the importance of taking risks essay

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The Power of Taking Risks: Benefits and Challenges

Categories: Risk Taking

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Words: 655 |

Published: Jan 29, 2024

Words: 655 | Page: 1 | 4 min read

Definition of taking risks, benefits of taking risks, challenges and drawbacks of taking risks, strategies for calculated risk-taking, examples of risk-taking in different fields.

Adams, S. (2017). The art and science of taking risks. Forbes. Retrieved from https://www.forbes.com/sites/susanadams/2017/06/27/the-art-and-science-of-taking-risks/?sh=3a60438a5d97
Gulati, R. (2018). The risks and rewards of taking risks. Harvard Business Review. Retrieved from https://hbr.org/2018/03/the-risks-and-rewards-of-taking-risks
Smith, C. (2020). What are the advantages and disadvantages of taking risks? Investopedia. Retrieved from https://www.investopedia.com/terms/r/risk-returntradeoff.asp

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How Taking Risks Can Lead You to a Better Life

Taking risks doesn’t mean succeeding every time, and that’s ok taking risks can lead to failure which in turn can help you grow as a person..

(zhukovvvlad / Shutterstock.com)

Many of life’s greatest achievements require going outside of your comfort zone. Whether it means overcoming shyness to perform onstage, investing money to help your business grow, or putting yourself out there for the chance to find love, some of life’s most rewarding experiences come as a result of taking risks. However, many of us have a difficult time dealing with the uncertainty that goes along with taking risks. A feeling of unease grows out of not knowing the outcome and the fear of potential failure. What if I embarrass myself in front of everyone? What if I lose all the money that I invested? What if I open my heart and get rejected? What if I’m not good enough? Answer that with another “what if”: what if the point of taking risks isn’t the outcome, but the process in and of itself. Through taking risks, we must confront our own fears, and sometimes that leads to failure… But what if that wasn’t such a bad thing after all?

The Key to Succeed? Learn to Fail

“The master has failed more times than the beginner has even tried.” — Stephen McCranie Many may have a negative view of failure, but actually, it can provide an essential tool for building character. Failure makes us stronger and more resilient. People who fail repeatedly develop persistence in the face of difficulties. Look at the 16th President of the United States, Abraham Lincoln, who lost eight elections, failed twice in business, and suffered a nervous breakdown all before becoming one of the greatest American presidents. Through failure, he developed the persistence necessary to later lead his country through one of its hardest periods in history. Perhaps he never could have done so without experiencing so many failures himself. What does that tell us? Taking risks doesn’t mean succeeding every time, and that’s ok! The process of taking risks may lead to failure, but even that can make us a better person by increasing the capacity to recover quickly from difficulties.

(kenary820 / Shutterstock.com)

The One Thing Risk-Takers Have in Common? Overconfidence

Failure might turn us into better people, but that doesn’t make it any less difficult to take risks. It turns out that building confidence can help in overcoming the fear of risk-taking. Entrepreneurs must go up against tremendous odds to build a successful business. That means taking big risks without knowing the outcome. What makes them do this? Confidence, and a lot of it. In a study , Ohio State University management professor Jay Barney, Ph.D., and Lowell Busenitz, Ph.D., of the University of Houston, asked 124 successful entrepreneurs and 95 top managers to answer a round of questions and rate how sure they felt about their responses. While both groups demonstrated confidence, the results proved that the entrepreneurs had an exceptionally high level of confidence.

(oneinchpunch / Shutterstock.com)

Learn to Overcome Your Fears

Luckily, confidence is a learnable skill. Erika Casriel describes in her book , Living Fully with Shyness and Social Anxiety, "The reality is that most socially confident people deliberately learn specific skills." That means, through practice, we can develop better confidence, equipping us with the right skills to take risks. Even someone as seemingly outgoing as comedian Will Ferrell once considered himself painfully shy and claims he had to work very hard to overcome his lack of confidence. To do so, he would do idiotic things in public so that people would laugh at him. He told People Magazine,” In college, I would push an overhead projector across campus with my pants just low enough to show my butt. Then my friend would incite the crowd to be like, 'Look at that idiot!' That's how I got over being shy." What does this tell us about taking risks? When we feel shy or afraid of something, we can take action to build more confidence. Instead of accepting himself as a shy person, Ferrell had the courage to overcome his fears by facing them. In doing so, he felt more confident outside of his comfort zone.

