People take risks in every form. Whether you’re making a move out of the country or pursuing your passion project, risk taking doesn’t come easy. There is an outcome whether it’s positive or negative. Do you blindly take risks or carefully weigh the potential outcomes of your decisions?
Calculated risk taking involves thoughtful evaluation of the pros and cons. There’s often a strategy and plan in place to anticipate red flags and change course if something isn’t working. Entrepreneurs like Richard Branson and well-known startups like Pinterest employ calculated risk taking with every major business decision.
From breaking down your set goal into smaller individual risks or setting checkpoints to view progress, there are tools you can employ to make sure your idea doesn’t crash and burn. Calculated risk taking is a stepping stone to success and can teach you lessons you wouldn’t have learned otherwise.
For the steps on how to take calculated risks, view the visual by Valpak below. It covers a helpful formula for small business owners to calculate risk, ways to anticipate mistakes, and successful and well-known company examples.
Please include attribution to Valpak with this graphic.