Eat Blog Talk 625: 5 Steps to Overcome the Fear of Taking Entrepreneurial Risks (Mindset & Self-care)
In this episode, we're going to talk about how to overcome the fear of taking risks in your business so that you can thrive as an entrepreneur.
Being an entrepreneur means embracing calculated risks, even when they feel intimidating. While I naturally lean towards high-risk opportunities, I always assess the risk-reward ratio before taking the leap. Risk-taking in entrepreneurship isn't about being reckless—it's about being strategic. Truthfully, there are moments when I'm absolutely terrified of the risks required to grow as an entrepreneur. I know how overwhelming it can feel to push beyond your comfort zone. So, how do I manage it? How can you determine if a risk is worth taking? And what steps should you take after overcoming those entrepreneurial fears? Let's explore five practical strategies to help you confidently navigate risk-taking as an entrepreneur.
Action Plan:
1 - Evaluate the risk: Take the time to write down and analyze the potential risks in your business, whether financial, emotional or otherwise. This will help you gain clarity and reduce anxiety about taking the leap.
2 - Start small: Begin by taking on smaller, low-stakes risks to build your confidence. Completing these smaller challenges will show you that risks don't have to be as daunting as they may seem.
3 - Create a risk wish list: Make a list of the bigger risks you know you need to take, and revisit it regularly. This will keep your intentions clear and motivate you to follow through.
4 - Focus on the rewards: Visualize the potential benefits and opportunities that could arise from taking a particular risk. Let this positive outlook propel you forward through the initial fear.
5 - Reward your progress: Give yourself small treats and celebrations when you successfully take on a risk, no matter how big or small. This positive reinforcement will strengthen your risk-taking mindset.
Further Reading: 7 Reasons Why Risk-Taking Leads to Success (Huffington Post)
Get in touch with Megan if there is a specific mindset and self-care topic you'd like her to cover.