Why Risk It?
“Why risk it?”. This is a question that has crossed our minds more than once. It may have been uttered out of fear of embarrassing ourselves or out of worry of losing our fortunes. Whatever the reason, I’m sure we can agree that most of us are hesitant to take risks, at least until we’ve seen firsthand what they have to offer.
Taking risks result in one of two things – you either win, or you lose. Some events entail lower levels of risk and hence, higher chances of success. Others may have a higher level of associated risks. For instance, when we buy a lottery ticket, our chances of hitting the jackpot could be 1 in 14 million. Regardless, I believe taking risks is highly beneficial when it’s calculated.
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What are ‘calculated risks’?
Calculated risk refers to the chance that is taken after careful consideration of possible outcomes. It requires lots of research on the venture we’re about to undertake, the ability to anticipate mistakes and the readiness to pivot and adapt to changing situations. Above all, it requires the strength to accept any outcome, whether or not it’s in our favor. When we take action knowing that the possible gain is far higher than what will be lost should the action fail, we’re taking a calculated risk.
Why should we take calculated risks?
The saying “high risks yield high returns” is apt in every sense. Taking risks is not only a means to achieve personal and professional goals, but it also offers us opportunities to grow as individuals.
How risk-taking helps us
- It pushes us to reach outside of our comfort zones and hence, gives us the opportunity to gain new knowledge and skills.
- It leads to self-discovery. By putting ourselves in a situation we’ve never been in before, we tap into our hidden potential and discover the skills we possess.
- It boosts our level of self-confidence.
- It helps us to become more resilient. By taking risks continually, we become more accepting of failures and come to see setbacks as learning opportunities.
- It teaches us great lessons. Instead of having to learn from others, we learn from our own personal experiences which hold more value to us.
- It eliminates any future regret of missed opportunities. Whether or not our risks pay off, we can carry on knowing that we have tried our best.
- It ensures that we are actively pursuing our goals instead of waiting for opportunities to come knocking at our doors.
Homeless to Billionaire
I’ve taken many risks myself. Although I’ve faced my share of failures, I’ve also achieved successes that would not have been possible if I hadn’t taken calculated risks in the first place.
Along with risk-taking, it’s also essential that we take responsibility and actions. In my book “Homeless to Billionaire: The 18 Principles of Wealth Attraction and Creating Unlimited Opportunity”, I’ve shared my tried-and-tested risk-taking strategies. They’ve helped me to rise from a homeless person all the way to a billionaire. If I can do it, so can you!
About Andres Pira – Philanthropist, Real Estate Tycoon, Author, Speaker, and Global Citizen, Andres Pira enjoys living in Thailand where his journey began from Homeless to Billionaire.
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