Embracing Risk

“Only those who will risk going too far can possibly find out how far one can go.” – T.S. Eliot

Risk isn’t just an obstacle; it’s an essential part of growth and innovation. Embracing calculated risks can be the difference between stagnation and the kind of success that defines industries.

In the late 1990s, Netflix was just a DVD rental service mailing discs to customers. However, Hastings saw an opportunity in streaming technology—an untested and risky venture at the time. Investing in this technology required significant resources and was fraught with technical and market uncertainties. Despite these challenges, his willingness to embrace risk and innovate led to Netflix becoming the streaming giant it is today, fundamentally changing how people consume media.

Taking calculated risks can open doors to new opportunities and innovations. It involves assessing the potential benefits and drawbacks carefully, and then making strategic decisions that could propel your business forward.

Action Step: Identify an area in your business where a calculated risk could lead to significant benefits. This could be launching a new product line, expanding into a new market, or adopting a novel technology. Evaluate the potential impacts, plan strategically, and take that step forward.

Remember, the goal is not to take reckless chances, but to make well-considered moves that are aligned with your business goals. These risks should be calculated and part of a broader strategy designed to elevate your business.

To learn more about how strategic risk-taking can drive success, be sure to check out our book of the week: “Be Useful” by Arnold Schwarzenegger.

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