Posts Tagged ‘risk taking’

Like it or not – We Must Take Risks

June 29, 2010

Business is all about risk taking. We can dream up an idea for a product or service, but when it comes to implementing it the risk taking begins.

Investing money in the start up and deciding where and how to advertise all involves risk.  The best we can do is to research the options and make an informed decision based on that knowledge.

Ways to lower the risk.

A very important thing that many businesses forget to do is to find a way to track their successes.  We need to ask customers how they heard about us and that will help us discover  what methods of advertising are working best.

It is important to place response cues within the advertisement that will let us know which ad motivated the purchase or the call for more information.  This call to action will possibly involve a free sample, a coupon, a bonus if you act now.  This way we can track the ads success in bringing new clients.

In direct sales and cold calling we still want to keep track of the response rate and discover how to improve our presentations by surveying the clients on their feelings about the way the product or service was presented.

Brainstorm to find creative ways to reach new clients, but track the process so you can build on this success and improve your outreach.

Risk Taking & Business Success

March 6, 2010

We are a society that admires risk takers.  We cheer on the person confidently clinging to a silver brief case While Howie Mandel waits for a phone call from a banker looking down from his corner office in a high corner of the studio.

Olympian skiers fly down hills at bone crushing speed and Brett Farve fights to the finish with bruised ribs and knees.

Risk in Business

In business we are told to push the envelope, and think outside the box. The risk takers see great success as new products and businesses are launched, yet we don’t see the trash bin out back full of half baked failures.  But a willingness to face the possibility of failure is just what it takes to come up with something new and improved.

The word improve has a root word and that is improve.  If we want to see improvement we need to experiment or be improvisational.  This skill is used by teams coming up with new product ideas or brainstormers who develop creative solutions to problems. This skill is deftly used by great public speakers and leaders who seem to be able to effortlessly think of their feet.  It is a valuable skill that can be learned and applied.

Even though we cheer on risk in others, we tend to shun risk in our own lives and work.  It seems much preferable to curl up in bed and watch Cheers or Gilligan’s Island than go out into that cold cruel world each day.

There are ways to face out fears and move forward with confidence and a positive attitude.

That confidence comes from practice and experience.  There are ways to develop this skill and we can study the lives of those who had success to learn its secrets.

One basic secret is that there will be ups and downs and that we must learn from both. No one is 100% successful in each project or endeavor. Yet there will be no success unless and attempt is made. We must step out are take a risk. Sometimes we will succeed other times come close. We can also learn from those near misses.

It took Thomas Edison over 2000 attempts to make a working light bulb. He commented after another failed attempt, “We now know a thousand ways not to build a light bulb.”  With each attempt, he discovered something – another way that does not work.

Thomas Edison also said, “I never failed once. It just happened to be a 2000 step process.”

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