“Only those who will risk going too far can possibly find out how far it is possible to go.” –T.S. Eliot
In business, as in life, risk can be managed but not avoided. Sure, you can try your best to avoid it, but then you may never achieve all you are capable of. And for entrepreneurs, if you’re not taking risks, you’re missing out.
So when you get the chance to do something for the first time, follow these five steps:
1. Check out your options. – Get as much information as possible to back up your choice before moving forward.
2. Don’t let pride get in the way. – Accept that you are in an unknown situation and learn as much as you can before diving in.
3. Gather a support group. – Build a network of people to provide feedback, check on you and stick by you during a worst-case scenario.
4. Define your worst-case scenario. – What is the worst thing that can happen by making this decision? And how long will it take to recover if it happens?
5. Try, fail and learn. – Action is better than inaction. If you stay on the mountain and do nothing, you will freeze to death.
As Jimmy Carter once said, “Go out on a limb. That’s where all the fruit is.”
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.