DON’T TAKE RISKS WITHOUT KNOWING THESE

 

Risks are a part of life you can’t avoid, especially if you want to be successful. As a result, you have to learn the secrets of taking risks that will help you yield the best results. Jumia Travel, the leading online travel agency, shares 9 of these secrets to help you learn to take risks the right way.

Weigh the Risks and Benefits

Before taking risks, you have to ask yourself if the risk is worthwhile. You should consider and understand how much a risk taking ventures involves and its potential benefits. Always compare the possible consequences to the possible benefits of the risk to determine if the risk is worthwhile to you.

Be Realistic About What Could Go Wrong

You should remember that it is possible for your risk not to pay off and you should thus put the consequences in perspective. You should be sure you can deal with these consequences before moving forward with the risk.

Never Put Everything on the Line

This might seem counter-productive, but taking risks does not translate into recklessness. You have to be smart about it. Avoid over stretching yourself in the name of taking risks, and avoid putting all your time or cash into one venture, the odds of ruin are just too high. Always have a ‘safety net’ and a plan B for if the risk fails.

Always Have a Plan B and Even C

This can sincerely not be over-emphasized. You should always prepare for and think of a way out of or a way to deal with any negative consequence of your risks. Please do not take risks that end up leaving you trapped in unhealthy or inhumane situations. Always plan a way out or a way to deal with the consequences before-hand. It doesn’t have to be something so elaborate; it can be as simple as thinking of and having someone to go to if things go south.

risk management

Think For Yourself

You are the one taking the risk, it is therefore only appropriate that you learn to think for yourself and use your common sense to reach a conclusion before moving forward. You can listen to others advice and opinions or contributions, but ultimately the decision to take the risk should be yours and should be based on your judgement and assessment of all circumstances involved. If you feel you can’t trust your own judgement, seek the face of someone whose judgement you trust.

Take One Risk at a Time

This goes without saying. You can go ‘big’ but don’t go ‘overboard’; this should be your rule for taking risks. Taking more than one risk at time is like being a woman who decides to wear bold makeup with bold jewelry, sky-high heels and a sequined shinny dress all at once. You’re going overboard and like the woman, you’re more likely to fail in risk taking.

Know Your Limits

Before taking risks, you should adhere to some personal guidelines. You should understand how much you are willing to tolerate and what will cause you to stop or back out completely from the venture. Adhering to safety standards that are comfortable for you, is what will keep you ‘alive’ during the ‘dangerous’ and ‘uncertain’ periods of your risk taking venture.

Remember that Risk Taking is Relative

Everyone has different tolerance to risk taking; you should therefore never compare your risk taking tolerance to that of another person. You can push yourself beyond your comfort zone, but never do so beyond what you can handle if things go wrong.

Be Positive

Once you’ve judged a risk as worthwhile, have planned a reasonable way to go about the risk taking venture and have prepared the appropriate safety net, try to be positive and picture everything going well. Positive thinking will help you build the confidence you need to go through the risk.

 

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