While some people feel comfortable sticking with a routine and not venturing outside of that comfort zone, to grow a business, you need to take risks. However, a downside exists if you take a bad risk. But to every downside, there is an opportunity. In a Forbes article, researcher Sally Caird discusses taking Calculated Risks to see positive results. A Calculated Risk is defined as the process of acting on an option or risk using skill and actualizing goals.
Calculated Risks sound complicated but to put it simply, calculating the possible scenarios that could occur and determine whether or not your door, frame and hardware business could sustain the negative consequences.
For example, if your small business needs to improve your door software, start by evaluating your IT budgets, how much project management software costs, etc,. Another part of calculating risk involves analyzing the potential problems that arise within the transition or implementation. If the potential risk could tank your entire business, if gone wrong, then seek another path. Calculating Risks enables precision when evaluating whether to pursue a risk.
And for many, taking a leap of faith has proven to bring value. Sukhinder Singh Cassidy, an established Entrepreneur and President of StubHub, spoke on Bigger Pockets Podcast about the science behind risk taking. Sukhinder states that proactive risk taking will bring the most reward, in life and in business. She expresses that risks are not luck, it is not one moment or single decision that changes the face of your entire career or your door, frame and hardware business. Taking risks involves a behavior and a mindset when assessing a business decision/situation.
Sukhinder also discusses the idea of Coconut Events, events you can not predict, similar to COVID-19. These events teach us a lot about our ability to take risks and adapt to unexpected changes. Sukhinder states that the most successful individuals, referencing Elon Musk and Jeff Bezos, took hundreds of risks to reach their success. Imagine what you, and your door, frame and hardware business could do if you regularly took calculated risks and pushed beyond your comfort zones.
Cheryl Orsi, Senior Manager Customer Relations, Software for Hardware LLC, is based in Atlanta, GA. You can reach Cheryl at firstname.lastname@example.org