Risks

 

In an increasingly competitive business environment, those who are willing to step outside of their comfort zone and experience the discomfort of uncertainty, will experience financial and cultural growth. While these growing pains may cause anxiety, distress, and apprehension, giving up the comfort and ease of the known and embracing new possibilities creates an opportunity for individual growth.

So how do you endure the necessary growing pains and encourage your firm to step out of its comfort zone? The following tips will help you make the right step towards growth.

  1. Frame risks as an opportunity to succeed. The word risk automatically comes attached with a negative connotation. It is often perceived as threatening or necessary to avoid. While some risks will not end up as success stories, it is important to remember that some do. Taking smart risks will create unexpected opportunities that lead down a path to success. Leadership is responsible for re-framing the negative connotation associated with risks. Frame it as an opportunity to achieve far more than before, rather than an avenue to failure.

  2. View risk taking as an occasion to learn. As previously mentioned, not every risk will pay off. However, instead of fearing or punishing failure, your firm’s mantra should reinforce that it is OK to try and fail as long as an individual learns from their experience. The only absolute failure is to quit and leave behind ideas, innovation, and education in your wake. Learning from your mistakes is a growing pain that will lead to the internal growth needed to elevate your firm.

  3. Interpret risk as a key differentiator. Making decisions where risk is involved is the perfect circumstance to differentiate your firm and show that you are not satisfied with the status quo. Taking risks will launch your business off the platform that defines your competitors. Not only will this differentiate your firm from the pack, it will also elevate its presence and garner unforeseen respect.

  4. Take well-educated risks. Calculated risks are taken with comprehensive consideration. A firm will not benefit from haphazard decision-making. It is essential for decision makers to be well informed and think through all possibilities before taking a risk.

Our comfort zones cause us to stay static, because we do not want to disrupt the comfort of familiarity. However, success comes to those who challenge themselves. Take a step towards growth. Don’t be afraid to take risks.