To succeed in business, or in anything in life, you will find yourself taking a risk or two. Often, you’ll find that the greater the risk you take, the greater the reward will be. There are lessons that can be learned from exceptional individuals such as Brandon Webb Navy SEAL. He has spoken on the importance of risk tolerance and developing it as a skill.
The term has its origins in the finance industry. It typically refers to the degree of variability an investor is capable of withstanding. This principle can be used to describe something related to most careers. Risk tolerance basically can refer to the degree of risk an individual is willing to take on in order to achieve their goals. Developing the courage to make stronger moves towards your career goals can expedite your process towards success. Try and get into the mindset of a courageous individual like Brandon Webb Navy SEAL.
In the following, five steps towards developing your risk tolerance are given.
1. Journal
Keeping a journal can really help you stay on track. It also works as a record so you can keep all your thoughts organized. You should jot down the results of specific instances when you took a risk. It’s recommended to get as detailed as possible. Keep a record of all your daily tasks that you’ve completed to help you get closer to your goals.
This is also a great way of learning from past mistakes. Writing something down has been shown to give it more power in your brain. It makes it easier to remember and make a connection with.
2. Do Something Different.
Don’t just think about taking risks, do it. If you’ve figured out that some immediate risks are vital to your success, don’t wait up.
The little risks you take daily can have a compound effect that is more effective than you might realize.
Always try to get outside of your comfort zone. Never getting too comfortable will keep you productive.
3. Goal-Setting
Always set goals. Be as specific as possible. Goals are almost useless if you don’t get detailed. You can brainstorm and mind map on steps you can take towards achieving your goals. This can help you spot potential roadblocks where you might have to take risks. Think of the path you need to take from ideation to goal completion.
Develop a methodology that works for you. Journal your results. Preparation can minimize risk. You find that as you develop your ability to prepare for risk, it becomes much easier to tolerate.
4. Figure out your level of risk tolerance.
Before developing risk tolerance as a skill, you should figure out where you stand. Knowing your current ability can aid you in mapping out a plan towards development. Spend some time considering some of your long-term career goals. Now, with those goals in mind, are there any specific anxieties that arise? You might have to go through some potentially intimidating circumstances to get what you want. The more you know about where you’re at, the better you can prepare.
You should constantly journal about your current level of risk tolerance to chart your development. Soon enough, you’ll find yourself improving.
5. Knowledge is Power.
Educating yourself on the best way to achieve success in your field can be a big help. Say you want to make your university basketball team. Using online resources can help you figure out the best training methodology for your specific position and skill level. The more knowledge you have, the more of an informed decision you can make.
Always ask questions. It never hurts.
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