By

Julie Watson

General Manager and Founder of Stronger Than My Excuses

Julie Watson has been a member of My Business since February 2017

Adrenaline. Adventure. Action. They all have an element of risk and they usually sit somewhere outside your comfort zone. But isn’t this where life really happens? Isn’t this where you find excitement? Isn’t this where the magic is found?

In business, it’s that decision to take a risk that makes you stand out from the crowd. Without taking action, including a level of calculated risk, there can be no growth. It’s time to bring the excitement back to your business? There is an element of courage needed, but with good research and training, there’s no reason to hold back. Yes, you need to weigh up the risks, but more often than not, you are held back by your own fears and doubts. Those fears could include:

  • missing out on time with family
  • losing money (the most common fear)
  • making mistakes or failing
  • disappointing your family
  • imposter syndrome
  • fear of taking the next step (unknown)

Here’s another question to ask yourself: what is waiting for me on the other side of that decision? Where will I be in 10 years if I do take the risk and where will I be if I don’t? The decision not to act (stagnating and living in constant regret) is often worse than the risk of taking the action. 

Determine your level of commitment

How much are you willing to do to get the outcomes you want? It’s one thing to set goals, but what actions are required to make those goals a reality. Are you willing to do those actions? Anyone can earn a million dollars in a year, but most of us are not willing to do the work or back ourselves financially. Not because we’re lazy, but because we set our priorities based on what is going on in our lives.

When you truly want the goal, you will set this as a priority. Your family and friends will need to be supportive and understanding that you are working on a project that will take a lot of your time. You’ll set your daily activities to align with your goal. You’ll truly back yourself and invest in your business or seek investors.

Life can get in the way, and when this happens you may also need to adjust. You may find yourself caring for a sick child or elderly parents. There will never be a perfect time, so you need to work around anything that ‘comes up’ and make sure you continue on your path. You might need to slow down, adjust your dates, but commit to continue moving forward no matter what. No excuses.

The Magic

To find the magic in life you will need to set goals that make you stretch yourself. It’s only when you set a goal outside your comfort zone that you will experience the real magic. Do your research and make good decisions based on your current situation. The long-term results will be worth it.

You might need to take financial risks. You may not succeed the first time and feel disappointed. You may feel like giving up on pushing your business to that next level (hiring staff, leasing premises, etc.). You may feel like an imposter if you fail. But this is where you work hard, make good, calculated decisions, commit one hundred per cent, and eventually get a dose of that adrenaline rush when your risk pays off and you reap the rewards.

The discomfort can also arise when you fear what others will think of you if you fail. If you can’t ‘walk the talk’ and end up worse off than where you started. Yes, it takes courage. This is what successful people do all the time. They take risks because they know what’s on the other side of that decision. They do not wait for perfection. They do not worry about what others think. They simply decide, take action, and move forward.

Importantly, when mistakes happen, they learn from them and continue to move towards their goals.

What am I risking?

One final question: what’s the worst that can happen if I take a risk in my business? What if the time or money I outlay has no gain, or worse, a loss? How long will it take me to get back to where I am now or to start again?

If you take a risk and don’t succeed the first time, you will usually not lose your house or even your car. You may need to find additional income and get back on track but remember, in ten years’ time you won’t be regretting never having tried. If at first, you don’t succeed, try and try again. 

For more information on the importance of risk taking, visit Stronger Than My Excuses. 

The views expressed in this article are those of the author and do not necessarily represent the views of My Business. 

Julie Watson

General Manager and Founder of Stronger Than My Excuses

Julie is a successful Central Coast businesswoman of over 35 years and author of two e-Books. She now helps people find their own inspiration through producing and hosting their own ‘Stronger Than My Excuses’ series of WebTV shows.