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RT is the new SUCCESS

RT is the new SUCCESS

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By Myeshi Briley,MS,HS-BCP

Are you a risk taker? Do you play it safe or take the long shot?

You’ve got to fall or fail to get great. Sounds crazy but it works. Not all ventures pay off, not all risks are good risks, and even wisely calculated risks can fail. It’s essential you accept the chance of failure. But don’t take failure personally, look at it is as a learning experience. We often exaggerate the possibility and the consequences of failure. Don’t get caught up in the worst-case scenario, the reality is hardly ever that bad and is usually very manageable.

 

The world has lot’s of RT, more than you can imagine. Risk-taking is a main trait of entrepreneurs. Many people will tell you that’s too big of a risk. But successful business leaders and entrepreneurs will tell you they got where they are because they broke away from the norm. Since many people don’t take risks, risk-takers stand out, and only businesses that stand out have a shot at breakout success.

 

It takes a while to get use to taking risks, begin by focusing on known factors. Don’t look at risk-taking as the spin of a roulette wheel. Take risks but don’t leave too much to chance.  Evaluate and kick around ideas on reducing risk so you’ll minimize your losses if you do fail. Reason out how to do it cheaper or by using someone else’s money. Consider how you can do it faster, to save time. Study your initial plan and figure out how to improve it.

Successful people are patient. When designing the original Mac, Steve Jobs and his team redesigned the hardware three times, patiently taking time to perfect it. And to future-proof the original Mac, they took the time needed to make the software more advanced. Steve Jobs wasn’t thinking about now for the design, he thought about three years from now.

 

Successful people set firm goals, they don’t just go out there with a vague plan. Look at Henry Ford, his first automobile design was his Quadricycle, but it was too small and incomplete for large scale production. When he started on his second attempt, he fashioned it to be simple and compact. He made it easy to operate and maintain. He thought ahead to the production end of the process. That venture failed too, and he realized the reason was his financiers weren’t giving him enough time to work out the kinks, his they kept interfering in his designs. He found a financier, who agreed to not meddle in the manufacturing process. Ford risked enormous losses when he drastically cut prices for the Model A, but it generated a fervid demand for his car, and he made sure he could meet that demand. He risked reducing his employee’s hours and increased their minimum wages so they could work for a longer period before getting off work. Ford Motor was one of the few companies to survive the early era of the automobile industry and it was all due to Henry Ford’s tenacious, clever risk taking.

 

Successful people watch for opportunities and prepare for positive results. Larry Ellison, the founder of Oracle, rose from an average student to CEO because he was able to spot an opening in the market no one else saw. Then he would promise customers non-existent features, only to turn to his developers and demand they build the products.

You never know what you can accomplish until you attempt something never done before. Elon Musk created a space video game called Blastar when he was 12 years old, figured out how to sell it, and decided to open an arcade near his high school, except that fell through because he hadn’t told his parents about it. He was a co-founder of PayPal, started the electric car company, Tesla Motors, and the nation’s biggest solar energy supplier, SolarCity, and also launched a space exploration company, SpaceX. Elon Musk is this generations biggest risk taker. His current goals are: the exploration and settlement of Mars, transporting humans to Mars by 2022 to 2033, and to end the world’s dependence on fossil fuels by using solar energy as our main energy source.

 

No business can reach its true potential without embracing risks, innovation, and a drive to pursue new opportunities. Jeff Bezos, Founder and CEO of Amazon.com, started his first company from a garage in 1995. By 1998 he was in charge of a $22.1 Billion market presence. Bezos continues to seize new opportunities for Amazon, from original television series to grocery deliveries to smartphones. Some may be busts, but regardless Bezos encourages his employees to experiment in the search for the next big technical advance.

 

There are distinct types of risks. Predictable risks have a sequence of known factors to help you make an educated guess. However, most risks are far more uncertain. They include known and unknown factors. Then, there are completely unknown risks when you produce something genuinely unique. Understanding the different types will help you comprehend if your risk is big or small.

 

To take risks, you should gather all the pertinent information, so you’ll know exactly what you face. Pore over the details, study the situation inside and out, because there is a lot at stake.

 

Make risk planning, plotting the steps to take to achieve your goals, part of your corporate culture. Identify your top risk-takers and empower them to make decisions. In addition, appoint mentors to help ineffective risk-takers improve. Also, risk-taking isn’t always an individual activity, teams can improve their risk-taking skills by combining the strengths of their members and by diminishing their weaknesses.

 

Work on you and what makes you happy. Believe in yourself. And if you fail, that’s fine…it happens. But don’t stop and miss out on your long-term goals just because you failed. Successful risk takers notice what they’re doing wrong and fix their mistakes. Even if they fail, they know they’re not done yet. They try again.

 

To be a successful business leader or an entrepreneur you must take risks. You won’t know for sure what will or won’t happen, but don’t randomly guess either. Take time to understand the big picture, use conceptual thinking, and what you’ve learned from experience to help you make decisions.

 

http://www.wsj.com/articles/SB10001424127887324102604578497133593217870

https://www.treasurers.org/node/8606

http://www.businessinsider.com/5-ways-successful-people-take-risks-2015-3

https://www.entrepreneur.com/article/270320

http://www.businessdictionary.com/definition/risk-taker.html

http://www.businessdictionary.com/definition/risk-taker.html

http://www.inc.com/christina-desmarais/why-risk-takers-do-better-in-business-and-life.html

http://addicted2success.com/entrepreneur-profile/the-top-10-dare-devil-entrepreneurs-who-embrace-risk/

http://www.fastcompany.com/3057086/lessons-learned/the-surprising-habits-of-the-biggest-risk-takers

 

February 10, 2017 |

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