Any major career move involves taking calculated risks. Whether you leave your nine to five job to pursue a passion project, take a new position in a different city, or completely switch industries, it can be scary to make a change. Luckily, there is a way to weigh all potential risks before taking the leap.
Risk-taking doesn’t have to mean making a blind decision and hoping for the best, but rather weighing the pros and cons of that outcome. A calculated risk is one where you carefully consider the risk with a plan and strategy behind it.
There are helpful steps, tools and tactics you can use to your advantage. To start, break down the end goal into small micro-goals. Write down everything that could go wrong if you move forward with the decision, whether it’s related to your business finances, relationships, self-care, or time. Schedule checkpoints for yourself as you work towards a goal to see what progress you’re making. The more you understand all potential costs to that risk, the better you can improve its outcome.
For a helpful breakdown on how to take calculated risks, view the visual from Valpak below. It cover steps to follow so you can anticipate red flags and examples of entrepreneurs who have seen success with this method.
Do you have any advice on taking calculated risks? Let us know in the comments below.