Cultivating Bravery in Business as an Entrepreneur

They say that fortune favours the brave but risk can be scary. As an entrepreneur, one rarely has perfect information so most decisions involve taking risk. Product and service launches always have a risk of failing. When you make a new hire, they might not be a good fit. And yet, if you do not take risk, it's impossible to move forward or grow. How how can one make make taking risks as an entrepreneur feel less scary:  

Differentiate between smart risk and silly risk
Being courageous in your business does not mean challenging a difficult client or competitor to a dual. A smart risk pushes you slightly out of your comfort zone without pushing others out of theirs. Smart risks include asking for the sale, trying out new software, or hiring someone to help you grow your business. A manager, coach or mentor can be very helpful in encouraging you to take smart risks.

Have a strong vision of what you want
One of the only things that will pull you out of your comfort zone is that you really want whatever is on the other side of your fear. You might be terrified of public speaking, but if you want to be seen as an authority in your field, the opportunity to be the keynote speaker will help you get over your fears. Have a clear vision of what you want, write it down and tape it someplace prominent. When you start to get cold feet, remind yourself that taking a risk is worth it if it gets you what you want. 

Practice makes perfect
You can practice courage by taking small risks on a regular basis. This could mean anything from launching a new product or service to writing an article to expanding your social media presence. Take on small stretch goals and then climb, jump or borrow a ladder in order to reach them on a regular basis. You’ll get used to feeling brave.

Courage can be borrowed
In a third-century B.C. parable from Zhan Guo Ce, a fox is caught by a hungry tiger. The fox, trying to figure out a way to save himself, tells the tiger that he is the king of the beasts and should not be eaten. The tiger does not believe the much smaller animal so the fox challenges him to follow him through the forest and see how the other animals react. The two set off together and the other animals, seeing the tiger, run away in fear. The fox takes full credit for their fearful response and the tiger, believing him, spares his life. While this parable mainly seems to be about the gullibility of tigers, it also shows how we can borrow courage. Surrounding ourselves with courageous people can help us to feel bolder. We can attend entrepreneurial conferences with like-minded people, join a mastermind group or invite someone we admire for lunch. There are lots of people out there who are taking risks and doing interesting things. Spend more time with them and you will find their courage is contagious.

Practice courage in your personal life
If you are nervous about taking risks in your business because the stakes feel too high, start building those courage muscles at home. Take the microphone on karaoke night, volunteer for that school committee or sign up for zip lining. If you learn the benefit of taking calculated risks in your personal life, you’ll be more comfortable taking them in your business.

Assess the risk
Part of what makes bold actions scary is the inherent downside. Before doing something brave, it can be helpful to contemplate what might go wrong. It’s useful to look at the potential problems (what might go wrong) and the potential causes (why it might go wrong.) You can look at preventing these problems and minimizing the impact should the problem still occur. As an example, perhaps you are contemplating buying a house but are terrified it will burn down. As a way to prevent fire, you can make sure the electrical system and stove are in good working order. As a way of minimizing the damage of a fire, you can install an alarm system and sprinklers. Assessing risk can help you to be more courageous, as it's easier to take a leap of faith when you are fairly certain it won't lead to disaster.

Do something today to flex your courage muscles — it’s fun, makes your job more interesting and can serve to inspire others. Most people regret what they don't do more than what they do, so do that thing that scares you just a bit to move your business forward.