Risk-Taking in Business
June 29, 2023
Risk-taking in business and entrepreneurship is essential for growth and change. However, fear of taking the leap is a natural response. What if the worst happens? What if the risk doesn’t pay off and you make a mistake?
Emmanuel and Angela Williams, founders and executive leaders of DetailXPerts, a green mobile cleaning company, discovered more when they discussed risk-taking in business in their podcast More Details, Please. Their guest was Karen Nowicki, the owner of Phoenix Business RadioX. Karen chatted to the Williams about risk, stepping outside your circle of fear and how to enrich your life moving forward.
Taking Risks With Confidence
As well as hosting her successful radio show, Karen Nowicki has been a qualified Integrative Coach for almost 15 years. She has a unique blend of certifications, such as communications, mindfulness, and Tao healing. She helps people with their mind, body, and spirit connection.
Ultimately, Karen helps people become the best version of themselves. Tune into the podcast episode, “Taking Risks with Confidence” to hear her share inspirational thoughts and advice on what risks and challenges can teach you. Here are some highlights from the recording.
You’ve Got to Be Willing to Do This
Feeling stuck and trapped can often hold you back from risk-taking in business and your personal life. Fortunately, there are ways to solve this problem. Karen shares her tips on how to get back on track. And she says when you want to achieve something, you’ve got to be willing to be real with yourself. “One of my superpowers is to see through all the excuses and all the layers of pretending without making somebody feel guilt or shame,” says Karen.
Risk-Taking in Business: How to Minimize Risk but Maximize the Reward
Risk-taking in business is a huge part of being a successful entrepreneur. And managing risk effectively helps you stand out from competitors and gain personal and financial rewards.
However, what if you’re afraid to take risks because something bad might happen? It’s natural to have concerns about the potential risks and drawbacks associated with risk. But Karen says you must flip the script on what “risk” is. Instead of thinking something bad could happen, the opposite could be true.
Also, there are ways you can minimize risk. For example, gather as much relevant information as possible if you want to start a business. Conduct market research, analyze industry trends, and study the potential impact of your decision.
The more informed you are, the better equipped you’ll be to assess the risks involved. Moreover, if you manage risk effectively, you can maximize opportunities and rewards.
How Do You Help Me Get Some Money in My Pocket?
What’s holding you back from taking risks? For example, if you’ve taken the leap to start a business, how do you move past self-doubt to get to the next step and make money?
Karen reminds you that as long as you’re living, there will be risk. And some people are more comfortable with risk than others. However, risk is part of the entrepreneurial journey. But you can learn to navigate your fear and turn this emotion into motivation. More importantly, you don’t have to do this alone.
Karen stresses the importance of mentors, guides, and teachers. She advises running alongside people who are also taking calculated risks. Circle yourself with people who can help solve your problems and offer support and different perspectives. These actions will give you the confidence to make bold decisions and pursue your passion.
Also, you can start a business with a franchise partner. This move can help minimize the risk associated with starting a business because you have the support of an established brand.
To summarize, risk-taking in business is how you keep moving forward. But it’s not about being reckless or impulsive. Successful entrepreneurs take calculated risks by thoroughly evaluating potential rewards, understanding the risks involved, and making informed decisions based on available information. If you strike a balance between embracing opportunities and managing risks, you’ll maximize your chances of success.
Finally, Karen adds that the biggest risk is not feeling good about yourself. So, working on your mind, body, and spirit connection is important. And on the podcast, she shares her tips on how to get to a place of peace and joy.
WATCH THE FULL PODCAST EPISODE:
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