I don't think I have had a year go by in my business yet that hasn't required me to take some kind of risk. Whilst I wouldn't class myself as the biggest risk taker on the planet, one thing I do know is that at some point in time you have to take a risk to succeed in business.
Risk taking may take many forms. It may be your initial decision to commence your own business, taking on a business partner, hiring new staff, relocating premises or some of the many other every day businesses decisions you make.
The key though to this risk taking is to make them calculated risks. By this I mean you must first assess the situation carefully and then decide whether the risk is worth taking. At the end of the day, most decisions are made based on the possible consequences that may arise from making such a decision.
When it comes to my own business decision making I always ask myself "what's the worst possible thing that can happen as a result of this decision I am about to make?" If I can deal with these consequences then 99% of the time I'll proceed with such a risk.
What risky decisions have you made in your life or business?
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