WHY YOU ARE A RISK TAKER – AND EMBRACING IT
Let’s face it. Taking risks is scary stuff. And as a business owner, risk taking is synonymous with being an entrepreneur. But why is risk taking negatively frowned upon or avoided? You were braver than anyone else to take the plunge. Your risks were calculated and not just random gambles. And if you hadn’t taken any risks, you wouldn’t be working on building your empire right now. Taking risks is inherent with entrepreneurship, and you should embrace it not fear it.
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RISK TAKING SHOWS CONFIDENCE
You had an idea that nobody else had or maybe, you were passionate about something that you knew you wanted to spend the rest of your life doing. You probably sacrificed your personal capital, abandoned your steady pay check and ignored all the criticism in taking the risk for your startup. You knew in your heart that this was your calling and you took the risk of following through with this crazy plan of yours. That risk taking shows confidence in yourself and your abilities and any boss lady should be proud of herself for that.
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YOU LEARN FROM TAKING RISKS
Risk taking isn’t something with a guaranteed result, things may very well change along the way. Some risks may pay out in the end with a great return on investment, while others, end up being failed attempts that aren’t very profitable. But needless to say, every “failure” is an opportunity to learn. A smart entrepreneur will always use this as a learning curve and develop new strategies around this to combat, mitigate the risk or prevent it from happening again. You will learn what is good for your business and what isn’t and it is okay to not know all the answers at first.
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TAKING RISKS GIVES YOU A COMPETITIVE ADVANTAGE
Customers’ demands change all the time and entrepreneurs that come up with fresh, new ideas are always ahead of the pack. Having this innate characteristic in you already places you at a competitive advantage. Many entrepreneurs avoid taking risks due to the uncertainty and the repercussions but those who are natural risk takers are able to assess the situation and make informed calculated risks. You may be willing to try something different and this could lead to new opportunities, pathways and innovation that you didn’t envision for your business but will contribute towards its success and growth.
Your business needs you to be ready to dominate risk and embrace it whether it is in your risk assessment strategy or your decision to charter the business in a new direction.