Smart risk-takers are the ones who stay and thrive in business. They pounce fast at the most favorable times, and as a result, get promising results, leaving their contemporaries behind. Some would say this skill is a product of years of experience. Others would attribute it to sheer gut feel.
But one thing’s for sure: smart risk-taking can be honed through the right practices. As you pursue more experiences in the field and listen to your intuition, do these strategies too to be better at taking risks.
Keep in mind the big picture
The reason some people fall for bad risks is they lose sight of their vision. They get into business opportunities that don’t directly make an impact on their venture because they get sidetracked along the way, say, by the menial, everyday tasks or convincing pitches of people.
This is least likely to happen when you’re fixated on your big dream. When it’s clear in your mind what the end goal is of all of your efforts. That said, always remind yourself of your vision.
Don’t just put it in a frame or hang on your office wall. Meditate on it before you start your day in the morning. Revisit it as you end your week. With this habit, the vision will be so embedded in your subconscious that your brain will pull it up naturally to help you decide in times of pursuing risks and opportunities.
Take baby steps
A smart risk-taker is someone who does things slowly, but surely. This mitigates the possible negative consequences from the risk and cushions the blow to the entrepreneur. But, how exactly do you take baby steps when taking risks?
Well, you can literally consider going small-scale. For example, you want to put up a restaurant. Perhaps you can first try your hand on food kiosks or stalls first. Or, if you’re planning to introduce a new product in the market, test it out first on a small sample of your target audience’s population.
From here, evaluate your wins and struggles. Write them down in your journal. Keep them in mind as you take that next level of risk. Taking those learnings on your small yogurt cart business, maybe now you can pursue that healthy fast food franchise restaurant you’ve wanted for so long.
Find your tribe
Risk-taking is contagious. You know how it is when friends talk about their skydiving experience and you want the same for yourself. In the same way, if you surround yourself with people who take smart risks, you’ll catch the bug, too.
Find a community of entrepreneurs who are committed to this discipline. Attend networking events to meet the experts in your industry. If possible, be active in the projects of the business organizations in your city or town. Host a luncheon or dinner party for entrepreneurs.
If you’re part of a franchise program, then you’ll most likely have gatherings and seminars throughout the year that will let you meet other franchisees. Take advantage of that, beyond the learnings you’ll get.
Risks may seem like a scary word, but if you learn how to be smart in getting around them, you’ll gain confidence over time. Try to do these strategies as you start and grow your venture.