Why You Should Take Risks in Business

Many entrepreneurs are scared of taking risks in business and that seems like a perfectly normal reaction.  But most entrepreneurs start off by taking a risk merely in starting up their own businesses or leaving a consistent corporate job to do it so it seems strange that once they do so, they are averse to risk-taking.  Most entrepreneurs view risk-taking as an occupational hazard of sorts.  However, that way of thinking is merely simplistic and wrong.  In reality some risks in business are actually quite beneficial and should be embraced if you want to grow and get a competitive edge.  Of course some risks are simply bad and not worth taking but there are many that are actually worth it.

First off, otherwise unforeseen opportunities come from risk-taking.  While we tend to view risk as negative and often dangerous, at certain times, it’s simply not.  Taking on roles in the business community that might seem challenging or out of your area of expertise, often allow you to learn and grow your skill set.  Often it allows you to make bigger career moves then you ever imagined and so for entrepreneurs, they should see risk as a way their businesses can actually grow and meet and exceed challenges that put them ahead of the competition.

Risk taking shows confidence and helps you stand out from the competition.  Instead of remaining with the status-quo, choose to do something unique and not just come up with a unique idea but a unique way to market that idea to your target audience.

Entrepreneurs learn from risk.  By taking risk, they learn what does and doesn’t work for their business and it’s always important to keep an eye on what isn’t getting the job done.  Don’t be so rigid in your business plan.  Often risk allows you to go off course and that’s important and eye opening and shows you the path to long-term success.

Additionally, success doesn’t just fall into your lap.  You have to go out and get it and seize it and often taking risks is the best way to go about it.  In order to be successful in business, you have to go out and grab opportunity by putting one foot in front of the other on your journey.  While often it’s scary to leave your comfort zone, you must in order to reach your intended goals.  It’s an experiment of sorts and you have to be willing to explore new avenues that might seem risky.  Leave your safety net behind at times no matter how unsettling.

Embracing risk helps you overcome your fear of failure.  If you take a risk and succeed, then your confidence grows.  Of course, risk-taking doesn’t always lead to success but like I said above, there’s always a lesson to be learned in it.  While it might take baby steps to embrace risk, that’s OK.  Go at your own pace and make smart judgment calls about which risks are worth taking and which aren’t.

Taking risks also affords you the opportunity to open up your talents, interests and ability to dream big.  If you are constantly afraid of venturing into uncharted territories, you can’t see what lies beyond playing it safe.

Also, risk allows you to feel powerful and proactive.  When you take control as an entrepreneur and make the choices about your business, it will only help grow your confidence.

Lastly and most importantly, risk taking is exhilarating and makes you feel alive and often work can become monotonous and a bore.  When you take risks, you are opening yourself up to a whole new world of possibilities and for entrepreneurs those possibilities help their businesses grow and thrive.

So what have we learned here today?  Have you been more averse to taking risks when starting up your business or did you embrace them?  What risks did and didn’t work for you?  Leave a comment and let me know.  Feedback is always welcome!

Here are some articles you might want to check out about why you should take risks in business:

“3 Risks Every Leader Should Take”: http://www.businessinsider.com/risks-every-leader-should-take-2014-7

“Take a Risk: The Odds are Better Than You Think”: http://www.forbes.com/sites/margiewarrell/2013/06/18/take-a-risk-the-odds-are-better-than-you-think/

“4 Reasons Why You Should Take Risks”: http://washingtontechnology.com/articles/2010/10/11/insights-scheessele-risk-taking.aspx

“Leading in Business is About Taking Risks": http://www.nytimes.com/2014/04/28/business/international/leading-in-business-is-about-taking-risk.html?_r=0

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