3 Crucial Tips for Taking Calculated Risks

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taking calculated risksIn business, don?t be afraid to take
risks. It can be your ticket to success.

While the 2008
recession
may have passed and is now considered to be nothing more than a
thing of the past, it seems that its effects have been deeply etched in people?s
minds, particularly among small business owners. According to the findings of
the Hartford 2013 Small Business Success Study, despite the general optimism
about the current state of the economy, majority
of small business owners are still hesitant to take risks
and would rather play
it safe rather than suffer significant losses. This is quite unfortunate since
taking positive, calculated risks can make your business much more rewarding.

There are a lot of benefits that come with taking calculated
risks. For one, it opens the door to exciting new opportunities and empowers
you to break
the barriers of your comfort zone
. By pushing the boundaries you have set
for yourself, you are, in fact, improving your outlook in life and setting
yourself up for greater success.

It can also help you to be more creative and more open to
challenges. More importantly, it can help you define what you really want to
achieve.

Taking calculated risks comes with great rewards. So, if you
have been playing it safe for some time now, it may be time for you to trust
your instincts and take a leap of faith. For all you know, it may be all you
need to keep your business moving forward.

What You Should Know
Before Taking Calculated Risks

How can you increase your chances of success when taking
calculated risks? Let these tips guide you.

  • Start
    with a goal in mind.
    Identify what you want to achieve and set a specific
    date for when you want to accomplish these things. Setting a goal can help you
    visualize what you are working for, keep you on track and motivate you to give
    it your best at all times.
  • Think
    things through (but don?t overanalyze).
    Weigh the pros and cons of what you
    are about to do, identify the opportunities and evaluate the risk level involved
    to reduce losses and increase your chances of success. However, do not get into
    the habit of overanalyzing all the possible consequences of your actions since
    it may only hinder your progress. Keep in mind that great leaders do not become
    who they are by sitting on the fence.
  • ?Start
    small.
    If you are not confident to take bold, big risks, no matter how
    calculated they may be, take baby steps before taking the big leap. This can
    help you build your confidence and tolerance for risk.

Taking calculated
risks can be the key to the success of your business. Think about it and take
action ? now