As an entrepreneur or business owner, you’ll face difficult decisions. The ups and downs of business are normal and every decision you make has some sort of risk attached. Starting a business is a risk in itself, but the time and investment can be well worth it. You have to be willing to jump in and take risks for the potential to develop and grow.
However, all risks are not created equal. With a strategic plan behind your business decision-making, you can help create a better outcome. Calculated risk-taking evaluates all potential outcomes through research, rather than gambling on your future. Focus on the potential negative outcomes and come up with solutions. Ask questions like – if the deal lost money, how would we bounce back?
Whether your business is building a new product, signing a new partner contract, or pursuing a new marketing strategy, keep the steps to calculated risk-taking in mind. Not every business decision goes as planned, so be willing and flexible to pivot if needed.
The infographic from Valpak below outlines the steps to calculated risk-taking and tools to help you recognize red flags and be as prepared as possible.
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<p><strong>Please include attribution to with this graphic.</strong><br /><br /><a href=’https://www.valpak.com/advertise/blog/calculated-risks’><img src=’https://www.valpak.com/wp-content/uploads/2019/01/how-to-take-calculated-risks-768×3883.png’ alt=’calculated-risks’ 540px border=’0′ /></a></p>
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