Taking Educated Risks

In Entreprenurial by Adam ChristensonLeave a Comment

5 Steps For Educated Risks 

As an entrepreneur (even as a person) one of the hardest and most common things that happens is deciding whether or not to do something. Sometimes this could be on a small scale where it may not matter, but eventually there will be a point where a decision could have a large impact. One thing I’ve seen over and over again and am still working on is deciding which ones to take. Here are 6 steps I have read and heard about and want to continue to try to implement in my practice to improve my risk taking.

Step 1: Do Your Research

To be successful, you’ve got to do your research. What is the specific market for your product or service currently like and how is the economy? What are the newest trends? If you can capitalize on a trend before others, you’ll quickly find yourself a leader in your particular segment. Have a specific strategy laid out and stick to it. There’s never been a time when doing your homework doesn’t pay off. Always learn more.

Step 2: Have A Good Mentor

Having a good mentor can make a great deal of difference. There is no value that can be obtained on the same level as learning from someone who has already done it. You can read all the books you want, but having someone near at hand who’s done it before can be the most invaluable resource. Unless you yourself go through a situation and come out on top, this is the next best option. With someone to help you, you’re much more likely to make smart decisions. If you’re stuck between a decision ask someone who has been in your spot and see what there thoughts are. They don’t need to decide for you, but you can see what their opinions and values are which only further educates yourself.

Step 3: Exercise Patience

I hear it over and over again that entrepreneurs (myself included) need to understand that success takes time. For the people that start trying to make decisions that will bring overnight success they eventually burnout. I think it’s important to take chances, but don’t throw everything away at the beginning. Stay educated, keep improving, and help others and then good will follow.

Step 4: Stay Moving

Patience is key, but having patience doesn’t mean you slow down. When people stop working, they stop succeeding. As an entrepreneur, you’ve got to hustle constantly. Always be on the go, looking for newer and better ways to improve what you’re doing. How can I make this more efficient? How can I spend more time doing this? So on. Work fast, but be sure to work smart.

Step 5: Make Sure You Enjoy What You Do

As an entrepreneur, you’ve got to enjoy what you’re doing. If you don’t, you’ll eventually lose your hunger to succeed. If you’re becoming complacent in what you do, it’s a sign you’re no longer paying attention. You won’t be concerned with honing your edge and you’ll stop making optimal choices (or potentially even lose sight of your success). Love what you do and be passionate about it, and your vigor will help to ensure success will come through. This is one of the harder things to find and I myself am still looking for this. I know it will come and when it does I will be ready to go after it, but for now I am exposing myself to many things to learn, grow, and nurture myself until that time comes.

Liked these steps on risk taking? Leave a comment below 🙂