The word "risk" can conjure images of making poor investments, taking risks in a gambling game, or perhaps skydiving. Regardless of your unique situation, the word "risk" could give you the idea of something going wrong. And that can cause you to retreat, to stay safe.
Taking risks might even seem foolish. However, taking the right risks can help you grow professionally, personally, and in your business. If you're willing to take risks, you'll move forward and upward faster than ever imagined.
So how can you take risks in a recession?
- Come up with a proven method to assess risk.
The number one thing you can do to weigh a considerable risk is to determine the probability that you'll succeed. The best way to evaluate risk is to look for past examples of success. For example, if you've done market research and found a market for your product, this knowledge can help you determine whether the risk you're contemplating is worth taking.
You can also list all the pros and cons that come to mind. Once you've done that, decide whether you're willing to take the risk and move forward with your project. Looking at various sides of the risk can help mitigate any negative feelings that may come with it and cause you to think twice.
- Make information and research your best friends.
The more you know, the more confident you'll be about taking risks. You'll also feel better because you have more information to process. You'll feel more satisfied because you know what you're doing, and you'll have fewer second thoughts. And if there's any chance that your fears are unfounded, you'll be more confident about your decision.
- Learn everything you can about your industry.
Read trade-related articles, attend seminars, and hire a mentor. The unknown makes something risky. Gathering information through various sources can offset this danger. There will also be less risk because you've researched it and know how to handle it. Don't let fear stop you from taking chances.
Take your time to assess the risk. On the one hand, risk-taking is an integral part of life. Evaluating a situation and deciding how much of a chance it represents is invaluable. The motivation to succeed is necessary, but you shouldn't use it to escape.
A venture capital investor spends a lot of time analyzing potential investments and must determine whether they're worth the investment. They won't make a risky bet without clearly understanding the risks. In the same way, it's essential to understand the risks and how they are likely to affect you in the event of failure.
- Review your sphere of direct control to help you decide what risks to take.
Stephen Covey states that the greatest strength comes from working from our "sphere of direct control." When we try to change things out of our control, we end up frustrated.
When we focus on those things that we have the power to change, we have more significant potential for success. So, if you aren't a natural risk-taker, it might help to limit your exposure to risk by working on things within your sphere of direct control.
We know times of recession can bring economic hardships to businesses, especially small and medium enterprises. During this time, you may want to play it safe. However, taking risks is still necessary for growth and to stay afloat during these times.
Being thoughtful about your decisions and choosing smart risks is the best way to keep your business thriving. When job and economic uncertainty increase and salaries increase, maintaining or competing for top talent can be challenging when you have a limited budget. When job and economic uncertainty increase and salaries increase, maintaining or competing for top talent can be challenging when you have a limited budget.
In times like these, you need to take risks and assess alternatives that can work for your company. An excellent option can be hiring nearshore virtual assistants through Cápita Works, as we offer talent at a fraction of the cost. This way, we provide top talent for your company while you're able to maintain your financial and growth goals, even during challenging economic times.
If you'd like to know how to implement a virtual assistant into your company, check out this article or our guide per industry to see how a virtual assistant can make your business more efficient. Learn more about our services or contact us.