November 7, 2017 – Tuesday Motivation: How To Take Calculated Risks
By Adekogbe Omolola Lydia
Thinking about the concept of taking risks just brings to memory a myriad of hilarious but pitiable classic cases of people who dream big, planned little and fell very flat on their face like humpty dumpty fell from the wall.
A typical case is the man who invested (or should I say wasted) the entire money meant for his wedding on the notorious MMM Ponzi scheme. After losing the entire money, he felt his world crashing, and decided to end it all by drinking the entire bottle of snipper insecticide.
This is just a few out of the many cases of people taking “uncalculated” risks all in the name of fueling an ambition or fulfilling a goal.
So, how do we take calculated risks?
First, by definition, a calculated risk is a chance of exposure to loss or failure that is estimated after its advantages and disadvantages have been carefully weighed and considered.
There are a lot of ways you can take calculated risk but let’s consider a few.
Don’t Always Be A YESMAN
What this mean is pretty simple, you should be prepared to turn down some really juicy opportunities. If you are a person who likes to satisfy everybody, you will definitely find it terribly difficult to say NO.
It is better and profitable to be an expert in few things or subject matters than to have a shallow knowledge in a lot of things. Attention to details is key!
Always Trust Your Gut
A lot of people confuse their natural instinct (gut) with fear; they presume that their discomfort with a thing is a clear indication not to proceed.
Many people struggle in the place of taking risks, they assume if something feel scary or a little unsettled, it must be really risky. But this is not usually an accurate or objective way to measure risk.
Balance Your Line Of Business With Innovation
We live in an era of accelerated change. There is an urgent need for businesses to be creative and innovative. The moment you start to neglect new opportunities and avenues to innovate, your business risk becoming obsolete.
Evaluate Every Opportunity With A Critical Eye
Don’t rush into every opportunity that present itself, take a step back to examine the risk involved. Start by gathering valuable information about the opportunity. Then, you would be at liberty to consider and x-ray all your options.
Control Your Fear
Your level of fear usually has nothing to do with the actual level of risk you face. Take, for example, public speaking. It’s often cited as the No. 2 fear most people have.
But public speaking isn’t actually too much of a risk. Sure, there are some social risks involved–people may judge your speaking ability or find your message boring, or you might commit communication hara-kiri.
However, it is interesting to know and note that their judgment won’t kill you. And if it doesn’t kill you, it makes you better.
Balance Your Emotions With Logic
Emotionally primed and strong individuals are usually not candidates of fear, especially when it pertains to taking calculated risks. They are able to objectively analyse their outcomes – failure or success; even when they know that it could be the difference between living an ordinary life and an extraordinary one.
It is important to assess your actual level of risk by examining the facts before you. Start by creating a list of the pros and cons and the potential risks versus benefits.
Writing down the facts of the case and reading them over will greatly help you view the risk through the eye of logic. This is one way to balancing out your emotions.
Also, when you’re excited about an opportunity, you are likely to overlook the obvious and latent risks. Sometimes it is advisable that you ask an expert.
Furthermore, when you are too afraid to make a move, talk to someone with valuable experience concerning the matter. Gleaning invaluable advice from them may help you find the courage to take the leap.
Finally, let’s get a nugget or two from 26th President of the United State of America – Theodore Roosevelt:
Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure… than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat.