Take More Calculated RisksJul 25, 2023
Risk is an integral part of life. It governs our decisions, from our career choices to our relationships and everyday choices. The common perception of risk often frames it as something to avoid, but what if we reframed our understanding of risk? In reality, the art of taking calculated risks can be an important stepping stone towards personal growth, ambition fulfillment, and living a fulfilling life.
Firstly, it's crucial to reframe our understanding of failures. Rather than seeing them as dead ends, view them as stepping stones that guide us to our ultimate goals. There's a reason they say "failure is the stepping stone to success." It's not just about embracing failure; it's about planning for it. Failure planning requires us to set ourselves up for resilience by anticipating possible obstacles and devising strategies to overcome them. It's about being proactive, rather than reactive.
Secondly, we need to clarify our contributions and our "why." Why are we taking a risk? What's the deeper purpose that drives us forward? By understanding our "why," we make it easier to shoulder the potential risks associated with our decisions. A well-justified risk can lead to unexpected successes, potentially even greater than what we initially envisaged.
A third aspect to consider is the creation of win scenarios. This is about mitigating risks and leveraging potential failures to our advantage. It requires strategic thinking and the ability to turn adversity into an opportunity. The story of Amazon turning a cost center into a profitable venture exemplifies the power of win scenarios.
The fourth component of our strategic approach to risk is clarifying outcomes and understanding the total risks involved. It's not just about financial gain; it involves understanding what success looks like for you. Is it time with family, personal health, career achievement, or a mix of all these? By defining our metrics for success, we can make more balanced decisions and evaluate the trade-offs involved.
Finally, we need to consider the opportunity cost of inaction. Often, we see taking a risk as a leap into the unknown, but rarely do we consider the risk of not acting. The risk of stagnation, of missed opportunities, and of unfulfilled potential can often be a higher cost than the risk of failure. Recognizing this can help us to make informed decisions about our lives and prompt us to take action when necessary.
In conclusion, taking calculated risks is not about making reckless decisions; it's about understanding our motivations, planning for failure, leveraging potential downsides, being clear on our desired outcomes, and acknowledging the risk of inaction. Embracing this approach can lead to significant personal growth, contribute to our communities, and help us live more fulfilling lives.
Absolutely, here's a bullet point summary of the transcription:
- The art of taking calculated risks can lead to personal growth and fulfillment.
- Failure planning is essential, not just for resilience, but to view obstacles as potential opportunities.
- Understanding and clarifying your 'why' is crucial when justifying risks. It's about acknowledging the potential contribution to your personal life and the wider world.
- Win scenarios are powerful tools in managing risk. They allow you to see opportunities in adverse situations, as demonstrated by Amazon's transformation story.
- Clarifying desired outcomes and understanding total risks involved is key. Success isn't just financial, but can be time with family, personal health, or career achievement.
- Acknowledging the risk of inaction is vital. Stagnation and missed opportunities can sometimes have a higher cost than the risk of failure.
- The right risk, taken for the right reasons, can lead to unexpected and rewarding outcomes, like the speaker's personal journey to Apple and his coaching career.
- Considering opportunity costs is crucial when contemplating a change. What are you giving up by not demanding change for yourself?
- Use these concepts to frame and take calculated risks, leading to a fulfilling life.
- For personalized advice on taking calculated risks, consider signing up for a strategy session here: https://www.shawnbuttner.com/coaching
Elite 1:1 Coaching
Discover more about yourself, make decisions quicker, improve performance, live better, and more!
Click the button below to learn the #1 thing that prevents most people from succeeding more in their lives, and apply for a free 1-hour strategy session with Certified High performance Coach, Shawn Buttner.
Stay connected with news and updates!
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.
We hate SPAM. We will never sell your information, for any reason.