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PositiveThinking(/sections/positivethinking)

Afraid of Risks? How to Be Bolder

5waystoharnessthepowerofpositiverisktaking
JenniferChang(/profile/jenniferchang)

January21,2015

Letstalkaboutrisks.Evenifyourenotcontemplatingariskynewmove,youveprobablytakenafewriskstogettowhereyouaretoday,and
chancesareyourenotdonetakingthem.
InarecentpodcastforHarvardBusinessSchool,TwittercofounderJackDorsey(http://www.success.com/article/21successmavericks)defined
entrepreneurshipintermsofrisktaking.Thedefinitionofentrepreneurshipisactuallytakingonsignificantrisk,usuallyfinancial,inordertobuild
something,hesays.Thatmeansanyonecanreallytakeonanentrepreneurialattitude.Anentrepreneurdoesnotnecessarilycreateabusiness.
Itsjustaveryboldattitudeoftakingonrisk.
Related:IfYouWanttoChangeYourResults,YouHavetoChangeYourThinkingFirst(http://www.success.com/article/ifyouwant
tochangeyourresultsyouhavetochangeyourthinkingfirst)
Takingonaboldattitudeforariskynextstepisntasdifficultasitsounds.Hereareafewwaystoharnessthepowerofpositiverisktaking.

1. Fight the negativity bias.

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AfraidofRisks?HowtoBeBolder|SUCCESS

1. Fight the negativity bias.

Theworldisfullofuncertainty.Take,forinstance,thebusinessworld,whichisespeciallypronetounforeseendisruptions.Inthepast50years
alone,weveseentheriseandfallofFortune500companiesandthecreationofentirelynewindustries.Everydecision,includingthedecisiontodo
nothing,carriessomeelementofrisk.Theproblemisthenegativitybiaswetendtoexaggeratetheriskinessofcertainmovesandunderestimate
theopportunitiesofothers,entrepreneurandproductivityexpertTimFerrisswritesonhisblog.
Riskybehavioriseverywhere.Insteadoffixatingontheconsequencesofariskyouveneverattempted,trytoevaluatetheentirescenario
(http://www.success.com/article/assessingyourbusiness%E2%80%99srisk),includinganypotentialhazardsofmaintainingthestatusquo.Risk
isanunavoidableconstantoflife,soyourfocusshouldbeontakingtherightkindsofrisksthatoffertherightkindsofopportunity, 1 Ferrisssays.
Somequestionstoaskyourself:Whichriskisworthtaking?Whichriskwouldimpartmoremeaningorhappinesstomylife?Whichriskwouldpay
offmoreinthelongrun?
AsFacebookcofounderandHarvarddropoutMarkZuckerberg(http://www.success.com/article/thefacebookagemarkzuckerberg)famously
stated,Thebiggestriskisnottakinganyrisk.Inaworldthatschangingreallyquickly,theonlystrategythatisguaranteedtofailisnottaking
risks. 1

2. Build self-efcacy.
AsthepopularRalphWaldoEmersonquotegoes,Alllifeisanexperiment.Themoreexperimentsyoumakethebetter.Researchershavefound
thatEmersonwasontosomething.Intheir1994studyonriskanddecisionmaking,entrepreneurresearcherNorrisKruegerJr.andstrategic
marketingprofessorPeterDicksondiscoveredthatsmall,measuredrisktakingbehaviorscanincreaseconfidenceandselfefficacy
(http://www.success.com/article/6confidenceboosters),theIthinkIcanpositivepsychologythatenhancesgoalachievement.
Sothemoreexperimentsyoumake,thebetteryougetatmakingthem.Andthemorerisksyoutake,themorepositiveyourriskexperiences
become.Iftheideaofrisktakingstillmakesyourpalmssweat,trytoincreaseyourcomfortlevelbytakingasmallriskbeforeembarkingonabigger
one.

