I meet with many clients who say they don’t take risk – and others who consider themselves serial risk takers. In this article I want to focus on those of you who don’t recognize the risk you have taken – maybe even feel you are risk adverse….and how to understand what risk looks like for you.
Recently I was talking with an artist who says he doesn’t take risks. He is definitely a ‘right-brain’ thinker (focus on aesthetics, feeling, and creativity). And yet I saw a number of risks he had chosen to get to this point in his life. Becoming an artist is definitely a risk – and this is a brilliant man who could do many left brain careers– yet he is choosing a life of an artist. Not one with a definite job description, path or logical conclusion. Our discussion focused on a choice he needed to make in the next step of his growth and greatness. Two paths: one safe and expected; the other will be expensive with a great possibility for long term gain. We discuss the pros/cons of each choice. We go over the issues many many times. He needs a lot of time to process – because he is creative and enjoys defining all possible outcomes. And of course there’s the fear factor. But eventually he made a decision that has risk but risk he has considered.
It occurred to me that his success to this point did come from taking risks – albeit calculated risks. A true risk may encompass the idea of trying something without understanding or caring about the possible outcomes – truly leaving something up to chance – and becoming a victim of the risk you have taken. (like bungee jumping without checking the harness or the people in charge – it feels great going down UNTIL there’s no BOUNCE!) But a calculated risk will involve forethought. Balancing opportunity with risk – calculating what possible actions and outcomes will result.
“Courageous risks are life-giving, they help you grow,
make you brave and better than you think you are.” (unknown)
The business of your business requires risk. Calculated risk will leave you with less sleepless nights and a stronger sense of self. You can realize your greatness by realizing how you arrived at this point in your life. Self awareness lets you define your skills and strengths. Ask yourself how often you acknowledge the skill sets you have that brought you to this point. And answer these questions about risk:
1. I take risks easily and without a lot of thought (yes/no)
2. I believe risk takers don’t think things through and should just slow down (yes/no)
3. Risk looks different on different people (yes/no)
4. How risk is defined depends on the person and their motivations (yes/no)
5. Identifying how I calculate risk would be of value for me for future decisions (yes/no)
6. I can list 10 risks (calculated and otherwise) I’ve taken in my life and know the lesson I learned from them (yes/no)
7. Am I being graded on this (NO)
Look at your answers and review the amount of awareness you have about the risks you have taken thus far in your life.
So back to the future. How do you utilize this knowledge in business?
- Know the level of risk you’ve taken and acknowledge that it is part of the reason you’re where you are today.
- Decide if you want to take more risk, and if calculated, if you can see the benefit of such a strategy.
- And remember, if at the end of this article you believe firmly you’re not a big risk taker, acknowledge that and stay true to yourself.
Only change what you believe is important – what you believe matters. And I would risk saying that in all self awareness comes knowledge.
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