo. Or, you can take the risk that just might change your life for the better. The last thing you want to do is miss out on the best decision of your life due to fear of change. So, when you’re struggling with a big risk, remember these benefits of change:
- Promotes personal and interpersonal growth
- Encourages ‘out of the box’ thinking and innovation
- Improves your entrepreneurial skills
- Helps you identify new business opportunities
- Improves moral and outlook on life
- Increases confidence in your decision making skills
Take small, incremental risks.
As a new risk taker, you don’t have to come out of the gate taking huge, life-altering risks. Instead, start by taking small, incremental risks. Risks that you have more control over and that don’t drastically affect you or the people in your life. By taking small risks over and over, you will build the confidence you need to start taking larger risks.
Learn from calculated risk takers.
An important tip to remember is that you don’t have to do this all by yourself. You can learn from others who have previously been in your shoes. Take some time to research and learn from well-known risk takers like Mark Zuckerbug, Kylie Jenner, or Elon Musk as well as the risk takers in your life. You can also listen to podcasts (like these awesome podcasts for female entrepreneurs), watch some relevant TedTalks, read books written by entrepreneurs, and so on. There is no shame in taking some time to learn from the pros.
Know your why.
What is your purpose in life? Before you can take large, life-changing risks, you have to first identify your life goals and learn to focus on what really matters – you. If you’re unsure of your future goals and plans, it will be much harder to identify which risks are worth taking. So, take some time to think about your personal life and your future goals. Think about your short term goals as well as your long term goals. As you do this, be sure to write them down so that you can take them into consideration in all your future risk taking.
Don’t underestimate yourself.
This particular tip might just be the most important tip on this whole list. When it comes to taking risks, doubt is your biggest enemy. Many people struggle to take risks simply because they underestimate themselves. In order to take risks, you must have confidence in yourself and trust that you have the skills to make the right choice. Don’t let doubt be the one thing that holds you back from achieving your dreams. When it comes to building confidence, we highly recommend listening to some confidence boosting podcasts and these podcasts on mental toughness.
Reframe your fears.
Like doubt, fear can control your life and prevent you from taking risks. Instead of letting this fear control you, reframe those fears. Reframing your fears is easier said than done, but there are some actionable tips you can use that will make the process easier. The next time you find that fear is preventing your decision making, try to:
- Identify the desires that come along with this fear and imagine positive outcomes, instead of negative outcomes
- Recognize that fears are just thoughts – thoughts that you can overcome
- Keep your fears in perspective – look at them from a different point of view
- Identify ways to use this fear as motivation
- Speak to someone about your fear
- Find the root of your fear and decide if it is logical
Resist allowing others to control your life.
Last, but certainly not least, to take risks you must resist allowing others to control your life. When we allow the opinions of others to influence our decisions, we don’t always make the decision or take the risk that is most important to us. Rather than basing your risk taking on the opinion of others, simply take the input into consideration and then make your own decision. This way, you can have confidence that you’re taking the risk that is best for you.
Risk taking is essential to achieve success!
Success is impossible without some kind of risk. And really, the most successful people are the ones who have taken the biggest risks. So, why not join in? With these actionable tips, you’ll be taking risks with confidence in no time. You got this! Here at Dear Media, we hope you found this blog helpful and we encourage you to come back and let us know how your next risk taking adventure goes!
Other blogs that are helpful for entrepreneurs like you include: The Best Morning Routine for Success, Entrepreneur Stress Management, and How to Organize Your Day to be More Productive. For more on personal growth, success, podcasting, and more, head on over to the Dear Media Blog. And, as always, if you have any additional questions or comments, feel free to leave them below! Until next time, we wish you the best of luck with all of your future risk taking endeavors!
