To be better about taking risk do these 6 things.

Like so many clichés and fashionable terms, “risk taking” has gained popular notoriety among entrepreneurs.

People like Richard Branson advocate "risk taking is essential" to achieve remarkable success.

However, is risk taking truly advantageous for everyone?

The problem, most people take unnecessary risks and avoid the calculated risks that could be beneficial. 

They jump into the latest fad and get swept away with the intoxicating temptation of immediate gratification.

I advocate “calculated risks”, which requires patience, pause and perspective.

Here are 6 tips for making risk taking more palatable:

 “The master has failed more times than the beginner has even tried.” — Stephen McCranie

Setbacks

Many people possess a genuine fear of failing.

I prefer to call failures “set-backs”, which make them sound less fatal and helps put our efforts to grow into proper perspective.

Abraham Lincoln lost eight elections and had two failed businesses. Just before becoming president he suffered a nervous breakdown. The mental fortitude he developed helped him provide the leadership America needed during one of its darkest times.

When we take risks, sometimes we stumble. Learning to be shrewd helps us avoid costly mistakes. Learning to be realistic helps us to appreciate setbacks are part of the journey.

Overconfidence

Building confidence is a great way to embrace big challenges.

Ohio State University management professor Jay Barney, Ph.D., and Lowell Busenitz, Ph.D., of the University of Houston, asked 124 successful entrepreneurs and 95 top managers to answer a round of questions and rate how sure they felt about their responses. While both groups demonstrated confidence, the results proved that entrepreneurs had an exceptionally high level of confidence.

The problem, this study also revealed most entrepreneurs were overconfident about their prospects for entrepreneurial success.  When business experts told them they would likely fail, they proceeded anyway.

We must know our limitations and carefully consider ambitious plans. Everyone believes they can run a successful company, very few can.

Before taking big risks, we need to examine all the evidence to determine if our idea has efficacy and what could potentially interfere with our success. Being overconfident is a human bias that can get us into deep trouble.

Fear

Failing is one thing, but fear of failure is far more insidious. It prevents you from achieving your dreams by convincing you the effort is futile.

In a recent study published in the Journal of Experimental Social Psychology, researchers found that successful people focus on results rather than focusing on attempting not to fail.

Sounds simple right, but it’s difficult when the ramifications for failure seem so severe.

So, what’s the answer? Things I talk about often. Being more optimistic and remaining positive! 

Successful people view failure as a necessary part of success. They have a growth mindset and don’t consider setbacks as fatal.

Silence your mind

Silencing our mind is a great technique for reducing brain chatter. It trains our brain to ignore the noise and be present.

Take a walk and soak in your surroundings. That’s being present and it also discourages unwanted noise.

Staying healthy and being present is a great way to keep adrenaline and cortisol levels under control. Managing our stress helps us assess risk with less emotional volatility.

Uncertainty

Srini Pillay, author of Think Less Learn More is an assistant professor of psychiatry at Harvard Medical School. He says; "biology plays a small part in our risk-taking abilities compared to environmental factors". He believes one of the most effective ways we can build resilience against the anxiety risk-taking can cause is to tap into the power of our unfocused mind.

Learn to trust our intuition and use lessons from the past to make better decisions. Pillay believes between 90% and 98% of mental activity is unconscious. To be a better risk-taker, it is vital to let our subconscious mind take over sometimes, helping our brain to retrieve lost memories and use them wisely.

Recalibrate and believe

Many people quickly gravitate toward catastrophic thinking and struggle with risk.

A classic example of uncertainty that gives many people anxiety is public speaking.

If you were asked to give a keynote speech you might contemplate the career advantages, but envision the speech going horribly wrong.

By recalibrating our thinking, we can learn how to be comfortable with uncertainty and attach less importance to the judgement of others.

Most catastrophic thinking results from feeling out of control. When we feel out of control, we try creating control by predicting the worst-case scenarios.

Next time this happens, write down your irrational thoughts, then evaluate worst-case scenarios for efficacy.

Some level of risk is always necessary when pursuing big dreams. Ask yourself, what’s the worst thing that could possibly happen?

Sum it up

Do you struggle with risk? Any tips for confronting risk with more confidence?

Share your thoughts in the comments section and please like and share this article. I love learning from you as well.

About Steve:

Steve Wohlenhaus is CEO of Weatherology, the leading company in the world at disseminating audio weather information.  Steve began his career as a major market television weather anchor in Minneapolis, where he received several Emmy Awards for science programming. Steve is an author and host of the podcast program Anatomy of Success. Reach out and connect with me on LinkedIn and grab the FREE Weatherology mobile app by clicking on a picture in the article!