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How To Take Risks in A Profitable Way

Lzj_inspired
By Lzj_inspired | self meida writer
Published 7 months ago - 2 views

It is not taking risks that make you successful. In fact, taking uncalculated risks is as dangerous as not taking risks at all. It is common knowledge that to be successful requires that you step into unfamiliar territory every now and then, this might entail making life changing decisions that may affect you either positively or in a negative way. The reality of successful people is that they have mastered the fear of making life altering decisions but do they jump on any decision without critical inquiry into the benefits and costs of such decisions? My guess is they don't, for to be impulsive is as dangerous as indecisiveness. 


Taking risks is integral to success in life and you should endeavor to do so more often than not because without trying, you'll never find out what possibilities lie in wait. The wealthiest individuals have found way to indulge risk in a calculated manner so it doesn't jeopardize their hard work. So the question should always be how you can you take well thought out risks.


           Heads I win. Tails I don't lose much.

           Mohnish Prabrai, Dhando Investor


Being aware what not to do is also as important as knowing what needs to be done.. Doing your own homework is very important in getting you to the promised land. In other words, one must do a sufficient amount of research in order to make a well informed decision, this helps to minimize the negatives and maximises positives in any given risk situation. In reality, all risks are not created equal. Harmful risk is risk which is taken without due diligence or accounting for possible negative consequences.

Diving head on into a pool without knowledge of its depth can prove fatal, so it is highly encouraged to know what the dangers of a decision would be, before making such decisions.


Here are the benefits of taking calculated risks


Taking calculated risks improves your chances of a positive outcome.


Since taking these sort of risks involves prior planning and strategizing, the possibility that the outcome of the risk you intended taking may become more and more favourable__ even though things don't always happen according to plan__it is way better to think in advance so you can avoid whatever damaging consequence your action might incur.


Risks bring change.


Many people are allured to listen to the voice in their head that tells them its not the right time, learning to get past self-doubt will take you to new levels of success. Try as much as possible to overcome fear as it is crippling if it allowed to run loose. There are decisions that can change your life forever, endeavor to make those decisions soon enough, cause there isn't a right time for the right things.


You may find out that the dangers where overestimated.


According to Vincent Norman Peale, " Too much caution is bad for you. It is usually wiser to stand up to a scary-seeming experience and walk right into it, risking the bruises or hard knocks. You are likely to find it is not as tough as you had thought. Or you find it plenty tough, but also discover you have what it takes to handle it. 

It is a peculiarity in our nature to overestimate the possible negative consequence of an unknown venture so we do nothing. But more often than not, it is just a case of our minds playing tricks on us. Learn to get comfortable with change and you may never be the same again.


Boosts self-confidence.


Overcoming the odds can be a confidence booster. Imagine those times you handled the task you thought was too difficult for you? My guess is that you felt good and confident about yourself and skills. This is a positive in taking calculated risks, acts a confidence booster.


How to manage risks


Predict mistakes.


Before executing any plan, be sure to make mistakes. They are unavoidable elements in risk taking. You have to be prepared to handle the outcomes,tolerate the possibility of failing. Mistakes are a natural component of the process of learning. Make it a plan to anticipate possible mistakes and try to work your way around them to limit the possibility of failure.


Establish the risk elements in your plan.


Having a clear picture of what the potential negatives would be in obstructing proper execution of your plans is what calculated risks are all about. By recognizing risks ahead, business can have a better outcome towards success.


Stop overanalyzing


Over thinking can have negative consequences on situations that could otherwise have positive outcomes because it holds us back from taking the leap. When you overanalyze the negatives, it makes them seemingly bigger and this can in turn overwhelm you. Stop for a minute and think about the positives of your decisions. You may realise that the good outweigh the bad.


Improve your skill set to match the task.


In order to manage risks with efficiency, then you must be up to the task. One advantage of taking risks is that it forces you to learn new things and you should learn new ways to handle difficulty, this helps to improve the possibility of a positive outcome, so you should endeavor to be better always.


Be smart in taking decisions that have huge potential consequences and plan thoroughly. The outcome may be your light at the end of the tunnel.


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Dhando Mohnish Prabrai
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