I would rather regret the things that I have done than the things that I have not.
- Lucille Ball

Over the last year, we’ve seen banks and major companies fall, stock prices plummet and retirement funds disappear overnight. Things once thought to be relatively stable have proven otherwise, and most of us have had to rethink what is safe and what is risky.

Those who have suffered a loss might especially be inclined to shy away from risk and look for safer waters, but is that really the best course of action? Let’s look at what the experts say about life and taking risks.

Taking Risks in Business

According to this article at Small Business Newz, now is the right time for entrepreneurs and owners of small businesses to take calculated risks. As author, content coordinator and staff writer for the website, Chris Crum quotes experts such as Justin Kitch of Intuit, who counsels going against conventional wisdom and remaining open to being innovative and taking risks.

Here at Infectious Greed, blogger Paul Kedrosky compares the current state of Canada’s financial system to the United States’s, noting that Canada’s relative moderation has left it in stronger standing. On the other hand, Kedrosky reminds readers that many big successes (such as Bill Gates, who dropped out of university to pursue his dream full throttle) are partially due to risk-taking. Of particular interest in this entry is a study that found that playing too conservatively actually caused some black-jack players to incur substantial losses.

Dealing with Danger

The article “Why Everyone Should Take Risks” proposes that those who don’t take risks are likely not fulfilling their dreams or living the lifestyle they desire. What can turn this around? Facing one’s fears and taking risks and learning to act despite inherent dangers. One suggestion by the author is that rather than focusing on the negative things that might happen, put your mind towards the positive. Plan for the worst, but expect the best and – very important – be sure you can live with the worst case scenario.

In “Is Living Dangerously and Risk Taking Critical to Your Happiness and Success,” Steve Olson discusses the different kinds of danger in life, and how the need for risk can manifest itself in both harmless and harmful ways.

Innovation and Taking Risks

In this video, entrepreneur Dean Kamen discusses the importance of innovation and the need to take risks and be willing to fail:

“I think our society is no longer properly valuing the intangible potential of innovation, even if we have to be a little uncomfortable with the risks associated with it and a little bit willing to fail and pick ourselves up and dust ourselves off and try again.”

He also shares the secrets for how he inspires people in his organisation to go for the big boons that necessitate taking risks.

So it seems that despite the recent climate of duck and cover, it is a wise person who continues to reach high and take the calculated risks that can bring him closer to his dreams.

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