Leadership: Taking Risks
Despite the global pandemic that we are experiencing, we are still living comfortably because we have access to modern conveniences. We don’t even need to go out in order to eat our favourite food. We just whip out our phones and order them online. Communication is even more expedient. Want to talk to your friend from another city or another country? Go on Skype or use any of the numerous communication software that is readily available. Want to go shopping? Go online and have them delivered right to your doorstep. We are so used to these modern conveniences that we sometimes forget how much hard work and risk-taking were done to develop and implement them. What would our life be today if risks were not taken to implement those ideas?
Leaders know what they want. They have a clear vision of what their goals are and how to achieve them. Great leaders know that it will be a tough journey but are willing to go through anything just to succeed. They also know that the bigger the goal is, the riskier it is. You can play it safe as long as you want but there will come a time that you will have to step outside of your comfort zone and start taking risks. Sometimes, if you want to see progress in your business endeavors, you have to take that big leap of faith. With that said, how do you take calculated risks?
Estimate Your Risks
Take risks – but not just because for the sake of it. Play it smart by doing your research and gather as much information as you can. Identify potential challenges and come up with solutions. Give yourself time.
Measure Your Resources And Costs
Once you have done your research and gathered all relevant information, check if you have enough resources to execute your plan. See how much it will cost you to implement your plan. Preparation is the key to make sure that your risk-taking will lead to greater rewards.
Evaluate
Take a moment to examine the pros and cons of your decision. Identify both the positive and negative outcomes of your plan. See how it will impact your company as a whole and how it affects your staff. Is it worth it? Does the risk lead to greater rewards? If the answer is yes to both questions then go for it.
Listen
Listen. Listen to your intuition. You cannot run a business without taking risks. Follow your instinct and do not overthink. As long as you have ensured that you made adequate preparations and have a backup plan in case things don’t run smoothly – go for it.
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