Do you ever wonder why people choose their particular professional paths? For example, why does an astronaut want to go through all the intense training and education to then be launched into space; “to go where no one what gone before”? (to paraphrase the classic Star Trek television series) Think of the risk! He or she is sitting on top of millions and millions of pounds of fuel that is going to ignite and launch the spacecraft into orbit sending it many hundreds of miles from earth. So many things potentially could go wrong. Yet there is no shortage of people who apply to the astronaut space program. An appropriate description would include the words: risk takers.
Here’s another example (or two): Why does somebody take the risk to hang-glide off a mountain? It’s essentially nothing more than a big kite that provides humans with an opportunity to spend time taking in amazing views of our natural world. But it’s a risky venture requiring safety precautions. Or why does someone want to go to the Mariana Trench which is in the deepest part of the vast oceans around the world? It is seven miles down at its deepest point. The amount of weight on a small submarine is potentially crushing. Yet there are scientists willing to take the risk to explore at those depths of waters.
There are people who enjoy taking risks. There are people who do not like to take risks in life. When applied to business… Entrepreneurs, in other words, CEOs, presidents and business owners, are the risk takers of the business world. Otherwise, why be in business when you could go find a job doing something else with considerable less risk?
CEOs, presidents and business owners of privately-held and/or family-owned companies are risk takers every day.
If, as a business person, you want to play it safe don’t take on the responsibility of owning, running, managing and operating a company with you in the top leadership position. Know you must be a considerable risk taker when involved in the game of business if you want to be successful (however you define, success).
There will be many risks along the way to success and profit in your business. It will sometimes be unclear whether it’s the correct business decision or it’s not the correct business decision. You may get the most intelligent, up-to-date research that can be found. You may plan and anticipate every detail. You will think about it till the very last moment possible. But it’s still a risk.
If you don’t have the guts or the stomach for such things as risk and stress as well as fulfilling dreams and being triumphant, then you are not an individual who enjoys the intricate process of business. You need to be someone who likes taking a chance.
As a CEO, president or business owner, you are taking risks and making impactful decisions throughout the day.
- When you hire someone, you take a risk.
- When you meet with a customer or client, you take a risk.
- When you prospect for new business, you take a risk.
- When you invest company dollars in a new product or service, you take a risk.
- When you put your initials on a new marketing plan, you take a risk.
- When you approve new company software, you take a risk.
- When you give the “OK” for the new company website to go “live”, you take a risk.
There are more examples of how entrepreneurs are the risk takers of the business world you could add to the above list from your own business experiences.
But you can’t take foolish risks. You must take calculated risks in business to be successful in the short term – and in the long term. Risks you truly understand and have a good chance of succeeding with. Risks where you know what your boundaries are; how far you are willing to take a risk before it may not be of benefit to your company. Always know your limits in business.
Remember: A good deal is always one you can walk away from.
To be one of the successful risk takers in the world of business you need to operate:
- A consistently stable company with employees, culture and finances.
- A business with continuity of products and services.
- A steady stream of sales from customers, both new and established.
- A company with a favorable reputation in the community, however far-reaching that may be.
When, as a CEO, president or business owner you take a risk it’s the chance and the opportunity to grow the business. If you play it safe all the time, you will never grow your business. You will never get to where you want to be. You will essentially stay in the same place. If that’s where you most comfortable, that’s perfectly fine. If you’re growing your business just a tiny bit every year to account for inflation and costs including payroll; and you’re happy with the money you take home from the business, that’s okay too. But it’s not what is on the minds of most successful business people leading a company.
After 25+ years of advising entrepreneurs across a wide variety of industries holding titles such as CEO, president, founder or business owner, I constantly hear:
- I want to grow my business.
- I want to make significantly more money.
- I want to make an impact on my industry and/or community.
- I want to treat my employees well and pay them well.
- I want to make a difference in other people’s lives.
How do you do that?
You do that by stepping up and being one of the risk takers.
- Take the risk to grow your business
- Take the risk to more fully understand where you really want to go with your business
- Take the risk to understand what is possible
- Take the risk by having a business plan with realistic expectations
- Take the risks necessary to create a culture and working environment others will feel comfortable with and exceed expectation in productivity.
- Take the risk to always pursue excellence at your company; and with yourself.
Business people that are part of the entrepreneurial mindset think differently than others; are unique in the way they think about business. It’s what ignites the economy.
Are you one of the risk takers in the business world?
If you are, ask yourself:
- What risk(s) am I going to take today in my business?
- What chances am I willing to take?
- How am I going to improve and grow the business?
- What is my vision for the business? Now and in the future…
Think about it. Take time every day by making an appointment with yourself to think through what’s happening and what you would like to have happen in your business.
Step a little out of your comfort zone.
When you feel comfortable with that, step out a little further from your comfort zone.
You will find the results to be amazing both for yourself and for the company.
Remember: Risk is all part of being in business.
It’s a calculated risk worth taking as an entrepreneur; as a CEO, president or business owner.
Be one of the risk takers in business starting today!
To your success!
Business expert and strategist, Howard Lewinter, guides – focuses – advises CEOs, presidents and business owners throughout the United States across a wide variety of industries, to MORE success – MORE profit – less stress. Business people trust Howard’s vast business knowledge, intuitive insight and objective perspective to solve business problems and issues. Get MORE from your business. Talk business with Howard: 888-738-1855.
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