Calculated risk is an essential ingredient for one’s, either personal or professional, success.
Without risk management, nothing is achievable unless you are lucky. Bear in mind that the parameter of being lucky will not last forever.
By taking calculated risk you minimize the chances of failing, at least in the long-term, thus safeguarding yourself from both mental and financial instability, and aggressive failure.
Calculated risk enables you to proact
The ability to foresee, via different techniques such as budgeting, business planning, feasibility studying, and other tools, will enable you to proact to obstacles rather than react.
Furthermore, by pro-acting you avoid the unwanted financial ”surprises” that could indeed drag you to extremely low levels, as a result losing your momentum and mental strength.
Therefore, whatever you do in life always calculate your risk and reward, perform cost and benefit analysis and be different from the crowd.
Differentiate, keep a low profile, calculate, foresee, and eliminate the unnecessary risks to make it to the top.