Today’s post is especially for those business owners who want to take their business up a level or two. It’s a tricky subject, but really important.
Have you ever noticed how EVERY genuinely great business opportunity looks like a risk?
It’s only afterwards, when the risk has paid off, that a risky decision looks like a no-brainer. How did I miss that opportunity when I saw it?, we cry. We missed it because we focused on the risk of a possible loss.
Hold that thought.
Conversely, every low return product or service, and every scam, is skilfully designed to appear highly valuable AND risk free (or very low risk). It’s little wonder the masses eagerly lap them up.
What this looks like to you and me:
- Common consumer examples include those flat stomach machines and fad diet books that make millions, even though they never work.
- The most obvious business example right now is the absolute flood of ‘digital courses’, being sold by influencers and internet marketers. Many are now selling digital courses… on how to sell digital courses. Good grief.
The challenge small business owners face is two-fold.
- Great business opportunities almost always look risky.
- Things that waste our time and money almost always look low risk.
That’s why it’s essential for us to get the balance right.
This can help you
Thankfully, our decision making leaves clues that help us identify if we need to improve things. The most obvious clue is if we find we’re dodging something we know we need to do, fearful it could go wrong, thus guaranteeing it can’t go right. Another clue is if it’s been a long time since we last made a major decision where there was risk attached. It’s also a clue if we find it a little too easy to buy products or services that promise amazing results, for very low risk, which never quite work out as promised.
It’s relatively easy to identify how good our decision making is.
The tricky part is accepting we need to improve, and then recalibrating our attitude to risk so it works for us and not against us.