Avoiding Risk: The Opposite of Being an Entrepreneur?
Recently I was at a business networking event in New York. And a man was doing a good job presenting his product to the audience.
It was high-end with nice “green” features that he was hired to design for his client, who operates in a very competitive industry.
But there was no indication of the environmental features of the product, a key selling point.
After the presentation, I asked him what was up with that. He said his company has been around for 50 years and they are not about to change.
How’s their business doing? “Struggling. Sales are way off and more competition is setting in daily.”
Businesses are in serious trouble when are not taking on bold, new ideas. Especially today with the economic climate, fierce global competition and technology shifts.
A product or service can work really well when it is first introduced. But if you become complacent, you most likely quickly will end up struggling in business.
We call these businesses “shooting stars”. And they are everywhere, especially now.
So how does one break out of this dangerous predicament?
Create a mindset for implementing bold, new ideas. A new way of thinking.
For it is your current thinking that has gotten you exactly where you are today. All fine and good, unless you’re not happy with where you are!
What if you think beyond “reason”? Into the realm of the UnReasonable—stretching yourself beyond what you thought possible?
If you do, there is a whole new world of possibilities awaiting you. And there is an important distinction: there is a difference between being UnReasonable and being unrealistic or irresponsible in creating your bold, new goal.
Six steps for implementing a bold new idea:
- Ask powerful questions—When you want results to happen beyond what you normally see or expect, you must reframe your thinking. For example, instead of, “How can I make money this month?”, ask, “What is the fastest way to generate $10K in the next six weeks?” Your brain goes to work answering that question instead.
- Manage limiting beliefs—These may be your blind spots or you may be well aware of them. First ask others who know you to help you determine what trips you up. For example, you feel you are not a “numbers person” and therefore cannot keep track of your business’ finances. Next, determine workarounds or solutions to that belief.
- Shake the cobwebs out—Often times we’re deep in our routine. And we cannot fathom breaking out of it to a better or more-efficient way of getting it accomplished. For example, you get a coffee and perform social media posts on Facebook and Twitter for two hours each morning. To break out, assess the impact of your actions to the original purpose for doing your routine.
- Build a support team—This is crucial for really stretching yourself. It is easier for others to see our blind spots that we don’t see for ourselves. Create your team of like-minded, committed people that are “up to” serious things in their lives will and will move mountains for you. Or contact me and I’ll get you onto one of our teams.
- Create your strategy—Break down your bold, new idea into the three top components. Take your support team and determine fresh and innovative ways to build a powerful set of solutions for achieving what it is you want to achieve. Build a plan around this.
- Perform Risk Analysis—Compare the magnitude of the potential consequences to the probability it will happen. Break down your bold new direction into the possible risks involved. Assign potential consequences and probabilities to them. From there create a plan to hedge or protect yourself if you decide to pursue your new, bold idea.
In the end, it really does depend on your comfort with risk. True success, no matter how you define it, is directly correlated to your stomach to risk.
And how you manage it.
Action Steps for the Week:
Answer the following questions:
- What is the #1 thing holding you back from getting to the next level?
- Are you sure that is what is holding you back? Or is it really a limiting belief? For example, “I don’t have the finances to hire a marketing expert to help me.”
- Instead, what is your powerful question? In our example, “What is the best way I can bring on a marketing expert this month using the resources I have to offer?”
Once you create an answer to your powerful question, create a game plan. Get your support team together to discuss what they think and how you can make it better.
What pieces are missing? What people do you need to bring in to complete the strategy? What measures are you going to create to determine if it is working?
And, how will you minimize your risk?
From here, you are ready to rock. Implement it as soon as you can to keep the energy and momentum moving.