So you are the aspiring PM and you know that everyone talks about taking some risk and you want to tread lightly about risks this year given the economy and yet you don’t know how much risk to take?
At some point or the other we all take risks. It’s risky and how much of it you can take is on you- your finance, your goals, your lifestyle.
So how much you can afford to take is something you have to decide before you go out for it.
- Consult- Make sure you talk it out with your mentor or senior friends who have been in the same place. Listen to everyone’s opinion before taking your decision. No one knows how it to be in your shoes perhaps, so the decision is all yours. Speaking with others give you alternative views that you might not have considered.
- SWOT- strength, weakness, opportunities, threats is something you should think about. Once the risk has been taken, there are rarely chances of reverting back.
- Complications- Be prepared that the risk can evolve into complicated situations. Make sure you are ready to take on whatever is thrown at you.
- Profit- Analyze the benefit of taking the risk, how much is it worth- financially or emotionally. What will you get out of it? Is it worth all the things you will have to give up?
- Happiness- This will always be important because at the end of the day you can do so much if it makes you happy. If the risk is all stress and no gain, it might not be a beneficial risk. Best risk takers analyze it all well before going for it.
- Don’t regret- if you have considered it all and taken the risk and then realize its not working out, don’t panic or get depressed. Be calm, think positively and find the best way out of the situation. Sometimes the best decisions or thoughts come in moments of stress or helplessness because you have nothing at stake.
- Remember your goal- Remember why you took the risk, what was it all for. If you know what you want, you will come up with a solution that will still lead you to your goal perhaps in a different way.
You are a Project Manager, you should be able to analyze risk, mitigate them and still happily deliver your project on time, schedule and budget. If you can do this evryday in your professional life, why not do it in personal as well. Its just another project with another name!
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