“One of the great liabilities of history is that all too many people fail to remain awake through great periods of social change. Every society has its protectors of status quo and its fraternities of the indifferent who are notorious for sleeping through revolutions. Today, our very survival depends on our ability to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change.” – Rev. Dr. Martin Luther King, Jr.
As a new or existing entrepreneur, you need to be awake and ready for action as well as up-to-date and well versed in what is happening around you. As you implement or grow your business you are hopefully aware of what risks need to be taken in order to move forward. If not, you should be. Risk can equal opportunity! The big question is: when should you leap or not leap into the unknown and take the risk?
First of all you need to be aware of what you are risking. There may be a big payoff at the end of the venture but at what cost? Are you willing to lose something to gain something? Is that really getting ahead?
What about taking a “leap of faith?” The realist answer would be yes you have to have faith. But should you leap into a dark room not knowing what awaits you? Wouldn’t it be wiser to plan to take a flashlight or ask someone who has been in the room before what to expect?
Before you leap, you need to be awake and aware of where you stand presently in your business.
At a conference I attended last month one of the presenters talked about risk. He said that the riskiest thing a person can do as an entrepreneur is to play it safe. Risk is something you live with every day as an entrepreneur. If you plan well that risk can become a ‘well calculated’ risk so when you leap you do so with your eyes wide open and with confidence. Well calculated risk involves planning and research.
Why take a well calculated risk? Adam Urbanski said, “If we always do what we’ve always done, we will get what we’ve always got.”
In an economy that is constantly changing, risk has to be taken into consideration as a valid option for growth. Do take the leap, just be sure to look first.
The Halton Region’s Small Business Centre is here to help you take and plan your leap. One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about Halton Region’s Small Business Centre resources and services, and how we can help direct you to the right resources, contact us at 1-866-442-5866, www.haltonsmallbusiness.ca, firstname.lastname@example.org or visit us at 1151 Bronte Road, Oakville.