The Struggles That Prevent Entrepreneurs From Taking Risks
By John Hall, entrepreneur.com, 13-07-2014
No matter where you are in your professional journey, taking calculated risks is necessary to reach your full potential.
Marissa Mayer, CEO of Yahoo YHOO +0.76% and industry pioneer, once said,
“I always did something I was a little not ready to do. I think that’s
how you grow. When there’s that moment of ‘Wow, I’m not really sure I
can do this’…sometimes that’s a sign that something really good is about
to happen.”
When I started my first rental business, nearly every decision involved some level of risk.
Accepting risk can propel your business forward, but you need the resources to make informed decisions that will pay off.
Ask yourself if any of these hurdles are preventing you from taking risks:
1. Self-Doubt
No matter how much confidence you exude, self-doubt always creeps in. You consistently ask yourself, “Am I capable of doing this?”
Don’t be scared of these thoughts. We all question our abilities, but it’s important to pick something you’re passionate about and continuously learn so your knowledge and confidence overshadow the doubt.
2. Idea Thieves
4. Fear of Losing Money
I work hard to earn and save my money. The idea of losing it scares the crap out of me. I’ve learned that calculating risk and researching every detail of a potential investment helps me make smarter decisions with my money. If you’re still unsure about an investment, consider reaching out to a leader in your space about a decision you’re facing. Who knows? He or she might be able to give you some insight or encouragement.
5. Lack of Support
It’s difficult to take risks if you don’t have a strong support system. Surrounding yourself with people you can count on feels like walking into a fight with Mike Tyson behind you. When my wife pats me on the butt and says, “Go get ’em,” it gives me 10 times more confidence to do something.
Show your support for others, and they will reciprocate. Offer your help, but ask the right questions before making any promises you can’t keep.
6. Denial
Business owners like to be perceived as knowledgeable, forward-thinking individuals, but deep down, you know you still have a lot to learn. Be honest about what you don’t know, and seek resources to expand your knowledge in these areas. The more you educate yourself, the more confidence you’ll have when making important decisions.
How to Get Out of Your Own Way
If any of these struggles sound familiar, you may be unintentionally sabotaging your own success. Now that you know what’s preventing you from taking a worthwhile risk, use these tactics to overcome your concerns:
1. Test everything.
When we started Influence & Co., we tested our model with different clients using The Lean Startup method. The more we tested and succeeded, the more confident we were that the potential benefits outweighed the risks.
2. Go out of your comfort zone.
I still feel like I’m the last kid picked for the kickball team at some business events — even when I’m a speaker. But then I ask myself, “What do I have to lose?” Whether it’s reaching out to someone or testing something new, you need to challenge yourself and have the right attitude. Otherwise, self-doubt will hold you back.
3. Realize that you have a safety net.
Not everyone has hundreds of thousands of dollars to cushion a failed company or job loss, but we sometimes forget the talents, expertise, and experiences we have that others may find valuable. If shit hits the fan, you can still fall back on the skills you have to offer.
4. Wait for the right opportunity.
Before founding my company, I was constantly searching for new ventures. I felt this internal pressure to do something significant. When the Influence & Co. opportunity came my way, I knew it was the best decision for my career, and that gamble led to professional success.
It can be terrifying to make a decision without knowing the outcome, but risk is what allows your company to move into unchartered territory and stand out in your space. By building a solid support system around you and continually pushing yourself to learn and grow, you’ll be able to move forward with confidence and bounce back from failure more quickly. Test new methods, seize the right opportunities, and you’ll be perfectly positioned to succeed
More details
No matter where you are in your professional journey, taking calculated risks is necessary to reach your full potential.
Marissa Mayer, CEO of Yahoo YHOO +0.76% and industry pioneer, once said,
“I always did something I was a little not ready to do. I think that’s
how you grow. When there’s that moment of ‘Wow, I’m not really sure I
can do this’…sometimes that’s a sign that something really good is about
to happen.”When I started my first rental business, nearly every decision involved some level of risk.
Accepting risk can propel your business forward, but you need the resources to make informed decisions that will pay off.
Ask yourself if any of these hurdles are preventing you from taking risks:
1. Self-Doubt
No matter how much confidence you exude, self-doubt always creeps in. You consistently ask yourself, “Am I capable of doing this?”
Don’t be scared of these thoughts. We all question our abilities, but it’s important to pick something you’re passionate about and continuously learn so your knowledge and confidence overshadow the doubt.
2. Idea Thieves
Keeping brilliant ideas to yourself only hurts you in the end.
When you’re building a company, don’t stress about people stealing
your ideas. If you keep doing things the right way and moving forward,
they’ll always be a few steps behind you.
3. Fear of Failure
Worrying about failure will kill your confidence and stifle growth. You’re going to fail
at some point. It happens. The most confident people I know have failed
and used failure as a catalyst for success. Don’t shy away from it;
embrace it when it comes your way.4. Fear of Losing Money
I work hard to earn and save my money. The idea of losing it scares the crap out of me. I’ve learned that calculating risk and researching every detail of a potential investment helps me make smarter decisions with my money. If you’re still unsure about an investment, consider reaching out to a leader in your space about a decision you’re facing. Who knows? He or she might be able to give you some insight or encouragement.
5. Lack of Support
It’s difficult to take risks if you don’t have a strong support system. Surrounding yourself with people you can count on feels like walking into a fight with Mike Tyson behind you. When my wife pats me on the butt and says, “Go get ’em,” it gives me 10 times more confidence to do something.
Show your support for others, and they will reciprocate. Offer your help, but ask the right questions before making any promises you can’t keep.
6. Denial
Business owners like to be perceived as knowledgeable, forward-thinking individuals, but deep down, you know you still have a lot to learn. Be honest about what you don’t know, and seek resources to expand your knowledge in these areas. The more you educate yourself, the more confidence you’ll have when making important decisions.
How to Get Out of Your Own Way
If any of these struggles sound familiar, you may be unintentionally sabotaging your own success. Now that you know what’s preventing you from taking a worthwhile risk, use these tactics to overcome your concerns:
1. Test everything.
When we started Influence & Co., we tested our model with different clients using The Lean Startup method. The more we tested and succeeded, the more confident we were that the potential benefits outweighed the risks.
2. Go out of your comfort zone.
I still feel like I’m the last kid picked for the kickball team at some business events — even when I’m a speaker. But then I ask myself, “What do I have to lose?” Whether it’s reaching out to someone or testing something new, you need to challenge yourself and have the right attitude. Otherwise, self-doubt will hold you back.
3. Realize that you have a safety net.
Not everyone has hundreds of thousands of dollars to cushion a failed company or job loss, but we sometimes forget the talents, expertise, and experiences we have that others may find valuable. If shit hits the fan, you can still fall back on the skills you have to offer.
4. Wait for the right opportunity.
Before founding my company, I was constantly searching for new ventures. I felt this internal pressure to do something significant. When the Influence & Co. opportunity came my way, I knew it was the best decision for my career, and that gamble led to professional success.
It can be terrifying to make a decision without knowing the outcome, but risk is what allows your company to move into unchartered territory and stand out in your space. By building a solid support system around you and continually pushing yourself to learn and grow, you’ll be able to move forward with confidence and bounce back from failure more quickly. Test new methods, seize the right opportunities, and you’ll be perfectly positioned to succeed
More details
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