How taking risks leads to big rewards

Too many of us play it safe to feel in control. Somewhere along the way, we started to equate risk with danger instead of opportunity.

In the survey data, respondents’ comments indicate a high level of correlation between confidence and the willingness to take risks. Some sample responses were, “[Low confidence] often keeps me from taking risks that less able folks take,” and “As I’ve grown older I have a greater belief in myself, and that has allowed me to be more adventurous in my life.”

I have practiced risk taking throughout my career because I believe what I can contribute is important. That isn’t to say that I don’t feel nervous. I have come to accept that trying something new involves discomfort—and taking risks gets easier with practice. I also have reached out for support. My risk-taking ventures haven’t always succeeded, but enough of them did. And even when my efforts did not work out, I learned something valuable from trying.

Ruthie Davis, entrepreneur and shoe designer to the stars, is a consummate risk taker, which has certainly contributed to her success. At UGG Australia, she repositioned the iconic sheepskin boot as “fashion” and started a craze across the United States. After holding several corporate jobs, she launched her own shoe line in 2006. Ruthie attributes her success to “thinking outside of the box, writing my own rules, and being brave.”

Rosalind Hudnell, vice president of human resources, global director of communications and external relations at Intel, has taken risks since she was a young woman. She attributes this ability to the support she received from her mother and grandmother. Roz told me, “No matter what risk I took, I knew that if I really fell on my face, the worst possible thing that could happen was I’d go back home— which was a pretty cool place.” Roz has tried to pass on her risk-taking confidence to her children by letting them know that she has their backs. Her positive attitude enables her to take risks in her career because, as she describes, if “I don’t know anything about this [new project or position], I’m going to have to learn really quickly, and in any way I can.”

Why not go ahead and take a leap? Even if your efforts don’t work out as planned, the lessons learned will make you wiser. Think like Sandra Dewey, executive vice president and head of business affairs for Turner Entertainment Networks and Cartoon Network Originals. She tells herself, “I’m going to make the best choice I can and if that turns out not to be perfect, I’ll keep my eye on it, analyze it, and modify it as I go.”

Confidence spark

If you’re feeling shaky about taking an action that could prove risky, use this exercise to determine if the action is what I call a best bet, a smart risk worth taking. First, analyze the pros and cons. Say you’re offered a job working for a start-up company. How many pluses and minuses can you list? Which do you have more of? Second, consider the timing and your other priorities. Are you just starting out or have you been in the workforce for a long time? Are you single or married; do you have children? All of these factors go into determining whether taking the risk is worth it. Third and most importantly, listen to your inner voice. What is it advising? If everything points to go, then it’s time to make a move. Or maybe you find that the timing is not right. Don’t discard your plans—just put them aside for now. Reevaluate the opportunity, or another one just like it, at a later time.