How to take risks in life


​How to take risks in life

Importance of risk taking, Advantage of risk taking in a business, Risk-taking in entrepreneurship.

If you are bored, feel restless, function on auto-pilot mode without much passion for whatever you are doing, do not have sense of accomplishments or don't feel successful – chances are you are operating within your self-created cocoon of comfort-zone.

Very few people understand what is effective risk-taking, and fewer still actually go and do that.

Many people misunderstand and confuse risk-taking with gambling or something to be done on impulse. These people work on all or nothing principal, this philosophy, may work for 1 in million people but rarely with others.

Some people also, interpret their feeling of being uncomfortable, with their gut-feelings telling them not to move or go ahead with that particular risk.

We have to understand, there is nothing that has absolutely no risk – even breathing can turn out to be extremely deadly [especially if you are living in New Delhi and more so in winters].

Whether you are leaving your job, starting your own business, marrying, proposing, expressing your views, say no to people, accepting favor from others or doing some other things – all have some degree of risk.

People who understand, learn and practice - how and when to take risk, grow hugely bigger than those who play safe and do not stick their neck out.

Before proceeding to what is risk-taking and how to be an effective risk-taker, let us first understand WHAT SOME OF THE few basic and very common, yet immutable paradoxes of life are

1.To be Happy – you must experience pain and sadness
2.To be successful big-time – you must go through a series of failures and bounce back
3.To grow larger than life – you must, take risk & lose [but first please check my definition of risk]
4.To have retire in peace – you must work very-very hard
5.To experience true love – you must experience heart-breaks
6.To get from others – you must first give
7.To be a great leader – you must become a great follower
8.To be able to meditate – you must first become calm[yes, yes I know – most common perception is that meditation helps you to be calm –but the truth is that you can never meditate, when you are agitated & when you actually learn to mediate properly and reach the Master's stage – you will never get agitated again]
9.To be able to value anything [wealth, money, love, relationship etc] – you must experience deprivation

Different Types of risk taking

1. Going for unchartered or un-mapped territory 
2. Risk getting turned down in job, in love, in favor 
3. Failing while taking-action towards your goals 
4. Putting all what you have for fortune or bankruptcy 
5. Sacrificing or postponing gratification for achieve something greater. 
6. Making a mistake when doing something new or of uncertain nature 
7. Losing out to better competitor
8. Going ahead with your ideas, before the time is right 
9. Being judged by others, which you must take, every day 
10. Accepting your ignorance in public

11.Sharing your views, giving suggestions, asking for other's opinion/advice

12. Being vulnerable* read our blog the advantage of being vulnerable

What makes us risk-averse

1.Fear Causes us to Overestimate Risk, as we may magnify the probability of something going wrong
2.If we are overconfident, the Absence of Fear Causes us to Underestimate Risk

3.We may exaggerate the consequences of what might happen if it does go wrong

4.We under-estimate our ability to handle the consequences of risk

5.We don't explore the cost of inaction and sticking with the status quo

Overcoming our tendency to play safe and identify which risks are worth taking

Calculate and assess your risk by examining facts & thoroughly weighing benefits, probability and loss and never base it on your level of fear

Ask Yourself

1.If I was not afraid, what I would do

2.What would be the impact on my future, if I do not act on, what I scared of doing – yet those are the things I want to be, have or do
3.Is my fear of failure causing me to over-estimate the size of risk, under-estimate myself and holding me back from taking risks that would help me grow
4.If I have to reflect back to life, would I be happy, not to have taken these risks
5.What are the worst things, that can happen, should I go ahead with my proposed action
6.What is the likelihood of this happening
7.If this did happen, would I be totally devastated and can't recover
8.Are there any benefits if I don't take this risk[After you have exhausted justifying all your excuses, focus on the benefits to taking the risk
9.What are the benefits to my taking this risk

10.Think long-term

11.Be prepared to adapt, improvise, change your tactics

12.Always pilot-test something important, especially when you are groping in the dark and uncertainty on smaller scale

13. Crowd-source the idea, to get, multiple perspective and views as well as suggestions

14.Inform your family beforehand of the work you need to do and the probable impact, it may have, seek their support also

15.If you are going into business because you just want to experience some kind of adventure, going sky-diving might get that feeling out of their system, It always comes with a parachute

16.Take Small Risks Daily

17.Avoid Naysayers

18.Avoid Taking Dumb Risks

19.Read, read, read, The more knowledge you have about many given topics, the less risky your endeavors will ultimately be
20. Become an expert in your field

21.Assess a situation and decide whether or not the risk is worth it

22. Identify the positives from all your learning experiences and learn from failures

23. Build self-efficacy. 24. Building confidence in risk-taking doesn't necessarily mean you'll take smart risks. It might be helpful to build in parameters or conditions for each risky decision

25. Just do it
26. Increase your ability to sniff out, sense or recognize an opportunity (often from unlikely sources) which is why it often feels like a risk
27.If something really excites you and yes scares you could be terrific life-changer, if go and do it after analyzing the risks

Benefits of Taking Risks.

1.You're driven to learn new skills

2.Embracing risk helps you to overcome the fear of failure

3.It empowers you to break through self-imposed limits

4.You become more creative

5.It helps you clearly define what you really want

6.You uncover unforeseen opportunities

7.Your self-confidence grows

8.You learn to trust more, because you have to

9.You don't achieve your dreams by playing it safe

10.Great unforeseen opportunities often come from risk-taking

11.It Reduces the hold fear has over us

Barriers to Risk-taking 

1. Your Fears - The fear of failure, fear of rejection, fear of criticism, fear of embarrassment, fear of success, fear of making mistakes – read about how to overcome all these in my various blogs for DIY tips 
2. Your Irrational Needs, like, Your need for certainty, Your need for approval, Your need to play it safe, Your need to avoid feeling guilty 
3. Your Irrational Habits, like, Relying on Others, Perfectionism, Procrastination, Over-thinking Consequences, Wanting Guaranteed Results, Denying that problems exist or showing no willingness to take responsibility for problems will prevent you from taking risks.

Risk Entrepreneurs take

1.Market risk – Changes in the customer's needs and preferences
2.Risk of competition against global giants
3.Risk of failing to create buy-in, build credibility
4.Risk of technology making their ventures obsolete
5.Financial risk
6.Environmental, political and legal scenario changes
7.Me-Too Idea failures

Simple Tactics You Can Use To Enhance Your Risk-taking Capacity

[Also learn how to be assertive from my blog on this, but this time practice for internal assertiveness]

1.Try your hand in stand-up comedy, read about it in my blog how to create humor
2.Dance or Sing solo in functions
3.Express your opinion without in what you feel strongly about
4.Stand-up when you notice something wrong
5.Try to speak a new language with a the local
6.Ask for something you are sure to get refused
7.Give an impromptu public speech
8.Take on a physical challenge you are in awe of or want to do
9.Try Negotiating, read my blog on this
10.Share your wildest dreams Publicly
11.Tell someone you appreciate them
12.Give away something that's special to you
13.Start making decisions entirely on your gut feeling, start small
14.Do something you're unqualified for
15.Ask someone on a date

How to Lead and Grow during challenging times
Handling rejection