When taking a calculated risk pays off

March 22, 2011

riskGoing into any kind of business can be a risky venture. And too often it’s easy to keep doing what you’re doing without changing the status quo. But sometimes, you know the risk and take it anyway — and it pays off, big.

The Washington Post had a story over the weekend about just that — one company who could have kept on what they were doing, and probably been successful doing it. But sometimes, you have to take a risk, whether it’s investing in an up-and-coming technology, or perhaps starting a new business in what seems to be a down economy. That company, a law firm, managed to triple its size.

What made them so successful, and what can we learn from it? A few things: You have to be willing and open to change, first of all. You have to be in a position where you can take a bit of a hit, maybe before you start to make some money back, and maybe to the point where you don’t make any money at all. It also helps to be in an industry that is showing some indication of growth, change or development.

Tell us about your experiences taking a calculated risk. Did it pay off? What did you learn?

This post is brought to you by Dale Carnegie Training of Maryland and the DC Metro Area. We would love to connect with you on Facebook and Twitter.

Image courtesy of IceSabre via Flickr
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One Response to When taking a calculated risk pays off

  1. David on May 19, 2011 at 3:40 pm

    Change happens whether you want it to or not. Successful companies expect change to occur and make it part of their strategic plan.

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