When you decided to be an entrepreneur, you accepted a certain amount of implicit risk. Every new venture brings with it the possibility of failure, yet very few entrepreneurs have an effective system of risk evaluation. Instead of taking each decision one at a time, you should formulate a deliberate risk-evaluation process with an eye toward the future. With a few key principles, you can be sure to make smart moves when it comes to risk, rather blind decisions.
Sticking with the status quo is a good way to get your business to flatline, but you can’t just abandon business as usual, either. This means you need to constantly balance two competing priorities: maintaining your revenue model and driving innovation. You need to keep abreast of how your market is evolving and make informed decisions about how to grow and change based on the data available to you. You’ll be presented with many opportunities, but you must look at each one with a critical eye. Examine the risks involved first, and make a list of the possible outcomes. It can be tempting to say yes to everything, but for an entrepreneur, “No” is one of the most powerful words around!
Read the full article here: 4 Steps to Taking Calculated Risks That Move Your Business Forward