Risk taking is a basic element for entrepreneurs. When setting up your business, you started by taking the risk of a mismatch between your concept, product or service and your market. So don’t lose the trick!
Secure the future!
Once the business is launched, it sometimes becomes difficult when it has taken its brands to take risks. Why take risks while the business is running? Quite simply in order to understand the evolution of the world, new technologies which have emerged over the past five years to capture the change looming in the shadow of your business. If it can take time, sooner or later someone will come and revolutionize your market and dethrone you. Many companies have rested on their laurels and ended up filing for bankruptcy. You only have to take the example of the Kodak company to understand this. Your ability to adapt and to challenge yourself remains fundamental. Your employees also need to live in the era of time and in a company whose leitmotif is to be sustainable and therefore efficient. By dint of being in the routine, he could well get bored so do not hesitate to create new products or attack new markets before the routine sets in. Of course, you will make mistakes, but it will be great learning and among your risk-taking are often hidden those that will allow you to advance even faster tomorrow. So get out of your comfort zone.
The risk-taking of your teams
Most companies in Silicon Valley promote risk taking within their teams. It is even today a value of some companies because it allows companies to innovate more and more quickly in a constantly changing world. If you want the possibility of taking risks to develop in your business, you will have to rework your processes. Start by removing unnecessary tasks that waste your employees’ time so that they have time for creativity. Reward initiatives and the development of new missions. Encourage your employees to improve their working methods by asking them to identify the problems they encounter on a daily basis. Do not hesitate to consult them so that they give you the solution and possibly put it in place. You could generalize their ideas across the company and save the entire company time or money. By giving them more freedom, they could surprise you and bring you solutions that you would never have thought of.
Control your risk taking
Take risks it is good but useless to cause panic on board. Don’t change all of a sudden and right away. Take into account that change can scare your employees and that it is not necessarily useful to question all of your practices overnight. Otherwise, you could also endanger the business for no reason and on a hunch that might not be right. Take the time to properly assess the risks before you start and make sure that your choices do not lead the company down a dead end. Do not hesitate to consult your associates or your collaborators before getting started. Taking a step back before making a decision is never useless.