No one is immune to risk. Whether you consider yourself to be an adrenaline junkie or someone who plays it safe — every time you step outside your house, or even open your eyes in the morning — you’re taking a risk. Our team at HotelierCo knows that part of being successful in the world of business means learning how to manage risk — because it will always be there. Since we can’t escape it, why not learn to get comfortable with it?
Nothing is a certain in life. But unless we can overcome the fear of failure and step outside our comfort zone, we can’t continue to grow. When we learn to take risks intentionally, we open ourselves up to a whole new world of opportunity. Here are some ways to embrace with inevitable uncertainty and get comfortable with the
uncomfortable—both in life and in business.
1. Determine Your Endgame
There should always be a method to the madness. Consider whats important to you—both from a personal and a business angle. What are you ultimately looking to gain?
Of course, no one wants to lose money, that much is obvious. Perhaps there’s a business opportunity or a project you believe in that re-ignites you, but seems pretty risky on paper. Maybe you’re considering starting your own business, or expanding it in some way.
Whatever it is, find out why it’s attracting you.
Maybe you want to help people or you have a specific vision for your life or your business. Focus in on that. When you’re presented with a risk, ask yourself whether or not it’s in alignment with your endgame. If it is, you can’t afford to ignore it.
2. Take Calculated Risks
Making uninformed, impulsive decisions is not the same thing as managing and getting comfortable with risk. Always choose risks intentionally and with plenty of forethought. Get as much information as you can. Weigh the pros and cons, get comfortable with every aspect of the decision.
What do you stand to lose? What is the potential for success? After you have all the information, decide how you feel about moving forward.
3. Focus on the Next Step, Not the Finish Line
Come up with a plan and give yourself room to change course and adjust. You’ve already figured out what your endgame is; sometimes it’s helpful to take your focus off the finish line for a little while.
Break down your plan into smaller sections, give yourself options, and figure out what the next logical step is to get you closer to your ultimate goal. You might be working toward something that seems impossibly difficult and maybe even a little scary. Breaking it down in this way allows you to focus on one thing at a time, minimizing your immediate risk and making the journey feel much less overwhelming.
4. Factor in Failure
Failure isn’t something most people enjoy thinking about. Aside from death, it’s one of those universal things humans agree upon trying to avoid.
It’s not fun to imagine, but it’s always a possibility. Whatever we set out to do, there is always a chance we could fail. Things can and often do go wrong. Taxi companies were doing pretty well for a solid chunk of time, for instance, until suddenly — Uber came walking in (driving in, if you want to get technical) and changed the game entirely.
You can’t control the future, nor can you predict it. Start thinking about the worst case scenario and do what you can to plan for roadblocks and challenges, but also accept that some things are beyond your reach. Chances are,
though—even the absolute worst outcome won’t be the end of the world.
5. Quit Waiting for the Right Time
There is no perfect time to do anything in life. Stop waiting for a perfect set of circumstances to go after what you’ve always wanted, or to do the unthinkable—it’s never going to be there.
Start where you are, and be okay with that. You will never have all the information and you will never be able to guarantee your success. Do what you can with what you have. Come up with a plan and set yourself up to get to where you want to be. One step at a time.
Above all, embrace the idea of failure. Welcome it. Run toward it, if you can. Understand that even if you fail, you’re still one step closer to having everything you want than you were the day before. Because now—you have experience, and that’s something you can learn from.
Feeling inspired? Learn more about how you can take the first step toward building the future of your dreams with HotelierCo.