(PPstock / Shutterstock.com)

The Cycle of Success

The takeaway? Taking a risk to achieve a goal requires courage to face the fear of uncertainty. No matter the outcome, either way, we grow through the process and become more resilient and confident. Better yet, building those skills helps in taking more risks and improves the chances of achieving future goals.

(fizkes / Shutterstock.com)

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Taking Risks In Life: Why You Should + How To Do It Right

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illustration of a person walking a tightrope while holding a balancing poll

Do you ever look back at your life and wish that you had made a different decision or taken another path?

When reflecting on these times, can you remember why you chose one direction over another?

Most people will answer that they were afraid to choose the riskier option because of what could have happened if they did. As such, they chose the easier, safer, or more certain option because they knew it carried less chance of embarrassment or failure.

That said, most people end up deeply regretting the chances they didn’t take, rather than being haunted by the temporary discomfort of embarrassment or rejection. In fact, one of the top deathbed regrets that people have is that they didn’t take more risks in life.

So, what does risk-taking look like? Why is it important? And what is the best approach to taking them?

Speak to an accredited and experienced therapist to help you take more and greater risks in life if this is something you struggle to do. You may want to try speaking to one via BetterHelp.com for quality care at its most convenient.

What does it mean to take risks?

The basic definition of taking a risk is going ahead and doing something even though you know the consequences might be less than awesome. For example, asking someone out on a date is taking a risk because they might turn you down and that would hurt you emotionally.

Similarly, going skydiving is risky because your parachute might not open and you could end up splattered in a field amongst terrified and contemptuous cattle.

Some situations are riskier than others (as mentioned above) and are even labeled as such. There are also lower-risk endeavors that aren’t quite as daunting.

Low-risk financial investments, for example, are considered a sure thing. You might not get as much of a monetary return on your investment, but it’s unlikely that you’ll lose much money, if any at all. In contrast, high-risk investments often offer the possibility of a massive return… but there’s just as much of a chance that you’ll lose the shirt off your back.

Essentially, to take a risk means doing something, anything, in which the outcome is uncertain.

Why is it important to take risks?

It’s said that nothing is certain in life other than death and taxes, which means that every single thing we do requires some measure of risk.

People are very keen to “stay safe” these days, but there is no such thing as real safety. To live an authentic, fulfilled life requires one to throw themselves off proverbial cliffs on the daily and discover whether they’ll sink or soar.

Risk is something we need to do in order to experience the life we’ve been blessed with. Below are just some of the reasons why it’s so important to take risks on a regular basis.

How can you get to know who you are if you don’t try different things?

I recently came across a blog post in which someone was talking about their “safe foods.” This person wasn’t neurodivergent, nor did they suffer from any kind of food allergies. Instead, they stuck to foods they knew and were comfortable with because they were “afraid” of what other foods might taste like.

They thought that things like coffee, Thai food, and samosas smelled amazing, but they were just too damned scared to try them.

Look at some of your favorite foods and ask yourself how sad it would be if you had to go through life without ever having tried them. After all, you obviously weren’t born loving fettuccine carbonara or burritos. You had to risk a potentially unpleasant sensation in your mouth in order to determine whether they were good or not. But how sad would your life be without the amazing foods that you adore?

All of life is like this.

Every single thing you like was new to you once and, therefore, had a risk associated with trying it. You slowly become the person you were destined to be by stepping out of your comfort zone again and again.

You’ll never know unless you try.

I’ve known people who have fallen into deep pits of depression because they haven’t gotten the job they wanted, nor gotten together with a lover they were aching for, simply because they were too afraid of rejection or failure. They’ve literally spent decades lamenting “the one that got away,” except that person or job opportunity didn’t “get away,” they weren’t even attempted.

