RISK-TAKING MEANS
WOMEN IN MANAGEMENT MUST
LET GO OF WHAT THEY KNOW
Risk-taking is central to everything worthwhile. In the immortal words of Wayne Gretzky, “You miss 100% of the shots you never take”!
The trick is to be smart about it!
The fundamentals
- There’s no single risk that will solve all your problems.
- You’re supposed to be afraid of taking a risk.
- The moment of committing to acting on the risk will be the most fearful part.
- Most of the time, you will lose something merely by deciding to risk – usually your comfort zone.
- Some form of separation anxiety is present in every act of risk taking.
- You’ll never have enough information. At some point, you have to act.
Risk-taking guidelines
- Have a goal. Risk without a purpose is in trouble from the start.
- Ask questions. It’s better to appear stupid than to make big mistakes because you’re afraid of looking stupid.
- Know the loss involved. If you don’t expect the loss, you don’t understand the risk.
- Take your own risks. No one else can take your interest to heart the way you can.
The phases
- Preparing – recognizing the need to risk and deciding to take it. Ask yourself: is this risk necessary? Is the potential loss greater than the possible gain? Who should know about this risk and why?
- Committing – initiating the risk and reaching a point of no return. Am I trying to prove something about myself? Who are the key people involved in this risk? Do I trust their judgment? How will I know when to change plans or stop?
- Completing – experiencing either exhilaration or sadness. Where do I go now? Could I have taken this risk more simply? What can I learn from analyzing my success or failure?
Risk-Taking Do's and Don'ts
| DO | DON'T |
| Know the potential loss involved | Pretend you're sure when you're scared |
| Act decisively | Be unrealistic or misplace your emotions |
| Ask questions | Count on being 100% successful every time |
| Correct your mistakes | Delay or argue with reality |
| Be brave | Combine risks |
| Know your limits | Give up too soon or hold on too long |
| Make a timetable | Take "time out" |
| Understand that the odds can change | Lose faith |
| Know when to leave well enough alone | Stick with an unworkable plan |
Simply put, no one gains prestige or develops power and influence without taking risks.
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