The Risk of Risk Aversion - Wk 12

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Welcome back fast adapter. Today is another beautiful Sunday to?share this email?with your co-workers & colleagues to show them how to Adapt Faster.

Here’s what’s happening in week 12:

?? Adapt Faster:?The Risk of Risk Aversion

???Transform Smarter:?Risk + Risk-Aversion = Balance

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Read time: 4 minutes

ADAPT FASTER ??

The Risk of Risk Aversion

Life is full of choices, and each one comes with its own level of risk. Some people love taking risks, while others prefer to play it safe. But what's the best approach? Would you consider yourself more of a risk taker or risk avoider?

I’ve been an independent technology advisor, a.k.a. channel parter for 7 years. This means I am technology agnostic & vendor agnostic which allows me to see clearly when helping a client navigate cyber, infrastructure, or CX. There are unlimited opportunities in this space and I wouldn’t consider it to be a saturated market, not yet. It’s more of a purple ocean place, not quite blue, not quite red.

There’s a certain level of risk I assume every day on the job; no corporate safety net, no corporate benefits, no corporate incentives, relationships with clients who retire, change careers, or move on, prospective clients who don’t yet understand the value of working with me.

I thrive in risky situations and I love being able to help a good group of people in an organization solve complex cybersecurity or infrastructure challenges. I love the outcomes we’ve been able to achieve for these groups as we watch them transform smarter; better optimized tech stacks lead to a happier more productive workforce.

Yet, I equally despise being told what to do each day, micro-managed, or forced to sell a new product that is not tried and true. The traditional technology sales environment for me was an inauthentic place creating ingenuine relationships with “customers” instead of clients.

But, just like any market that has ever existed, there are bad actors here. They could be genuinely bad people, who knows for sure, or they could have just been early in their journey and made a few missteps (more likely). In some cases, these bad actors have soured the taste for technology advisors like myself. They’ve either been chasing the money or ventured into a territory of complex technology that they themselves did not understand. Unfortunately, this left clients holding the bag, and that sucks. I’m sorry on behalf of technology advisors everywhere that anyone would do that to you. That’s not the way we been trained to do business.

So here is my risk: I’m risking a no benefits, no safety net journey in which clients may be risk-adverse to work with me based on their past experience, rumors, or otherwise.

My risk aversion: I’m avoiding being chained to a desk, chained to a specific technology and a specific vendor who has specific shareholders with specific demands changing on the regular. I’m avoiding getting the life sucked out of me, because for me, that’s how it felt.

And to that I say, challenge accepted.

TRANSFORM SMARTER???

Understanding Risk:

Risk is all about the chance of losing or failing when you make a decision or take action. It's a natural part of progress and growth. Without taking risks, we stay stuck in our comfort zones, missing out on opportunities to learn and develop.

The Benefits of Risk-Taking:

1. Growth and Innovation: Taking calculated risks helps us grow personally and professionally. Stepping out of our comfort zones sparks creativity, teaches us new skills, and uncovers hidden potential.
2. Overcoming Fear: Embracing risk means facing our fears head-on. Each successful risk we take boosts our confidence and resilience, empowering us to tackle future challenges with ease.
3. Seizing Opportunities: Opportunities often come wrapped in risk. By taking calculated risks, we can grab hold of unique chances that others might miss. It's through risk-taking that we discover new possibilities and life-changing experiences.

The Importance of Risk Aversion:

1. Mitigating Loss: Risk aversion helps us protect ourselves from major failures. By carefully assessing risks and taking a cautious approach, we can minimize setbacks and avoid unnecessary hardships.
2. Stability and Security: For those who value stability, risk aversion is crucial. It allows us to prioritize financial security, job stability, and long-term planning. This mindset brings peace of mind and reduces uncertainty.
3. Rational Decision Making: Risk aversion encourages us to gather information and make informed decisions. It prompts us to evaluate pros and cons, leading to more calculated actions.

Finding the Balance:

Balancing risk-taking and risk aversion is key to success. Here are some strategies to achieve that equilibrium:

1. Assess and Manage Risks: Before taking a risk, analyze potential outcomes, consider the pros and cons, and plan to minimize losses.
2. Start Small: Dip your toes in the water by taking manageable risks that push you out of your comfort zone. Gradually increase the level of risk as you gain confidence.
3. Diversify: Don't put all your eggs in one basket. Spread your investments, ventures, or opportunities to reduce the impact of failures.
4. Seek Advice: Talk to mentors or professionals with experience in the areas you're interested in. Their insights can help you make smarter decisions and avoid common pitfalls.
5. Embrace Failure: Understand that failure is a part of the journey and an opportunity for growth. Learn from your mistakes, adjust your approach, and keep going.

Striking a balance allows you to navigate life's challenges and uncertainties while reaching your full potential.

ADAPTING FASTER ??

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Thanks for reading.

See you next week.

KB

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