There are many ingredients in the recipe for success, and one that is often misunderstood is bravery. What do you understand about how to be brave?
More specifically, do you know how to be brave in business?
Being brave as an entrepreneur and in the corporate world is not about being foolhardy and wilfully putting yourself in danger. You are not a knight doing battle with a dragon in a fantasy novel.
It is about being prepared to make rational decisions, seize opportunities, and stand by your choices. This definition may not be as dramatic as the fairy tale version, but it is much more important.
How to Be Brave
At every step in my career, bravery has played a role. I have experienced failure and success, so I can admit that being brave hasn’t always worked out. But I can also say that knowing how to be brave has been crucial to every success.
At each stage, there have been steps into the unknown, a need to have the courage of my convictions, and to take ownership of my choices. Each requires an element of bravery.
A key to business success is knowing what to do. Being able to identify when it is time to expand or consolidate, to hire or to fire, to invest or to save, is essential in running a successful enterprise.
But knowing something and doing it are not the same. Acting on your knowledge takes bravery. You need to step up and make the big decisions and live with the consequences.
Fear of Failure
It would be dishonest to claim that I have always been brave. I haven’t always known how to be brave. There were times I stepped back from making big decisions and tough choices.
I, like many, have experienced the fear of failure. What if this promising investment opportunity turns sour? What if I decide to expand and it backfires?
Fear of failure is one of the most significant limitations in achieving success. It slows or prevents the forward motion you need to reach new heights, leaving you treading water and settling for maintaining the status quo.
Being brave in business is about confronting that fear and overcoming it. Don’t concentrate on what could go wrong; focus on what could be achieved by seizing the opportunity.
But, as I mentioned earlier, this isn’t about being foolhardy. Fear can be a useful ally. It can help you to spot potential pitfalls and risks, and to address them. It becomes an enemy when your decision-making is paralysed by fear of failure.
Being brave means making choices, but not taking unreasonable risks. Assess the situation, calculate the risks, and be reasonable in your judgements. But don’t allow fear of failure to stop you making a decision.
Unreasonable Risk
It is important to repeat that taking an unreasonable risk is not being brave.
It would be wrong to invest everything you have in a project without conducting due diligence and assessing both the benefits and the risks.
Every investment comes with an element of risk, but it should be a calculated risk. Every opportunity should be analysed and understood.
Know When to Be Brave
Being brave in business means assessing your opportunities and overcoming fear of failure to make the big decisions that can lead to achieving greater success.
Integral to this is knowing when those opportunities are in front of you. It is your job, as a business owner or leader, to be observant and fully engaged in looking out for openings.
You need your eyes wide open all the time, scanning for opportunity. You may already be a brave decision taker, but that skill is wasted if you never spot the prospects.
Be Bold
When you find your opportunity, have fully assessed it, and have taken the decision to go ahead, it is time to be bold.
It’s not enough to say yes, and then sit back congratulating yourself for being brave. Once the choice is made, you must commit yourself fully to making the most of the chance and doing all you can to make it successful.
Bravery is important, but hard work, commitment, dedication, and effort remain crucial ingredients in the success recipe.
Remember How to Be Brave
Almost every entrepreneur will have a story of failure to share. Often, it will be the most rewarding anecdote you’ll hear, as it contains a lesson on what not to do.
Successful entrepreneurs are not defined by their failures, but by their ability to learn, grow, and move forward. They are taught by failure, not held back by it.
Whenever you identify a big decision or exciting opportunity, the fear of failure will raise its head. It’s at times like this that you need to remember how to be brave. See the chance, assess the risks, and be bold.
We’re human. Sometimes, despite our best efforts, things will not turn out as we hoped. Failing is not failure; never even trying is.
