If risk taking sounds risky, well, it is. Rarely does a small business grow or even survive without some element of risk in its marketing mix. This doesn’t mean you should spend all your money on every wild idea that comes to mind. But if a new idea, procedure, or product gives you a good feeling that it may be successful, you need to take the risk and put it to the test.
You certainly don’t want to put your entire business on the line for one new idea, no matter how good it sounds. But take a calculated risk to see whether your idea can be profitable and unique to your business. If you see that your chances of success are more than 50 percent, it’s time to move forward.
One of the best-known risk takers was Sam Walton. He wasn’t happy unless he had some new idea or better concept in the works at all times. I’ve listened to his audio book, Made in America, many times, and I always come away with something new to try. Most of us will never achieve his level of huge success (nor do we even want to), but how he got there is the real story.
Opening your own small business was probably the biggest risk you’ve ever taken. Risks are part of being in business, so analyze them and act according to your best judgment. Taking calculated risks can open many doors to your future growth.