Estimated reading time: 2 minutes, 34 seconds.
TODAY’S IDEA: Reduce the risk
— From: Habit Changers: 81 Game-Changing Mantras to Mindfully Realize Your Goals by M. J. Ryan
M. J. Ryan relates a story from Sallie Krawcheck, who is one of the most followed “Thought Leaders” on LinkedIn with over 900,000 followers and who was number seven on the Forbes list of The World’s 100 Most Powerful Women of 2005.
Included among the many hats Sallie has worn in the past, were “the daunting roles of CEO of the newly formed Smith Barney and later president of the Global Wealth and Investment Management division of Bank of America.” When she was offered those roles—which she accepted—she realized that she “was risking ‘public humiliation’ if she failed, but stood the chance of gaining tremendous influence and impact if she succeeded.”
Reduce the risk was Sallie’s mantra and strategy when facing challenges and opportunities. What this meant was “putting a strong team in place with talents and experience that complemented rather than duplicated hers.”
Reducing the risk, then, means intentionally creating an environment and putting fail-safes in place, so that you have the greatest probability of succeeding. Think about it for a moment: it makes perfect sense. Keep in mind that there are always ways in which you can reduce your risk too and change the environment to benefit you.
For example, you can save enough money to have a fall back cushion “if things don’t work out as a start-up CEO; [you can keep] ties to your old community as you move to a new, unfamiliar place; or [you can try out] a new hobby before committing totally.” Big or small, reducing the risk can take many forms, but it always works in your favor.
Now, this doesn’t mean that all risks are worth taking (here’s a great article by Bryan Tracy).You still have to analyze each one that comes your way. But by reducing the risk on those challenges or opportunities that you decide to accept, you’ll have the greatest chance to succeed!
ACTION
TODAY: Think about a challenge or opportunity that you have in front of you now. Yes, that one which you have been pondering without being able to move forward one way or another. Would you be closer to saying yes to it if you could reduce the risk and set up everything-in-your-power for you to succeed? If the answer is no, drop it (remember the easiest way to say no). But if your answer is yes, then make a list of the people, resources, things and actions that you will need to put in place and take one action today that will move you closer to achieving this.
FUTURE: Start creating the habit to look at risk differently: as something that can be reduced so as to maximize your chances for success. Next time you are looking at accepting a challenge or opportunity, create a list of the people, resources, things and actions that you will need to raise your chances of success. Then move forward to implement your fail-safes, and you’ll be on your way very soon!
Know someone who needs to reduce the risk? Please share this post with that person via email, Facebook or Twitter, thank you!