Apple cofounder Steve Jobs was known for his risk-taking that helped lead to some of the biggest innovations of our time, including Apple’s iPhone. From dropping out of college to trek around India to launching Apple Computer Inc. with Steve Wozniak in his family’s garage, curiosity, learning, and taking risks were key traits for his success, as well as for the success of the companies he led.
Risk taking is a key element of creating a workplace environment that is primed for learning. The ability to take risks is also a factor of psychologically safe workplaces, which, a Google study found, is the single most important factor for a team’s success. When a workplace culture places a high value on just “getting the job done” and little value on the learning process, people won’t feel safe taking a risk and therefore will miss opportunities to innovate.
This may be the norm: The Workplace Accountability Study from Partners in Leadership found that when it comes to learning from success and failures, more than two-thirds of respondents said that their organizations are not doing this effectively.
On the flip side, companies such as Google encourage employees to learn by allowing them to spend 20% of their time each week learning new skills and developing their existing talents. This sets them up to stretch themselves, experiment and do different things, ultimately helping create a culture where learning is valued and it’s okay to take risks.
Reframe Mistakes
To risk means mistakes are inevitable. Learning is, after all, about being vulnerable and trying new things. That’s how we evolve and innovate, but this can’t be done successfully if there is shame and blame involved, as well as a lack of trust and positive accountability.
Rather than view mistakes as failures, leaders of all levels should encourage them to be seen as learning opportunities, as well as reflect upon what can be done better next time. Mistakes must be accounted for as part of the growth process, and trust is crucial.
Assess If A Risk Is Worth Taking
The obstacle is that brain imaging shows humans are wired to be risk averse. That may be good for survival, but it’s not great for innovation and achieving greater potential. We shy away from risks that could leave us feeling vulnerable or result in loss (whether that’s status, reputation, pride, or money).
After all, a human tendency may be to stick to the status quo. You may feel stuck, yet you tell yourself it’s better to stay put than shake things up. You may justify in your mind that things aren’t terrible right now, or that situations will improve over time. The truth may be that staying on a path that’s not working tends to only get worse, not better, the longer it goes on.
One key is to make sure you’re not making fear-based decisions. Sure, feeling afraid may be a natural part of risk taking, as humans are designed to assess both physical and emotional danger in the same limbic system part of our brain. Similarly, social threats are perceived the same way as a physical threat in the brain, sending you into fight-flight-or-freeze mode.
Mastering this may not only be good for you as an individual, but also for your company, since innovation is rooted in experimenting and risk taking. Workplace cultures who support risk takers and give them the freedom to take a chance—balanced with a mix of risk-averse people who can flag potential issues and put plans in place for setbacks—are more likely to have greater outcomes. Building a sense of adventure, creativity and freedom in the workplace is also good for engagement.
Acknowledge Your Fears
To get more comfortable with risk taking, understanding your fears is key. Fears tend to get smaller when held to the light. To risk is to get out of your comfort zone, and getting out of your comfort calls for you to see and admit what you’re afraid of.
Think about one risk you would take at work if you were not afraid. Then, try writing down your worst-case scenario and all the things you’re most afraid would happen if you take that risk.
Underneath your list of fears, play the devil’s advocate to either 1. refute why your greatest fears have a low probability of actually happening (think: ‘every single person at work will hate me’), or 2. How you would cope with the consequences should your biggest fears come true (think: ‘I’ve faced rejection in the past and made it through.’).
This exercise can help you see whether or not a risk is worth taking by allowing you to do a reality check on your fears or help you realize that you are strong enough to handle the outcome because you’ve handled setbacks before. Sometimes a perspective shift can better prepare you to take a leap.