Risk Vs. Calculated Risk

I’ve been traveling a lot more the past few months than I have in probably two years and travel these days is similar to the risks we take as an entrepreneur or business owner.

Preparation.

We book our flights, we plan transportation to and from the airport, we book hotels and car rentals. And none of that is ever a guarantee. My flight a few weeks ago was canceled last minute and I had to pay a hefty expense to rebook. 

In business, we prepare in the way of budgeting, forecasting, prepping for client meetings, scheduling vacation time, etc. And again, it’s all up in the air (airplane pun!) Preparation is still vital, but in today’s world, there needs to be a Plan A, B and C for almost everything. 

Choices and Control.

In travel, we can choose the seat we get on the plane, or what airline we fly, or if we check a bag, but we can’t choose who sits next to us or if the plane will be delayed or if the Wi-Fi works or if our luggage gets lost. 

We can’t control everything. This is especially true in business. Be comfortable in what you can do. If a client reschedules or if an event you are speaking at gets cancelled or goes virtual, understand what you do and don’t have control over and let things go, do not let the little stuff become obsessive in your mind. The negative thoughts don’t do anything for you and only put you in a down spiral mindset. Take the next action step forward and move on. 

Risk vs. Calculated Risk.

In travel, we can take a rapid test before we fly, we can wear a mask, we can make a choice not to travel at all. We have to understand the level of risk and make decisions that feel the best for us. A team member of mine was telling me there was no way she was missing her best friend’s baby shower in another state, but another person told me they had no problem cancelling a family weekend, because that could be rescheduled at another time. 

In business, know your risks and if they are just plain risky or calculated risks. Can you hire a new person or people? Can you increase your business and continue to provide high quality deliverables to all your clients? Can you manage finances if you lose a big contract? Should you invest in the big software program or the PR company? There are risks to everything. It goes back to planning, gut feelings and a results-oriented focus.

Wellbeing.

Travel is exciting. It takes us to wonderful places, whether for business or pleasure, and we usually get to see people we don’t see all the time. If travel is part of your wellbeing, that might be something to take into consideration. If taking the trip is needed to reenergize or visit a family member or celebrate a friend, it’s worth it. If it will cause more anxiety and isn’t necessary, then maybe it’s not. 

In business, your wellbeing is so important. Adding in self-care sessions, gratitude practices, Friday lunch with friends, early coffee dates, etc. Just as you would book a flight, book some time for yourself. 

Remember, success doesn’t come by playing it safe. Being a business owner in 2022 is tough, but being a business owner in any year is tough, too. Having owned a business for close to 30 years, I can say there have been tough moments AND there have been many more joyful and exhilarating moments. Take care of yourself, follow your heart and be ready for anything. I’m here if you need some guidance along the way.