Risk-taking in business is one of the most consistent traits among successful individuals. Think about it—name three people whose success you admire. Ellen DeGeneres? College dropout turned stand-up comedian—a.k.a.. risk-taker. Bill Gates? College dropout turned billionaire—a.k.a.. risk-taker. Lady Gaga? College dropout turned creative icon—a.k.a.. risk-taker.
Now, this isn’t to say that your team members should leave school. Instead, it’s to emphasize the importance of thinking beyond traditional boundaries. That’s what risk-taking is—challenging the status quo and paving new paths. Every successful company embraces innovation, and innovation begins with courage at every level.
Promote Core Values Around Risking in Business
Encourage risk-taking in business by establishing company values that support it. Use visual cues to reinforce these values—screen savers, posters, email signatures, meeting agendas, and internal documents. Make it clear that your organization supports innovation, even if not every idea hits the mark. Remember: the few successful risks will often outweigh the ones that don’t.
Cook Pressure Into Goals to Inspire Risk Taking in Business
Drive innovation by setting ambitious, stretch goals. These targets inspire employees to abandon routine methods and think creatively. Make it clear that failure won’t be punished but seen as a chance to learn. Add incentives—bonuses, recognition, or promotions—and trust that personal growth and achievement can be even more motivating than financial rewards.
Hire Employees Who Embrace Risk in Business
Your workforce is the heart of your organization. During hiring, look for candidates who embody your company’s risk-taking values. Diversity of thought is vital, but every hire should share a willingness to step outside their comfort zone. Here’s a tip: during interviews, ask, “Can we count on you 24/7?” It’s not the answer that matters—it’s whether the candidate confidently takes a stance.
Recognize Wins from Risk Taking in Business
Celebrate the wins that come from bold decisions. Just as visual reminders are helpful, so are stories of success. Recognizing risk takers publicly not only motivates others but also gives those employees a well-earned sense of achievement. Be thoughtful in how you address failures—frame them as part of the growth journey, not as setbacks.
Ready to foster bold innovation in your workplace? Visit fire.h50.us/~hrgnmpwr/dev2/ and explore our free resources designed to help leaders like you encourage risk-taking in business. Want deeper insights? Dive into our blogs for expert strategies and tune into our weekly podcasts for real-world inspiration.
Blog written by Molly Hall McGrath