There are two types of risks: external and internal. External risk is something that is done out of the ordinary. An internal risk is something that we do in our bodies.
External risks include:
- Trying something new
- Quitting our jobs for a while
- Starting a new business
- Being an early adopter of new technology or product
Internal risks include:
- Doing something that we have never done before.
- Buying or renting a home that is too small for our family.
- Trying something new.
- A risk is something that, when taken, can lead to either success or failure.
To succeed, we need to recognize our risks and plan for them. We should be willing to take risks to achieve goals. Business success will not happen by accident. We need to take risks and allow the opportunities to present themselves. Most successful entrepreneurs know when they have taken the proper risks. Some risk assessment tests are available. Some risk assessment tests allow you to create a risk profile that can be used to track your risk tolerance.
I was fortunate to be taught by a man who took genuine risks. He always made it clear that he would never risk his money or reputation on a trial-and-error approach to business. He knew that taking risks was part of the learning curve and part of the journey.
Here are some tips on how to recognize when we've taken a risk and what to do about it:
1. When something is a risk, it is not something we embrace. We avoid it by our inability to accept it or, more often, by trying to hide from it. We try to avoid the situation rather than confront it. A risk is something we are prepared to face.
2. We usually take an adverse risk when we expect to achieve some small success. We might have a goal to make $50,000 this year, but try to take a risk and only make $40,000. In that case, we might find that our attitude toward the risk is that it will not happen, thus taking the risk out of the equation.
3. An actual risk is one that has no guarantee of success but rather is just something we are prepared to accept if we feel it is necessary for success.
4. We might also take a risk when we have a goal to save $100,000 for a rainy day, but we will lose the money if we do not make it In that case, we must also be prepared to accept the fact that we will not be able to do it. If the goal is for us to save money for a rainy day, we must face the risk and do what it takes to save the money.
5. We might take a risk when we want something to happen but have no idea what it is. If we have no idea what we want, we might throw spaghetti against the wall to see what sticks. True risk has no guarantee of success but is what we are going to do to get it.
When we take a risk, we become aware of our inner thoughts and not just the external situation. We have to take a risk to move forward. We have to go out there and see what our minds can conjure up.
When we are aware of our thoughts, we are not avoiding the situation, and we are facing it. We are no longer just looking at it and wishing it would go away. We meet the problem and ready to deal with it.
When we are prepared to face the situation, we will see that it is just a problem that has no real solution. When we face the situation and prepare to deal with it, we do not run away from it but take charge of it. We have courage.
The most significant risk that we can take is to take action. We have to do what we feel is necessary to face the situation and deal with it. We will not worry about the negative outcome and continue to run away from it. When we take action, we will see that the situation clears up.
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