Going into business is a calculated risk. So is moving to a new city for a new job, applying for a position outside your comfort zone, or asking for a raise you believe you deserve. When considering your future career goals and entrepreneurship, planning on taking calculated risks is critically important.

Opportunities for growth.

Canadian writer and motivational speaker Robin Sharma once said, “If you’re not failing a lot, then you’re not doing very much.”

That’s because taking risks, trying new things, and experiencing small failures, is all a part of the larger journey towards success.

Taking risks opens new opportunities for professional and personal growth. Any time we do something that puts us outside our comfort zone, we open ourselves up to acquiring new skills and valuable learning experiences, all of which increase our likelihood of future successes.

Failure isn’t failure unless you say it is.

Stimulating innovation and creativity.

Risks often involve trying new things, using new methods, considering new perspectives, and thinking outside your norm. This can lead to breakthroughs that inspire innovation and creativity. New approaches not only develop your own existing skillsets but could also lead to wins on professional projects.

Adversity is a terrible thing… to waste.

For example, trying a new method of completing a project or a new sales pitch may not only show you an alternative path forward to success, but can also offer valuable insights into what works for the future you want to build.

Increasing your professional visibility.

You’ve heard the expression, “fortune favors the bold?” Well, that’s because boldness and taking calculated risks can get you noticed, where others may fly under the radar.

Taking risks can help you get noticed by others in your industry or organization. When you take on challenging projects or roles, you increase the likelihood of gaining visibility and recognition for your work, which can lead to increased opportunities, networking, and career advancement.

Avoiding career regret.

No one likes being left with a heap of “what ifs”. We often regret the risks we didn’t take more than the ones we did. By taking calculated risks, you are giving yourself a chance to pursue your goals and aspirations, and you are less likely to wonder later in life what could have happened if you had taken that chance.

Entrepreneurship is a risk.

If you’ve ever dreamed of owning your own business, the factor stopping you from getting there might be the potential risk. Risk of failure, of losing money, of not enjoying it the way you thought; these are all variables to account for. However, to be successful, you need to take those risks.  You can’t have one without the other.

There will always be risks in your professional career – some worth taking, some not. However, the biggest folly can be to resign yourself to never taking any calculated risks. There are lots of reasons why a well-planned risk will be in your favor.