3. Be intelligent with your risks.

Itsimportanttoaddthatbuildingconfidenceinrisktakingdoesntnecessarilymeanyoulltakesmartrisks.Itmightbehelpfultobuildinparameters
orconditionsforeachriskydecision.WhenToddGoldberg,cofounderofdigitaleventorganizationplatformEventjoy,lefthisjobinAugust2013to
pursuehisstartup,hegavehimselfoneyeartogeneratesignificantrevenueorfunding.
ItturnsoutthatGoldbergwasuncannilyperfectinhisoneyearlimit.InSeptember2014,littlemorethanayearlater,Ticketmasterpurchased
Eventjoyforanundisclosedamount.WehadmorelowsthanIcancountgettingnosfromdozensofinvestorsandtheproductbreakingatcritical
moments,justtonameacouple,Goldbergsays.Despiteallthat,wevehadanamazingyearthatincludedbeingacceptedintoYCombinators
winterbatch,raisingfunding,makinggreatprogressontheproduct,andmostimportant,growingatagoodrate.
AsafootballplayerforthePhiladelphiaEagles,EmmanuelAchofullyunderstandsthevariedrisksthatcomewithhisjob.Thedilemmamany
athletesface:Isitworthmaximizingcapitalnow,maximizingmytalentnowwiththesmallwindowoftimeImintheNFL
(http://www.success.com/article/4leadershiplessonsfromthisnflseason),orshouldItrytofocusonopeningdoorsforthefuture?
Achocurrentlyfocusesentirelyonfootball,butduringtheoffseason,heinvestshistimeinearningamastersdegreeandrunninganonline
communitystartup,BeNeighborly.Startupsarehard,Achosays.Theyaremiserablyhard,yetitsinourbloodtojustbechallengedandpursue
somethingrisky.Intheoffseason,peopleweretravelingandhavingfun,andIwasjuststudyingandworking.Hopefullythatpaysdividendsinthe
longrun.

4. Its OK to fail.
WhiletheFailfast!mentalityofstartupsmightsoundstrange,expectingfailurecouldactuallybeseenasamethodforsuccess
(http://www.success.com/blog/5waystoreframefailure).NewYorkUniversityconductedagamblingexperimentinwhichsomeparticipantswere
toldthatlosseswerecompletelyinevitableandacceptable,whileotherswerentgiventhesamepeptalk.Attheendofthestudy,participantswho
expectedlossesdidntbecomedejectedwhenlossesoccurred,andtheywereabletooutperformtheirpeersbytakingmoreintelligentrisks.
Knowthatfailureisanoptionandcomeupwithaplanonhowtohandleloss.Beingmentallypreparedenablesyoutomakepositiverisktaking
decisionswithoutfearoftheunexpected,whichcanbethemostcripplingcomponentoftakingarisk.

5. Just do it.
Afteryouveanalyzedariskyopportunitytodeath,sometimesitsbesttolistentoyourgut(http://www.success.com/videos/youtube/timcookon
whentolistentoyourgut)andjustdoit.NowthatImontheothersideandhavestartedEventjoy,Ivelearnedthatcreating,andevenjoining,a
startupisnotasriskyasitseems,Goldbergsays.

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Youlllearnmoreintwoyearsthanyouwouldhaveinfiveyearsofanormaljob.Youreforcedtoberesourceful,whichcanbeapowerfulthing
whenitcomestocreativityandexecution.Youoftenhavealargeroleinsomethingthatwillhopefullyimpactmillionsofpeople.Plus,ifitallfalls
apart,youcanalwaysgogetanotherjob.
Related:'WhatYouThink,YouBecome'(http://www.success.com/article/whatyouthinkyoubecome)

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Jointhediscussion
StephanayJnote amonthago

Helpful!Greatread.

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AliDavies 3monthsago

WhenIwasyoungermyuncleandmentorsaidtome"Lifeandbusinessisn'tabouttakingrisks.Itisaboutknowingwhichriskstotake."
Thismantrahasservedmewellovertheyearsandissotrue.Itisevenmorepoignantnow,ashehasincurablecancer.

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