Written by: Megan Tull, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Risk-taking is a critical element of leadership and essential for a leader’s effectiveness. Risk-taking can be defined as… “Undertaking a task in which there is a lack of certainty or a fear of failure.” The problem at the core of risk-taking is fear; fear of failure, fear of success, fear of looking like a fool, fear of seeming ignorant, fear of seeming too aggressive… Taking risks means confronting fears/challenges and having the courage to move forward.
According to Seth Godin; “playing it safe and not taking a risk is probably the most dangerous thing you could do in today’s rapidly changing and highly competitive business environment”. Without an element of risk, nothing would ever be accomplished. The reward comes in direct proportion to the risk involved.
Leaders are ultimately judged on the results that they deliver. Sometimes it can be easy for leaders just to tread water, especially when things seem to be going well. Yet in truth continued creativity and risk-taking is critical to leadership success:
Leadership success is about finding new or better ways of doing things or meeting the needs of customers or clients.
Leadership success is about finding different solutions to long-standing problems or issues that are getting in the way of results.
Leadership success starts with an idea or concept that needs to be developed.
Leaders need to be willing to dip their toes into the pool of uncertainty without fear of failure.
In these highly competitive and fast-moving times pushing the boundaries; personal, team, and organization is not an option, but a necessity. Leaders who want to achieve success understand that taking risks is an essential part of achieving results. Leaders must discover their ‘risk tolerance’ by stepping out of the comfort zone and engage:
Don’t let restricted thinking stop you.
Focus on the rewards.
Learn from mistakes.
Recognize that success and failure are connected.
If you want to be successful as a leader you need to be comfortable taking risks.
I’ve always done what I believe in, I’ve always followed my heart.
In business, I’ve learned that while answers may need to be in black-and-white, there’s also my answer. And, although my answer may be different, maybe even a bit risky, it’s my risk to take and it’s my outcome to manage.
Without trial and error—and risk-taking—you remain stagnant, predictable and ultimately you will become complacent. Risks are about pushing yourself until you’re operating outside of your comfort zone—with good judgment of course—and allowing yourself to take a step that might feel uncomfortable at first. Stepping out of your skin is necessary in any career journey and it is the only way you’ll realize your full potential and what you are capable of.
Risk-taking by itself without understanding the nuances of the challenge will doom any project to failure. Here is a 5 step process to start implementing your ideas by taking calculated risks.
Step One: Listen to your intuition
First, there is no perfection in risk-taking. It really is a gut reaction, an instinct if you will. Allow yourself the pleasure of following it. Quite often people overthink things; they come up with reasons "not to" and only end up coming back to their first thought anyways. Believe in that first thought and don't be afraid to follow it—nine times out of ten, it will prove to be worthwhile.
Step Two: Be careful of analysis paralysis
Great leaders don’t become great by being predictable and playing it safe. Don't get me wrong, there is merit in being consistent, and all risks should have some level of consideration—but, don't overanalyze. People can talk themselves out of anything and in risk-taking you can't let yourself get paralyzed in the details. It might never be a perfect time, with the perfect set of circumstances, but at some point, you just have to do it. Take the risk, make the move. People will respect you for it.
Step Three: Don't let "what you think you know" guide all of your actions
We are all creatures of habit—to some extent—but also have minds like sponges. As professionals, we need to be open to learning, exploring and not having all of the answers. Because, to be honest, we never really do. It’s important to realize that the world is changing—and it’s changing quickly. Sometimes what worked before will never work again. The best thing we can do as a professional is open to exploring the new options that come our way and implement a trial-and-error mentality.
Step Four: Try starting with baby steps
If risks aren't for you, try them in small doses. Try a pilot or test before taking the big leap. This method will allow you to see the outcome before the impact is too grand.
Step Five: Be ready to make mistakes
You’ll find out that with risk-taking you won't win every time. Be sure to minimize the fallout whenever possible and plan to re-execute with necessary changes should risk not pan out. They are called risks for a reason, but don't be afraid to make a mistake. Mistakes are the best way people learn and develop into the best kind of professionals.
In summary, risks are all about encouraging your own development into the best person and professional you can be. If the word "risk" is too strong a word, try instead "thinking outside the box" or "being innovative." I’ll leave you with this thought: "Innovation is the cross between fear and bravery."
To have this, you must be accepting of failures and make a few calculated mistakes along the way. There is nothing wrong with making mistakes ‒ that my friend is how you learn and grow!
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Megan Tull, Executive Contributor Brainz Magazine
Megan Tull is an Earn Your Worth Expert to the Experts, Transformational Leader in Business and Life, a Best-Selling Author, and an International Speaker. Megan is CEO and Founder of Silverlining Concepts, LLC, an innovative business coaching and consulting firm.
Megan's passion and expertise are to help high-achieving, success-conscious business professionals and entrepreneurs to eliminate the struggle and overwhelm by re-designing their career or business to align with their unique value and true self. She helps them to discover their "Brilliance" allowing them to authentically attract their ideal clients with ease generating more profit and more fun in their career or business...all while making a difference in the world.
She’s the best-selling author of The Passion Belief Method - Own Your Value and Earn Your Worth in Business and is a regular contributor for The Huffington Post and The Business Journals. She has been featured as an expert on CBS and FOX and will be a co-host on a new TV show called Lite It Up TV- Ignite Your Life airing in the Fall of 2021 on your favorite streaming channel.
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