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7 BENEFITS OF RISK TAKING IN A BUSINESS

7 BENEFITS OF RISK TAKING IN A BUSINESS

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There is a popular saying that says that the greatest risk is never taking a risk. As difficult and absurd this may sound, there is no denying the fact that it is true to a greater extent. This applies to every human Endeavour, the business world inclusive. It is in the light of this therefore that one should know the benefits of risk taking. Below are some merits of risk taking in a business venture:

  1. Great, otherwise unforeseen opportunities often come from risk-taking.

We tend to view risk-taking negatively, often regarding it as dangerous and even unwise. But while some risks certainly don’t pay off, it’s important to remember that some do. Refraining risk as an opportunity to succeed rather than a path to failure.

  1. Taking risks shows confidence and helps you stand out.

Taking a risk is also a great opportunity to stand out and to present yourself as a leader, not a follower satisfied with the status quo.

  1. We learn from risks — and those lessons may lead us on an important, new path.

But beyond the external opportunities and recognition risk-taking can bring, it also provides an opportunity for internal growth.

  1. Success won’t fall in your lap — you have to pursue it.

But beyond being personally or professionally beneficial, taking risks may be a necessary step in actively pursuing success.

  1. You don’t achieve your dreams by playing it safe.

Risk-taking won’t only potentially benefit the career-path you’re already on — it may actually open you up to a world of possibilities you have yet to consider.

  1. Embracing risk-taking helps you overcome a fear of failure.

When you take risk you have to a great extent overcome the fear of failure which is the major roadblock to success. Failure isn’t the end of one’s journey to success but usually the beginning. Failure is not the opposite of success but a stepping stone to success.

  1. Taking a risk doesn’t mean doing so haphazardly.

While risk taking can clearly be personally and professionally beneficial, it doesn’t occur in a vacuum, either. People don’t benefit from risks without preparing to take them and educating themselves on the possible fall-out.

 

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