“You don’t achieve your dreams by playing it safe.”
This is true for life and in business. A risk can seem scarier if you’re making a decision on your own. When we weigh up the pros and cons of taking a risk we tend to exaggerate the odds of failure and therefore play it safe.
Risks can come in all different forms including market, financial, innovation and competitive risk. Many successful companies have taken risks along the way, including Microsoft creating the Xbox in competition of PlayStation, Twitter deciding not to sell their company to Facebook, and Apple by continuously innovating existing products and regular, new product launches.
Being brave as a small business owner can open more doors and get you closer to achieving your goals.
Here are some of our reasons why taking risks can pay off:
1. Bigger and better opportunities could be around the corner
It is still important to make a calculated risk and to access the likelihood of success before rushing into a decision, whether this is big or small.
2. Without risk, there is little chance for growth
Taking a risk could lead to an expansion of your business potentially resulting in greater profitability.
3. Change and creativity is healthy
‘Once you have become accustomed to taking risks, you break free from the average way of thinking and living’ Stacia Pierce
4. You don’t want to regret what you don’t do and be left thinking ‘what if?’
Having not tried something new may be a big regret in your life. Calculate whether it is worth the risk as best you can. After all, ‘nothing ventured is nothing gained’.
If it doesn’t work out?
To mitigate the effects of failure, have a contingency plan just in case. This will put you at ease knowing if your risk doesn’t quite deliver the results you hoped, you will have a plan to get things back on track.
Thinking of starting a business in the Black Country, Shropshire or Herefordshire and need a helping hand?
Enterprise Action is here to help you and offer business advice. If you need advice and support about any business ventures speak to our business consultants.
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