By Alexander Ang | Source : massivewealthtosuccess.com
Most aspects of life involve risk-taking to some degree. In business, success does not come without ever taking a chance. Sure, risk-avoidance means no possibility of a devastating setback. However, it also means no chance for progress that can elevate you to a Steve Jobs-level entrepreneur. Here are five reasons why you need to be a little daring, even if it means leaving a window slightly open for the possibility of failure.
It Changes Your Perception of Failure
With risk comes the possibility of failure. This is precisely the fear that keeps people in their safe zone. When you take risks, you eventually come to realize that the fear of failure really isn’t all that crippling. Even if the risk doesn’t pay off, you may find that any setback that have incurred really isn’t that bad. In fact, if anything, it makes you realize that the “failure” is really a learning moment.
Many entrepreneurs, athletes, musicians, and others have described a particular failure as being the best thing that happened to them. This is because they learned an invaluable lesson as a result of taking a risk that did not yield fruit.
You Learn Which Risks Are Viable
As you start taking risks, you will gradually gain experience and distinguish calculated risks from risks that are just plain careless. The latter is responsible for many financial misfortunes including high-profile ones, such as huge gambling losses from celebrities, or businesses being irreparably ruined.
When you allow yourself to be a risk taker, you begin assessing the data and metrics. This allows you to weigh your options based on the probabilities, the potential gains, potential losses, and the overall stake. From experience, you will know when to go for it and when to hold back. Taking risk doesn’t mean blindly diving head-first into an unknown venture just for the sake of being bold and daring.
It May Lead to New Opportunities
Taking a chance may lead to other pathways of success you haven’t thought of before. It may also present opportunities that would never have been available if you didn’t take the initial risk. Perhaps you took a risk by investing in a startup that ultimately didn’t pay off.
However, you met people along the way that introduced you to someone that would later become an important investor for a startup of your own. It may also be the case that the startup didn’t pan out, but you gained direct experience that you can apply the next time a similar opportunity arose.
The point is that you close yourself to new opportunities if you remain in your safe zone.
It Alters the Brain
Adrenaline junkies are the ultimate risk takers and embark on dare-devilish activities. Stunts like jumping out of a plane or bungee jumping release adrenaline and dopamine. The latter is known for keeping stress and depression at bay. It’s a natural euphoria that can be achieved without recreational drugs. Many describe the sensation as a mix of adrenaline, nervousness, and excitement all rolled into one.
The same psychology of risk taking applies in the business world. There is a feeling associated with the uncertainty that keeps you on your toes when making a decision to invest or taking on a risky project.
Of course, it’s also possible to become addicted to this feeling. Some people may end up taking unnecessary and blind risks just so they can experience that same adrenaline rush. This is something to watch out for as you allow yourself to take more calculated risks.
It Allows You to Express Your True Self
Risk taking may actually be beneficial for your mental health. In an interview with Glamour Health, clinical psychologist Erika Martinez says that there are two aspects to every person: a true self and projected self. The latter is a mask we put on to conform to societal expectations. Taking a risk is a way to deviate from the norm, which allows people to express their true selves. Martinez also emphasizes that anxiety can arise when the true self is continually repressed.
Taking risks isn’t just about potentially acquiring a specific outcome. It’s about getting out of your comfort zone and really learning something about yourself in the process. When you take risks, you break the barrier that was previously hindering your potential for massive success.
WHAT ABOUT YOU?
While taking risks could lead to great success or losing something, you’ll need to learn how to make better decision in order to achieve your goal. If you don’t take risks however, most of the time you’ll not get what you want.
So, what about you? Are you a risk taker? Or do you always hold back yourself when it comes to risk taking?