Showing posts with label risk taking. Show all posts
Showing posts with label risk taking. Show all posts

Wednesday, March 11, 2015

The Virtue of Resiliency

There is a scene in the film Batman Begins (Christopher Nolan, 2005) in which the protagonist, Bruce Wayne, tumbles into a derelict well while attempting to hide from his best friend, Rachel. As he quickly discovers, the well connects to a vast network of caliginous caverns—and the subterranean realm happens to abound with the creatures Bruce fears most. Within seconds, a torrent of bats surrounds him, and the dread of the circumstances causes him to momentarily lose consciousness.

Fortunately, Bruce’s ordeal is short-lived; after Rachel alerts Bruce’s father to his son’s misadventure, Thomas Wayne descends into the well to rescue the youngster. Then, as he carries Bruce back to safety in the Wayne mansion, Thomas poses a rhetorical question:

“Why do we fall, Bruce? So that we can learn to pick ourselves back up again.”

The scene demonstrates two valuable principles: facing one’s fears, and recovering from adversity (i.e. resiliency). In fact, those challenges frequently go hand-in-hand—in order to depart from your comfort zone and take risks, you need to be confident in your ability to recuperate after setbacks. Part of that sense of self-assurance owes to preparedness (like ensuring you have adequate resources and alternatives in case of failure), and part of it is related to psychological and emotional strength.

Here is some advice to help you bounce back from mishaps, and overcome difficulties that may arise in the future:

  When something goes wrong, try to learn from it.

You have undoubtedly heard the aphorism “Every cloud has a silver lining.” Similarly, many misfortunes entail opportunities for self-improvement, personal growth, and learning. When a particular situation in your life doesn’t turn out the way you would have liked, ask yourself how you would handle things differently if a similar experience presented itself again.

  Acknowledge your strengths and weaknesses.

No one is perfect. By pretending to be an exception to that universal rule, you will only hinder your own personal growth. Instead, be honest with yourself and authentic with the people around you. When you make a mistake, acknowledge it and try to make up for it. When you succeed, don’t be afraid to take (a reasonable amount of) pride in your accomplishments.

  Keep your problems in perspective, and be grateful for the good stuff.

We’ve all had bad days and trying experiences. But unless the earth has just been pulverized by a storm of asteroids or consumed by the sun in its fiery death throes, things could surely be worse.

One useful way to think about hard times, is to ask yourself whether the mishap of the moment will still matter in a year, or five years. For the majority of problems we face in our daily lives, the answer is no. In fact, some of today’s debacles may become tomorrow’s humorous anecdotes.

Finally, by appreciating and seeking consolation in the positive aspects of your life—including loved ones, past triumphs, and passions unrelated to your professional career—you will improve your chances of both handling adversity and bouncing back.

  Practice generosity.

Generosity and involvement in charitable causes can increase self-esteem, and provide new and valuable perspective on life. Thus, although charity is often perceived as a sacrifice made by a giver on behalf of a recipient, in reality, the benefits of beneficence can be mutual.

More generally, by helping others in their time of need, we increase the likelihood that they will be willing to do the same for us.
           
  Failure is not necessarily a step back.

Sometimes it is better to have tried and failed, than never to have tried at all. If you’ve endured a mishap, it may mean you’ve taken a risk and departed from your comfort zone—a precondition for any significant achievement.

You needn’t view occasional disappointments as the culmination of your efforts; instead, try to think of them as unfortunate but necessary steps along the path to success. If nothing else, adversity offers the opportunity to prove that you can navigate through hard times and come back stronger than before.

Wednesday, March 6, 2013

What to Know When You Apply to Work for a Startup



Working with a new startup could mean that every day is "Casual Friday" but that shouldn't be your only motivating factor for employment. In many ways, getting in on the ground floor of a new business can be an exciting and incredibly beneficial learning experience. However, before you apply for work at a startup you'll need to be aware of certain factors which could influence your decision:

Flexibility is a must.

Have you heard of the proverbial "well-oiled machine"? That's a business which is functioning at peak efficiency. If there are snafus, they are quickly dealt with by management. With a start up you might not get any of that. Even simple things like office assignments could change from day to day. When all goes according to plan things should fall into a productive routine but it might take a few months to establish order. You just have to hunker down and go with the flow. If you're someone who is easily frustrated by office upheaval than a startup might not be the right fit for you.

You're a team player now.

Every successful company is built on collaboration between employees and management. That is especially true in the initial phase of a startup business. Although you might have been hired for a particular skill set, often you'll be called upon to pitch in at other areas throughout the company. Yes, this might mean running out for the lunch orders, answering phones or unpacking office supplies in those early weeks. Establishing yourself as a strong leader and team player in the early stages of a startup will help secure your position down the line. 

Don't get comfortable with the perks.

Part of the learning curve with a startup is in understanding the right way to spend the company's money. At first the bosses might be happy to provide free lunches or happy hour drinks all picked up on the company tab. However, as business settles in, upper management will start paying closer attention to that bottom line. As a result all those perks might fade away. Enjoy them while you can and remember that's not why you joined the company.

There will always be risk.

Even if you're working with an entrepreneur with a proven track record of success there is no guarantee that success will follow them into this new venture. You need to go into a startup aware of all the risks. For every success story there are literally dozens, if not hundreds, of startup failure stories. If you're okay with accepting that risk then go for it.


Tuesday, February 26, 2013

How to Make Mistakes Intelligently


In the world of business, a mistake is usually a risk that didn't turn out so well. On the other end, if you take a risk and it pays off you'll be considered a bold visionary. A compelling argument can be made that you'll learn more from your mistakes than your successes. In entrepreneurship, making mistakes is a better way to grow than just doing things safely all the time. Here's why making mistakes can benefit your business:

Getting over the fear factor.

Starting up a new business is filled with a long list of "known unknowns." Will you turn a profit? Will you be able to expand? Will your employees embrace your leadership style? Those types of questions are important to ask from a planning perspective but they should become fear based. You're going to make mistakes. Hopefully, they won't be debilitating from your business but worrying about what could go wrong might just stop you from effectively moving forward. Let go of the fear and embrace the mistake when it happens.

We learn more from failure.

You might not remember when you took your first steps but it's a safe bet you took plenty of falls as well. Did you give up? Of course not! You figured out how to balance yourself and what coordination means. Same thing when it came to learning how to ride a bike. A mistake shouldn't be looked upon as a failure but as a lesson. What went wrong and how can you avoid that in the future? Understanding the answer to that question is going to improve your business by leaps and bounds.

Mistakes make us smarter.

You're simply going to have to learn by doing. When a mistake happens you'll be learning more about your business and probably from a different perspective. This would apply to everything from filing your tax forms to shipping orders around the world. Always think of mistakes as your "learning curve" and you can't go wrong.

Big mistakes can lead to big business.

This comes back to the issue of risk taking. If you're truly striving for a huge success in your business then you're going to have to take a huge risk. As it happens, you might also be making a huge mistake. You can't let a mistake cause you to crumble. Look at the biography of any successful entrepreneur and you're sure to find a history of "striking out" before they hit it out of the ballpark.

Mistakes make for a better manager.

We've all had those moments when we've been smarter than our bosses. When you become the boss you want to get out in front of the occasional mistakes that will be made. Don't make finding someone to blame the primary focus. You really have to figure out "why" something went wrong. Was it a breakdown in communication? Was it not having the right information? Ultimately, a business' mistake will be your own. Accept responsibility and move on. Your staff will respect you for your strong leadership.