Let’s Get Risky.
By: Ben Schippers
Tags: Work Life Balance, Strategy, Career Development, Risk, Career Advice

Overcome fear of short term risk for greater potential happiness and success

Ben Schippers is HappyFunCorp’s co-founder and CEO, as well as co-founder of startups TezLab and Workstreamer.

Photo by Conor Moynihan on Unsplash.

Given our current climate, I thought it was relevant to revisit one of my favorite topics, risk. Having built a career in the startup community, I’ve had first-hand experience and witnessed many people sink or swim based on how they manage their risk, and more specifically, how they manage their risk tolerance.

It seems the vast majority of humans tend to think about risk in the very short term. Consider the following concepts: ‘if I lose my job, I’ll be doomed, therefore even though I’m not happy with my job, I’ll defer my life plan and stay.’ Or, ‘if I pursue my passion and fail, everyone will know I’m a failure, or my idea wasn’t right; therefore, I won’t take the chance.’

Short term risk is paralyzing and prevents most people from even getting started. As a result, you’re trading short term pain for much fewer gains in the long run. It seems society has taught us that short term chronic risk is worse than long term unhappiness and, at best, incremental gains.

I want to offer a different perspective a different way to think about your risk. Not just people venturing into the startup arena or entrepreneurship more broadly, but for anyone interested in breaking out of the mold and trying something new.

I can’t sit here and tell you that leaving your job where you’re potentially unhappy or uninspired, where you’re deferring your life’s passion isn’t risky–it is. With that said, some tips and tricks make managing your risk and transitioning to your business much more accessible. Do both!!

Now, I’m not advocating doing both jobs for long periods, but I am advocating keeping your day job while you test the waters on the other side makes the jump much more convenient.

Below are what I consider the most critical pieces for learning to rethink risk tolerance.

Time management

Having worked with a lot of entrepreneurs, this is likely the hardest for people but provides the most significant anxiety buster for risk. Most people don’t realize how much of their time is unfocused, and dare I say wasted. Once they do, taking on the risk because much more manageable.

Quality sleep — 7–8 hrs

Wake up 90 minutes earlier and work on the company

Make lists and more lists. Each morning, organize your list and focus on getting three items from that list completed

Focus

The very best antidote for building a more focused life is getting on a schedule. Get up early, go to bed around the same time, and limit social media whenever possible. A well-rested mind is much more capable of managing risk.

Social time is necessary, keep that going but limit unnecessary emotional energy, focus on priority, see above

Protect creative time — Turn off notifications, no social media (start with 1 hour and build to as long as you can)

Stay away from sugar in the morning

You can’t multi-task, don’t do it — seriously

Health and Wellness

Starting a business, especially if you’re still maintaining a day job is hard enough. Keeping a close eye on physical and mental health are the cliff notes to getting started on the right foot. There’s no sense of falling through the same cracks those before you did if you can avoid them. Get plenty of sleep, consider working with a coach, and fuel yourself with healthy nutrition.

Consider working with a career coach

Focus on sleep hygiene

Consider what you eat

Exercise

Expectation — embrace the chaos

As you venture into entrepreneurship, it’s essential to have a plan, but it’s equally important to embrace the chaos. In most cases, it won’t go as planned, at least initially, and you should expect that. Those that can be flexible and move forward at the same time will ultimately succeed more quickly.

Business models are entertaining and needed but famously wrong

Adaptation is a skill; you can learn to become flexible

Sit with the unknown and do your best to get comfortable

Plan for 8–10 years to build a business (They are never the overnight success you hear)

Good ideas are in abundance, but those that can execute are far and few. As you begin to organize your life and take charge, you realize that’s where risk management occurs. I’ve seen the most monumental transformations people make when they commit to adopting new lifestyle choices. Nobody said it is going to be easy, but I can assure you that if you give yourself time, you can learn new ways to manage risk and no longer defer your career goals.