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5 steps to take before you make that risky decision
Taking Risky And Bold Decisions
Courage isn’t about reckless risk-taking but is often the result of calculated actions that are taken in a measured and appropriate manner.
In business, bold, courageous actions provide the risk-takers with psychological currency, a kind of motivational force that emboldens an otherwise risk-averse individual.
Boldness becomes the fundamental component while pursuing an endeavour which is high in risk and reward.
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Personal Or Core Values
They are what you consider most important in your life, literally what you “value. ” They are broad concepts that can be applied across a wide range of circumstances, as opposed to narrow answers t...
The Benefits Of Having a Core Value
- Having a core values list helps you make better decisions. The decisions you make come more quickly and efficiently than they would without it.
- Being unconscious of your core values makes you likely to keep repeating the same mistakes.
Creating a List Of Personal Values
The core values that are most valuable to each of us come from our own personal experience, not from being taught.
As you put them into practice you’ll get better at internalizing these values and they’ll express themselves subconsciously with smaller decisions, as well.
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Manage uncertainty and its related risk
- Control the “controllable.” Certainty is vital in business, but also elusive.
- How people cope starts with their attitude. Where there is change, there is opportunity.&nbs...
Unhealthy Ways to Deal with Uncertainty
- Throw up your hands and give up. Then risking it all on the next big move for the company. Learn to fail faster - take lots of smaller risks instead of one big one and get feedback quickly.
- Not wanting to make a decision at all because of fear of failure. Learning from failure is a valuable part of your education. If you make a couple of mistakes but outweigh those blunders with successes, you are okay.
Changing How We Evaluate Success with Decisions
... is critical in uncertainty. We too often judge people by the outcomes of the decisions instead of on the process that was used to reach them.
However, isn’t it better if people had an unfortunate result and a great process than someone who had a successful outcome but flipped a coin to get there?
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Start With Small Bets
Risk should preferably be viewed as an experiment. This helps with testing innovation and reducing risk if things don't turn out as intended.
Imagine the Worst-Case Scenario
When you take the time to consider the downside possibilities, it will be less frightening if they happen. This will give you the confidence to stay the course.
Develop A Portfolio Of Options
If you have only considered one possibility, you should probably worry about it.
Find many possibilities for success, then you can be positive that at least some of them might work out.