You are facing a new job opportunity. Sure it means a lot more money and the title you always wanted, as well as being in an industry that is progressive. Plus, the new job will give you an opportunity to travel to places you’ve never seen before. However, accepting the job also means leaving the company you’ve been with your entire career. It means leaving an industry where you’ve built a network of contacts and a knowledge base. But it also means moving out of state and leaving family and friends behind.
How do you calculate the risk? What fears are holding you back from the opportunity? What if you take the new job and three months later, realize you made a mistake?
Business author Lei Wang says that like all the knowledge and skills that people learn, fear of failure is also learned. The good news is that it can be unlearned through practice. And Wang knows something about fear. She is the first Asian woman to climb the highest peak on all seven continents, including Mount Everest, and to ski to the North and South poles.
Yesterday, Promotional Consultant Today shared three of Wang’s “Risky Six”—key factors in calculating risk and overcoming fear. Today, we share three more.
1. Know Your Risk Management Capacity: When approaching a risky situation, some people—often those who have some special talents or experiences—will go all in and aim to grab the opportunity fast by taking bigger risks. Others will take time to build a more solid foundation through each step so they have more control of the risk—at the cost of slower progress.
Which style should you choose? It depends on the situation, your skill and your risk management capacity. There is no right answer for everyone or every instance.
Consider what the cost and return of taking those risks may be. Think about the alternatives you have and what the risk and return of those alternatives will be. Evaluate what losses you can afford, and consider what the temporary losses and permanent loss might mean. Ask yourself what your options are in the event of a soft loss, a hard loss or a replaceable loss. Think about how you would recover from these possible losses. Keep in mind ways you could prepare yourself for the best outcome. You have to balance your skill level and risk management ability.
2. Be A Smart Advice-Taker: It can be difficult to measure your own capability against the risk you are considering taking, because it’s hard for people to see themselves completely objectively. But there are mirrors to help you see yourself better. That mirror is the feedback from people around you, such as a mentor, your colleagues or your boss. Seeking advice is imperative before you take a risk. How do you decide which advice to heed when they conflict with each other? It is important to discern the intention behind each person’s perspective.
Some might be overprotective of you because of emotional attachment, such as friends or family; some may be driven by personal interest. Everyone has a bias; it is important to learn to recognize the value of different feedback. Do not just listen to the feedback that you want to hear. Do not brush aside opposing opinions too easily. Learn to form your own judgment based on those who give you advice.
3. Pushing Too Far Vs. Not Pushing Far Enough: The line between pushing too far and not pushing far enough is a fine line, especially when the stakes are high. In business, not pushing far enough causes mediocrity and may eventually lead to a company’s demise. Pushing too far causes burnout and unsustainable growth, or pursuing economic return without regard to the well being of the environment or community.
In order to avoid costly mistakes on either side of the line, you need to learn the skill of heeding the feedback you receive and improve your ability to make sound judgments. Through practice, you can gradually develop objective criteria before real danger arrives, and become better at calculating risks.
Even a calculated risk can prove wrong sometimes; after all, that’s what makes it a risk. However, every new experience gives you a chance to learn and grow. If you are afraid of failure and never risk anything, you will risk everything in the end.
Here’s a risk you can afford to take—read PCT again tomorrow!
Source: Lei Wang is an internationally—recognized adventurer, motivational speaker and author of After the Summit: New Rules for Reaching Your Peak Potential in Your Career and Life. The first Asian woman to complete the Explorers Grand Slam (climbing the highest peak on each continent and skiing to both poles), Wang channels her experiences to convey a message of perseverance and steadfast determination that her audiences can use at work or at home.
