Choose A Different Set of Risks
“You can never escape risk… Something is always at stake. You can only decide which risks to take.” ~Price Pritchett
Risk is an important part of life!
In the asset and wealth management business where I’ve worked for the better part of the last 20 years, risk is something to be actively managed in the best interest of the investor. Declared and documented for clarity. An important assessment every investor completes to determine their own risk tolerance. There is a science and math to managing risk.
In the world at large we manage risk. For the past 15 months we learned to wear masks, socially distance ourselves, stick in our bubbles and get vaccinated. There is a common sense to managing risk.
Managing risk is a good thing, right? Some teenagers might not agree. Right or wrong, our younger selves manage risk through a different lens. Adventure and risk can be balanced.
The bottom line, every decision we make carries risk. It’s supposed to keep us safe from harm. But does it always do that? What about not putting your name forward for an exciting new role. The risk is becoming bored or unhappy in your career. Choosing to not call that prospect because you think they might say no can put your entire business at risk. Saying no instead of yes to an adventure puts you at risk of regret.
Every goal you have – for your business, your career, your life carries risk. But the goals worth going for carry something worth the risk – GROWTH.
As humans we are designed for growth. Babies learn to walk. It’s an innate goal. They risk falling… they do fall… a lot! But they keep going until that skill of walking is mastered. And then onto the next goal.
At some point in our lives, we mistakenly learned that risk on its own, and risk of failure are to be managed at best or better, avoided altogether. We are stuck in our comfort zone, assuming safety in the familiar. Dreams, desires, ideas for our business or careers? What if we fail? What if we lose?
Edison is often misquoted as declaring that he failed 1000 times before he succeeded. He didn’t fail. It just took 1000 experiments to get it right. Henry Ford wanted his team to design the V-8 engine. They told him it couldn’t be done. Ford’s response was, “do it anyway”.
What really gets in the way of us choosing not to risk boldly? Fear. Fear of our own limits. I will close as I started with a statement from one of my content partners, Price Pritchett, “Risk believing in yourself. Risk acting on the assumption that you can succeed… If you must doubt something, doubt your limits.”
