SMART RISK TAKING

Women In Business NetworkingLeadership ConferenceJune 17, 2009

Donna Childs Consultants LLC

donnachildsconsultants.com937-454-5352

SMART RISK TAKING

The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.

- Franklin D. RooseveltMay 22, 1932

SMART RISK TAKING

Business Week online survey‘Which is more important to you today:

taking risks or stability?’

54% taking risks46% stability

March 2009

SMART RISK TAKING

Types of Risk Smart: clear, calculated, planned

Rational – based on sound analysis and facts

Reckless: blind, frivolous, undisciplined Rationalize – justify the action, not based

on facts

SMART RISK TAKING

How do you judge/measure risk?1. Know what you want – describe the

change or risk you are considering taking

2. What does it take to get there – dissect what needs to happen to get there, planning

3. What is going to happen next – decide to take the risk and make it happen

SMART RISK TAKING

How to proceed with taking a risk Preparation Cliff jumping, decision to go ahead Responsible and accountable Discipline Safeguard

Jump off a cliff

SMART RISK TAKING

How to do it well1. Don’t risk everything2. Know what you want and ask for it3. Planning and execution4. Avoid unhealthy/reckless risks5. Learn from failure6. Start right away7. Don’t worry about what others think8. If there is nothing to lose, take the risk

SMART RISK TAKING

What affects your decision to act?

Attitude Expectations Limitations Circumstances Experience Confidence Money Uncontrollable factors

Imagination Knowledge External factors Fear Ego Family pressures Time No chance to

prepare

SMART RISK TAKING

What determines success or failure?1. Understanding reality in the world in which

you do business and where you are right now

2. Understanding your capacity, skills, talent, determination, problem solving ability

3. Understanding your comfort zone, are you able to deal with anxiety, uncertainty, and tension?

SMART RISK TAKING

Why should you take the risk? It’s your dream The results would pay off handsomely It’s your life, follow your passion You have a great support network

(mentors, professional advisors, family, peers)

You have nothing to lose You would regret it for the rest of your

life if you don’t take a chance

SMART RISK TAKINGIf one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours

- Henry David Thoreau

Donna Childs Consultants LLC

donnachildsconsultants.com

937-454-5352