With the economy heading into recession, your appetite for risk taking in the workplace will determine your success quotient. Risk taking is associated with growth and they are a part and parcel of every change in the workplace. Successful people know when and how to take ‘intelligent’ risks and they are ruthlessly honest about the potential rewards and realistic odds of achieving the outcome.
What is risk?
With respect to your workplace ‘risk’ can be defined as a threat of getting into an unsuitable job, lack of job satisfaction, delayed growth or sometimes unwarranted diversion from reaching goals set in your career.
Without taking risks one cannot ascend the corporate ladder. If you want to grow and excel in your career, you have to take risk, and there is simply no other way. Remember that once you get into the comfort zone, it is definite that you will stop growing.
You could be safe in the current job for many years and decide to switch jobs for a slightly lower paid one, with more responsibilities but with benefit of stock options. You never can gauge things perfectly but some times you just have to make your move.
With some risks, the smartness factor is inherent and obvious. But for all those other risks, from the tiny risking a new want to respond to the colleagues snide comments’ to the major changing careers knowing whether or not the risk is a good one can be confusing. Knowing how to take a calculated risk to get ahead is a skill we all need to have and it starts to our utter surprise, with knowing what we want. If we know that, half our battle is won. Smart risk taking means accepting that you might fail, but at the same time knowing that there is a fair chance for you to succeed too. It is also important to know why you are taking the risk and what your end goal is. Risks are really worth taking if they are likely to have a significant and major impact on your business.
If you intend to be a path breaker do your homework and make sure you have mastered the required skills. SG who has started Mumbai’s first shoe laundry, which has become an unusual yet successful business venture did this research for almost a year and also honed his skills of dry cleaning shoes.
Prepare as much as possible for your chosen career avenue, discuss with those you think can guide you. Do not burden yourself with financial liabilities without ensuring that your venture has market acceptance. There is no need to fear if you are the best.
There are no one size fits all answers when it comes to taking risks. A financial consultant, who now runs Mumbai magic guided tour company, feels it is necessary to know one’s risk appetite. One should know if one is conservative, moderate or an individual who thrives in high risk situations? If your behavior and career choices are at odds with your risk profile, it doesn’t work well.
Risk should be calculated and there should always be a back up plan ready in case the first one fails. Detail what negatives could result from the risk. If any of those should happen, what would you do? Do not put all your eggs in one basket. What separates achievers from ordinary people is their willingness to take optional as well as necessary risks.
Risk taking is not for everyone and it depends on the personality of the person. Often creative people who think out of the box are the ones who take risks.
Successful Risk taking:
1. Be positive and self confident in your outlook
2. Do your homework well; know your abilities and strengths
3. Weigh your pros and cons when taking a risk
4. Do not put all the eggs in one basket
5. Keep a back up plan
6. Challenge yourself to be all you can be, more so than you’ve ever been —