risk taking is an integral part of business and life,but so few people know how to manage it property. the word risk has a slightly negative connotation to it implies danger,tension, and possible loss. but it risk also has a positive side,the chance of hitting a big win,of getting more on the back side than you invest on the front side
all risk are not equal,however. some risks are just plain dump and you should never take them. but even in those cases,there's usually sometimes emotional benefit. the city of las Vegas(famous for its array of casinos ) thrives on such benefits. but what about intelligent risks? those are obviously the ones where the upside outweighs the downside,at least probability wise. you won't find too many of those risks in casinos.
now we all know it's generally a bad idea to take dumb risks,where your expected outcome is negative and the potential upside is very limited. but guess what..... it's equally stupid to pass up an intelligent risk,where your expected outcome is positive and the potential downside is very limited.
the most intelligent risks are those where the potential downside is limited. the most intelligent risks are those where the potential downside is limited, but the potential upside is virtually unlimited. those are the risks you should jump to take. this planet has enough total and complete idiots. please don't be one of them. you s
will lose a lot more by missing big opportunities (by not taking risks) than you ever will from making mistakes. here are some examples of intelligent risks taking (indicating the worst expected outcomes as well as the best):
ask someone out on a date(worst case downside=one time embarrassing rejection best case upside=lifelong relationship with your soul mate
ask for a raise or promotion (worst case downside =waste some of the your time ,best case upside=permanent raise or promotion)
start a blog (worst case downside=waste some of your time,best case upside=change your life and the world for the better)
join a new club(worst case downside=waste some of your time and quit,best case upside=lifelong friendships plus a lot of other benefits)
money,best case upside =become a permanently better chef)most of us are pretty good at avoiding dumb risks,unless you happen to be reading this from a jail cell. But we're exceptionally lousy at taking intelligent risks. The stupidest mistakes we make are errors of omission. The key to intelligent risk-taking is to look far enough ahead or five years ahead.
I think across the span of my whole lifetime (sometimes even thinking beyond the grave ....seriously).I ask myself,"what difference might this make over the span of the next several decades?" Over that time span even small changes you might make today can create huge long-term payoffs.
And the decisions to do nothing today means you are automatically denying yourself any long - term benefits. Doing nothing isn't neutral. Doing nothing is way. way negative.
This is one of the reason it's so important to to install good habit. In short term, it's struggle, often a painful one. We have to deal with disappointment again and again. We fall flat on our faces, dust ourselves off and throw ourselves into the ring anew, only to be pummeled once again. And we use that same tired mantra,
"This time it will be different"
a mantra that fails 19 out of 20.
what keeps me from getting discouraged when my failures outnumber my successes is to keep thinking long-term. I often must endure lot of failures to hit the next big breakthrough. So I just plow through those failures as fast as possible. it's like a conveyor belt---. there is a new success on that belt somewhere ahead, and the faster the belt moves, the sooner it will arrive.
it's amazing how much long-term difference just a small change you make today can make. Just a little more self-discipline, a little more courage, a little more persistence, a little more enthusiasm. ---
"these can be produce huge gains in the long run"
TAKE A RISK
IF YOU WIN,YOU WILL BE HAPPY
TAKE A RISK
IF YOU LOSE YOU WILL BE WISE
Nice1
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