Performance Improvement through Intelligent Risks
Only those who dare to fail greatly can ever achieve greatly.”
— Robert F. Kennedy
The present business scenario calls for leaders who can make quick decisions. In this fast paced era where everyone is competing hard to stay on top, any delay in decision making may lead to losing a prospect. Thus taking risk has become an integral part of business. Taking risks to make sound professional judgment demonstrates strong leadership abilities and implies that you have all it takes to handle more interesting, challenging work.
The word risk has hint of negativity to it — it implies a source of danger; a possibility of loss, damage or misfortune, as a result of which most people are afraid of taking risks as they are reluctant to afford any loss. However risk has a positive side too: the chance of hitting a big win. Although, there always lies a fear of failure yet possibilities of personal growth, increased confidence, and higher visibility are few of the outcomes. Being worried of taking risks is okay, however to completely refrain yourself from taking risk is a bad idea. If you take a close look at the career of the most successful people in the world, you will clearly find that they all are risk takers.
Not taking chances and playing it safe always may not be as safe as it seems. If you don’t risk it, you don’t get the chance of making it big. However, not all risks are worth taking. Some risks are just dumb and suicidal where as others are intelligent. Risks, where the expected payoff is negative, should never be taken. Hence the two types of risks are:
- Calculated and planned risk – Intelligent Risk
- Unprofessional and impractical risks – Dumb Risk
Often an intelligent risk brings new opportunities. If you find discomfort and hesitant in doing something beyond your comfort zone, congratulations! This means a new opportunity is around the corner. The key to take intelligent risk is to think way ahead. When you think in long-term, your find your failures’ being outnumbered by your successes and this keeps you from getting discouraged.
Through intelligent risks you can improve your performance and excel in your career. Here is how…
Find out the odds
Take a good look at your career and decide what you really want. Do you want to advance in your current organization? Do you want to move to another organization, either in a lateral move or to a more senior position? Or would you like a different type of role, such as running a business unit?
Find out where you stand in your career and what you have to lose or gain if you take risk. Carefully analyze the impact of the risk on your career. By taking a risk how will demonstrate your leadership skills or professional judgment? If you look at a risk as if your entire career depends on it then the nervousness will not let you proceed. However, if you approach it as a step to fulfill your career goal in the long run then you will not find it so risky.
Overcome fears
You can add value to your business by taking calculated intelligent risks that pays off. Being skeptical about risk is a natural phenomena but holding yourself back due to the fear of risk is not wise and will not let you propel in your career. Hence instead of fearing the risk concentrate on analyzing it.
Roll the dice
After much thinking and calculations you finally decide to leave your comfort zone. Now what? Just take the plunge. No risk is right or wrong in and of itself. The key lies in judging a situation, determining intelligent risks and taking them provide an evidence of strong leadership abilities and sound judgment. If for some reason, it doesn’t work out the way it should have been then learn from your misjudgment and try to be more reasonable next time.
Change is good
Taking intelligent risks involves accepting change and trusting the unknown. Thus, to be a good risk taker and eventually improve your performance you must readily adapt to the changing environment. In the contemporary world of business, success strategies changes regularly. If you are reluctant to embrace the change you may fall back in the race to stay on top. The idea is to take risk and accept change. Sticking to your old strategies may prove to be a hindrance in showcasing your talent.
Reap the benefits
Taking intelligent risks has direct impact on performance improvement. The ability to take risks demonstrates strong leadership qualities. If the risk taken turns out to be a successful endeavor then you would achieve your desired result without much difficulty.
Given below is the list of some of the risks which are not worth taking. Avoid making these as they could be suicidal to your career.
- Sticking on to the job despite the fact that you hate it. Staying unhappy on a job lowers your productivity and hampers performance. Moreover, if you want to quit, leave on friendly terms. Screaming and complaining on your way out is not worth it.
- Not doing your homework properly before taking the plunge. Without proper analysis a decision which looks lucrative and foolproof may turn out to be disaster. Don’t assume that you know it all you need to. There is no harm in recalculating your chances and confirming your decision.
- Losing visibility. Stay in spotlight and keep yourself well informed of your company’s policies, procedures, stability, business strategies and business endeavors. Shrinking to the background will make you invisible may result in you not being credited for your efforts.
- Avoiding challenges and added responsibilities. Seek out challenges and accept responsibilities. However, not all responsibilities are worth taking. Accept a responsibility only if you are sure that it will earn you recognition. Weigh your options before you opt for it.
- Tampering the truth. If you are caught you will be fired. Be a straight shooter and keep your career safe.
Questions and Answers
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