How to (Safely!) Take Risks at Work

There’s a trail of companies behind us—from Polaroid to Blockbuster to Blackberry (and countless others my kids have never heard of)—that ultimately failed because they didn't innovate.

 

Once they found their formula for success, they took their eyes off the ball. And when they weren’t looking, crafty new business models emerged, taking risks that paid off.

 

Companies need to be innovating today more than ever—in ways big and small. And innovation requires risk-taking, which means that individual people need to be taking the risks. But taking risks is scary. What if you get it wrong?

 

We all know of someone who took a big chance and had a big fall. So how do you develop the comfort and confidence to take risks without worrying you’re putting your job on the line?

 

The good news is there are ways you can manage and mitigate risk, giving your great ideas their moment in the sun without leaving you feeling that unemployment is imminent. 

1. Begin with context 

All risks are not created equal. While there are many variations out there, one of the most critical is the informed versus the uninformed risk. As you’ve likely guessed, it’s the informed variety you should strive to take.

 

What makes a risk informed is effectively doing a bit of discovery. When you take the time to really understand the context—to define an opportunity at hand—then your risk suddenly becomes a solution to a problem rather than a shiny object.

 

Years ago, my brother had aspirations of starting his own business. But talk about a risky move!

 

So, he took a job with a recruiting firm that placed technical talent within organizations. It turns out technical talent and jobs come in many shapes and sizes. And my brother quickly realized there was an opportunity to specialize in a very specific brand of technical. He pitched his boss, his boss wasn’t interested, so my brother went out on his own.

 

Ten years later, my brother is the go-to guy when it comes to the particular niche he chose.

 

By the time he started his business, it no longer felt like a risk—a thing he wanted to do. It became a solution to a problem—a thing he felt compelled to do. And the thing that moved him into the zone of confidence was context. 

 

Maybe you lead a marketing team and there’s a new campaign you’ve been wanting to launch. Or you run a retail store and you have an inventive merchandising vision. Or you manage the front desk at a medical practice, and you’d...

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