Why it is important to take risks when building a brandSonal Mishra
He who is not courageous enough to take risks will accomplish nothing in life.
~ Muhammad Ali
Building a successful brand is all about taking risks. But there are many who prefer taking refuge in their comfort zones, becoming highly calculating in all their moves. Giving in to inhibitions never resulted in taking a brand further. Take any name from the business world, past or present - the biggest players have always been the ones who played with fire at least once in their careers. It is, therefore, key for every company to get adventurous every once in a while and stop watching from the sidelines. This is the only way that they will discover the real potential of their brands, as well as their own potential as business owners. Here’s how taking risks helps you:
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Taking risks equips you with new skills
When you’re venturing out into unchartered waters, you will have to be more than well-prepared to face new and unexpected challenges. This means that every new challenge will push you to develop fresh skills to overcome them. You never know when such expertise will come in handy as your brand becomes bigger.
Taking risks makes you think big
Playing it safe all the time will constrict your business severely. On the other hand, risk takers tend to push boundaries and think big, which leads to growth and expansion. Staying cozy in your comfort zone is like putting a full stop to the growth of your business. The biggest brands in the world are where they are today because they had the audacity to establish new limits for themselves.
Taking risks makes you adopt the latest technology
Risk takers are always up for change, which means, in most cases, that they are also the earliest adopters of the latest technologies. This helps them stay ahead of the competition since brands that are averse to risks hang on to waning technology longer than is good for their business. In this technologically driven world, this is a crucial success factor for all companies.
Taking risks helps improve your product or service
If you’re someone who does not like taking chances, then it’s most likely that you’re satisfied with the status quo. But in business, adaptation is key to growth and success. Only those brands that are willing to put it on the line can evolve with the changing times and, hence, make sure that their products and services are up to date with the latest customer demands. You never know how good your product can be until and unless you’re ready to explore and experiment.
Taking risks enhances your creativity
Brands that actively nurture creative thinking tend to do much better than their rivals in terms of revenue growth and market share. Being a risk taker will allow you to reinforce your creativity as you take on more and more challenges and devise ways to innovate your business. Especially when it comes to marketing and design, creative skills are of the utmost importance, and setting bigger goals and higher limits will go a long way in distinguishing your brand from your competition.
Taking risks helps encounter new opportunities
There’s always more than one direction to success for your brand, and unless you decide to step up and scout for newer paths, you won't find them. Opportunities don’t come knocking at your door - it is you who have to be adventurous enough to go out there and find them. Take a risk, find new avenues and meet new people; you never know when you might stumble upon that golden moment to turn your brand into something bigger and better.
Rethinking risk to achieve better results requires understanding the core of risk-taking. If your target is to increase revenue and make your business a profit-making enterprise, sooner rather than later, it becomes imperative to understand the enterprise risk management. This approach also boosts creativity and gives you an edge over your competitors. So, what risks have you taken lately, and how have they impacted your goals? Share your experiences in the comment section below.