Risk taking is essential for the growth and success of any business. Without taking risks your organization can easily become outdated and left in a dwindling market.
Taking risks can lead to a number of internal conflicts and external circumstances that make it a daunting proposition. However, taking risks can lead to a more innovative business that can keep you at the forefront of your industry. So how can you increase your risk-taking, while lowering your risks?
There are four perspectives that people use to think innovatively when they want to do something new, better or different. These four Innovation Styles® can boost your risk-taking initiatives by making sure that all four perspectives are well-represented.
Those who have a preference for the Visioning style will be motivated to take risks when they can see a clear long-term future with a positive payoff. They are able to see the long term tasks, goals and measures that need to be considered to reach the optimal end result. This style of innovative thinking will help the team make sure they don’t lose sight of the long-term goal.
Those who have a preference for the Experimenting style will be motivated to take risks when they can gather lots of information, create a process and work in verifiable steps toward the end goal. They will develop an organized and effective plan for taking the risk in stages, learning from the trial and error of their processes to determine the most efficient way to be successful.
Those who have a preference for the Exploring style will be motivated to take risks when there’s an opportunity to discover something new or to go into uncharted territory. They will be the ones that stay calm under pressure because the unknown intrigues them. This style of innovative thinking will maintain an open sense of adventure and will contribute unique ways to accomplish the goal.
Those who have a preference for the Modifying style will be motivated to take risks when they can use the resources they have and build upon the systems that are already in place. They are vital to the risk taking process because they will keep their eye on what is relevant and what works. This style of innovative thinking will be consistently making improvements and looking out for issues that could hinder the success of the initiative.
Combining all four of these Innovation Styles® will result in the ultimate formula for successful risk taking! They all bring their own unique perspective in calculating the risk and each approaches the risk-taking process differently. While some will strive for relevant, short-term progress or a well-tested process, others will keep their eye on the optimum long-term goal or be on the lookout for unique opportunities. When you make sure all four styles are included in your risk-taking initiative, you can be confident that you will engage every person to bring out the best they have to offer.
Are you ready to promote the mindset and skills for more conscious risk-taking with your colleagues?
About the Authors
Debra Miller and William Miller have dedicated their careers to enabling “conscious innovation”. Debra draws from her experience as an IT executive and business coach, while William completed his tenure as Head of Innovation Management at the Stanford Research Institute. Together, they balance inner transformation with mastering new competencies for bringing out the innovative best with “every person, every job, every day.”