Is taking a risk worth it? For the TL;DR crowd the answer is – maybe. Before engaging in any kind of risky behaviour that could help you overcome personal or professional challenges you should distinguish open risk-taking and calculated risk-taking.
Risk-taking, in general, is advised by many well-known entrepreneurs and billionaires such as Oprah Winfrey, Richard Branson or Mark Zukerberg. Taking risk can be the factor that separates you from everyone else, but planning is fundamental.
So what is this calculated risk? By definition, it’s a hazard or chance of failure whose degree of probability has been reckoned or estimated before some undertaking is entered upon. So in order to take your chance make sure you do a cost-benefit analysis and strategize accordingly. Knowledge is also a key to your success especially when it comes to entrepreneurship. You don’t need to apply for a business school but educate yourself through research and conversations with accomplished risk-takers. In simple words – try to learn from the best and other people’s mistakes.
You can’t get anywhere in business or life for that matter without a little bit of vulnerability so be ready to expose yourself. Many of life’s greatest achievements require going out of one’s comfort zone. This could mean overcoming the anxiety of public speaking, putting yourself out there for the chance of finding that someone special or investing your own money in a business idea.
Taking risks doesn’t mean success and remember that risk-taking can lead to failure. However instead of having a negative view of failures, learn and grow from them. Remember the quote by author and illustrator Stephen McCranie ‘The master has failed more times than the beginner has even tried.
