Always have a plan B
According to a LinkedIn Pulse article, taking risks does not mean having no strategy ready in case the risk goes wrong and you are forced to handle an emergency situation. Fortune favours the prepared: this also applies to failed risks and is even more important for managers, who are responsible for the fate of their team. It may sound contradictory, but prudence is crucial when taking risks.
Consult an expert
No one is perfect and no one can see to the bottom of every issue. When considering whether to take a risk, consult an expert in the given field. They may point out some hidden issues you have not noticed. You should always have as much information as possible before deciding whether to take a risk or not.
Trust your instincts
At the same time, you should not base decisions solely on rational facts. Nature has equipped us with various instincts which offer subconscious advice on what to do. For instance, if someone strikes you as suspicious even though everything appears to be fine, rather avoid the risk.
Learn from mistakes and failures
As mentioned above, fortune favours the prepared. And there is no better preparation than analysis of your own mistakes and failures. If something does not go as planned, use such a unique opportunity to learn and analyse in detail what to do differently next time.
-mm-