Risk Management — #ILLUMINATION
When Taking chances, Bet on Your Success
You can’t avoid risks, but you can learn to manage them.
My friend and mentor, Barbara Winter, received a phone call from an investment banker. She told him that the only place where she invested anything was in herself and her business.
“Isn’t that risky?” asked the salesman.
“Not as risky as handing over my money to someone I don’t know,” she replied.
Barbara loves to tell that story during her Joyfully Jobless Seminars. She contends that life is full of risks. You are taking a chance when you walk out the door in the morning to go anywhere. That is truer than ever today.
Risk is a part of life. You cannot avoid it. What you can do is educate yourself on how to mitigate your chances of loss. Thee is no better way to do that than to invest in yourself and your personal growth.
When I fired my last boss and decided to work for myself, I was taking a chance that I may not succeed. However, I knew that if I didn’t succeed in my business, I could always find another job. I wasn’t investing a lot of money upfront because I didn’t have the support of my wife at the time.
I succeeded because I only risked what I could lose without jeopardizing my finances. It’s about risk management, not about risk avoidance.
“Some risks that are thought to be unknown, are not unknown. With some foresight and critical thought, some risks that at first glance may seem unforeseen, can in fact be foreseen. Armed with the right set of tools, procedures, knowledge and insight, light can be shed on variables that lead to risk, allowing us to manage them.” ~Daniel Wagner
My Three Takeaways
1There is no such thing as risk avoidance. It is an integral part of life. You’re taking risks even when you breathe when you drive or when you go to sleep, thinking you’re safe at home.
2You can mitigate your chances of loss by educating yourself and using discernment in managing your risks. Only risk what you can afford to lose without putting yourself in financial jeopardy.
3The best financial investment is in your business enterprise. Even if you lose your money, you will gain knowledge and experience that can be a valuable asset in the future, either for another (ad)venture or for securing a job.
Day Twenty-one of the 30-day challenge. My theme: Self Improvement
Rasheed Hooda writes about Personal Growth and Entrepreneurship on #ILLUMINATION. (A writers’ community on Medium)
Be blessed, and as always, thank you for reading. Here are more stories for your reading pleasure.
I am a self-proclaimed weirdo living a Freedom Lifestyle and writing about related topics — Travel, Personal Growth, and entrepreneurship. (Join the Tribe)
“You can let others tell you what it means to be successful, or you can decide it for yourself.”
