Taking Risks and Making Decisions

Taking Risks | Decision Making | Carmen Wyld | Life Coach

Do you sometimes wish that your life was more exciting? Taking risks is a sign of psychological health because you show determination in pursuing goals, are ambitious to make dynamic changes in your life, are not afraid of set-backs and instead view them as hurdles to jump over, and are keen to make your life more rewarding and satisfactory.Taking Risks | Decision Making | Carmen Wyld | Life Coach

In both your personal development plan and in business it’s necessary to take risks to reach your goals. If you aren’t willing to leap into new opportunities and expand your mindset you and your business aren’t going to move forwards.  Risk-taking isn’t always a good thing to do though. Here’s some helpful decision making tools to help you make better decisions for taking risks that you need in your personal life and in business in order to gain more success.

Analyse where you are Now

An important decision making tool to help you with risk taking is to assess what is happening for you and your business right now. Where do you feel you are stuck? What areas would you like to move forward or expand? What are the strengths and weaknesses, opportunities and threats?

Before you take any risks you should analyse where you are now. To take risks you need to know what the implications of that risk are going to be, and if it’s going to help or hinder your self-development or your business. You should never take a risk just for the sake of taking one. You need to look at your entire situation and decide if the risk will support your final vision and goals or not. For instance, who is helping you make the decision? What information are you getting to support your decision making? If your decision goes wrong, do you have another plan of action? What decision making could possibly go wrong? What does your gut instinct tell you? When you think about the decision does it makes you feel good, safe and excited?

For example, if you are considering a joint venture with another business analyse that business to determine if they support your values and have the necessary resources to benefit you and your business.   You wouldn’t work with the business just because it seems like a good idea; you need to have the right plan. If the risk isn’t going to, in some way, be beneficial for your business then it’s one that you shouldn’t take.

Have Goals

With risks you need to have some goals. If you’re going to take a risk then you need a goal at the end of the line in which you want to reach.  It’s impossible to aim your resources and techniques efficiently and effectively if you have no target.  If you take risks they must help you reach your overall goals it can’t just be a risk with no rewards. What are your personal goals? Where do you vision yourself in 2, 5 or 10 years’ time? What are your business goals? Where do you see your business in 2, 5 or 10 years’ time? Next, ask yourself whether these goals are something YOU truly want, or are they something you think you should have or should be doing? Do these goals align with your values and overall life plan? Make sure have a set of goals and then when you take a risk analyse how that risk helps you meet those goals. Set your goals with precision and clarity so your aim can be more efficient.

What Beliefs and Attitudes are Stopping You?

What are your excuses for not taking the necessary risks? Write down 5 of them and then evaluate whether they are based in truth.  An important decision making tool is being self-aware. Let’s say you wanted to move your personal development and business forward by becoming a speaker. You have heard that many people in business offer their services as presenters and this attracts more clients. You may have thought about doing this for many months now, but have not taken the risk to do it – yet. What thoughts, beliefs and attitudes are hindering your from leaping ahead and taking this beneficial risk? What are your excuses for not moving forward? Are these based in truth or are they your worries and fears?

Realise that in order to feel confident about taking risks you need to go through a period of feeling unconfident as you begin your journey, acknowledge mistakes and put your new learning into practice. Once you’re rolling along smoothly your confidence will return in your new activities.

Consult With Your Business

In business it’s important to include all players in your decision making about taking risks. Consult with others in your business such as managers or your partners, if you have any, and discuss the risk you want to make. Only by getting the opinions and consensus of people in your business cаn you hope to make the right decisions in regards to your business. The plan you take is based on what decision making you create as a team.  Your final decision must be approved by everyone or it may impact negatively even before you take the risk. If you jump ahead without feedback from others this could harm your relationships with those in your business that are important to you, especially your partners.

Options

Before you take risks you should consider the options available to you. Is therе something else you could do that would be a benefit to your business? There may be something else besides the risk that could help. Who else could support you and your business? What other resources and knowledge could be gathered?  Look at all the other options before you decide to take risks so there are options you can fall back on if the step you take ends up being a bad one. The more options you have the easier it’s going to be to make crucial decisions for your business.

Taking risks is a big part of personal development and growth in business. Make sure you look at the risk fully before you take it and decide if it’s something that you want to do. Try to determine the hindering thoughts, beliefs and attitudes that are stopping you from moving forward. Get feedback from others and look at all your options before taking a risk. The risk also needs to help you reach your personal development goals and business goals or it’s not worth taking. Allow them to support each other.

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