The Risk-Taking Business Owner

Weve all heard the old saying nothing ventured, nothing gained. Like most old sayings, theres a strong element of truth in those words. Are you a risk-taking business owner? Maybe you are and you don’t even know that you are one. Simple to find out though, take a look at this definition.

Definition

Definition of risk-taking: the act or fact of doing something that involves danger or risk in order to achieve a goal Starting a business always involves some risk-taking.
 

At the risk of following one old saying with another, without risk, there is not, and cannot be any reward. There is an element of chance inherent in every venture and unless that chance is recognized and faced, the venture will never become reality.  

A Natural Risk-Taker

There are people who are natural risk-takers, as well as people who are very risk-averse. Do you find that to be true? The key to success when it comes to risk-taking is understanding what type of person you are. Take this quiz here ⇒ Quiz and see how you fare.

How does this personality trait affect your business when it comes to dealing with risk? It is important to keep in mind that the secret of success when it comes to business risk is mitigating potential damage in favor of potential gain.

Is it a Risk or a Danger?

Therefore, neither type of risk personality, in and of itself, provides an advantage over the other when it comes to risk management. A risk-taker can just as easily overreach themselves as a risk-averse person can underreach themselves. Interesting yes?

When faced with a situation that offers reward and risk, the key is to coolly and impartially assess the potential positive and negative outcomes.  And then decide accordingly. No danger there right?

Being a Successful Business Owner

Successful business owners are sometimes seen as risk-takers simply because they understand the danger in a situation better than anyone else involved. So, while it appears that they are courting disaster, the reality is that the risks involved have been managed. This allows them to control negative consequences.  

The Scenario

The successful business owner who takes a risk is very much like a professional tightrope walker. To the observer, it looks death-defying and, perhaps, frightening. To the performer, it is simply another day at the office. Their skill, training, and preparation sufficiently offset the inherent risk to make the feat only appear to be remarkably dangerous. What do you think?

In your own business, dont be afraid of risk but, at the same time, dont take the risk lightly. Weigh your options carefully and, when you arrive at a prudent decision, move forward with confidence. 

And speaking of confidence, I have a great course on confidence.

You can access it right here ⇒ The Lady Boss Confidence Course

 

Pin It on Pinterest