I once asked a friend of mine why he never bothered going after a girl he was completely in love with, and he told me that he wouldn’t have been able to deal with it if she had rejected him.

There have been so many situations in which people have been into each other, but since neither of them took the initiative to let the other know, those chances for connection were squandered.

Yes, it may hurt for a while if the person you desire doesn’t reciprocate that affection, but it would be so much worse to find out 40 years later that the person you loved actually felt the same but didn’t think you were interested because you didn’t take that leap of faith.

The biggest contributing factor to people not doing things is fear. In particular, it’s fear of the unknown and all the “what if” anxieties associated with it. Most people talk themselves out of doing things because they’re more hung up on the potential negative aspects than the positive ones.

Here’s an example: let’s say you really want to get into martial arts, but you have a lot of fear associated with it. Maybe you have a bit of social anxiety or you’re scared about how much it’s going to hurt when you get hit at the dojo. As a result, you’ll find reasons to talk yourself out of it.

The people there are going to be too aggro. You don’t want to have to deal with other people’s sweat, and so on. In fact, you’re better off without that mess!

In reality, this isn’t the case at all. In fact, at a good dojo, you will undoubtedly get your fair share of bumps, strikes, and the wind knocked out of you… but that’s exactly the kind of physical and emotional conditioning you’d need to fare well in a street fight.

Everything will suck at the beginning, because both your muscles and your mind will be unused to that particular kind of training and exercise. The movements will feel clunky and unfamiliar, and you may get hurt a bit before you learn how to block properly. But that’s okay. That’s what your teacher is for and that’s why you have the opportunity to practice with others.

The teacher will push you hard, but they’ll also take good care of you. The people you spar with aren’t specifically out to hurt you. They’re practicing their technique, as are you! Besides, getting hurt because you didn’t block their strikes is a great way to improve your defensive techniques, right?

You’ll develop invaluable coping mechanisms.

Have you ever wondered why certain friends of yours don’t seem to be plagued with anxiety or self-doubt? Instead, they tend to approach and deal with situations with confidence and self-assurance.

That isn’t because they’re secretly deities walking around in human costumes. Rather, it’s because they’ve exposed themselves to countless difficult situations and learned to cope with the outcomes accordingly.

I’ve seen people refuse to read books that they know they’d love just in case they see a word or phrase that “triggers” them and makes them uncomfortable. Rather than exposing themselves to it enough times that it stops bothering them, they’ll run away and hide from it, thus making themselves even more sensitive to it in the future.

Risks allow us to build up resistances and grow thicker skin. Life is going to throw difficulty at all of us, so it’s a good idea to learn how to cope.

For example, whenever someone travels, there’s a risk that their luggage will be lost. It’s frustrating when that happens, but it’s not the end of the world. You learn to pack essentials into your carry-on and make do until the airport returns the luggage to you. And if that doesn’t happen, you can pick up a few replacement items to get you through.

After you’ve learned once that you can handle such a situation, it will be less likely to cause you anxiety in the future.

You know you can handle it, so why worry?

Being expansive is far more rewarding than being contractive.

When we’re afraid or hesitant, we contract into ourselves. This is where we get the description of someone “shrinking” in fear. In contrast, when we’re courageous, we expand. We literally open our hearts and minds to the potential of greatness.

There is no life without risk.

If you use a car to go shopping for groceries this week, you risk being T-boned in an intersection by a drunk driver. Do you plan on showering sometime soon, despite the risk of slipping and breaking your neck? How about eating? With every bite, you risk choking to death or having a new allergic reaction to something.

Get the idea? Absolutely every single thing you do involves risk of some sort. There’s no avoiding it, and there’s always the possibility of failure or devastation around any corner.

Many people are wracked with anxiety about the possibility of failure, so they hold themselves back from countless things that could bring them joy or success just in case things don’t work out. They don’t want to risk embarrassment, disappointment, or potential failure.

The thing is, the only way you are guaranteed to fail is if you don’t try at all.

Besides, there’s no success without failure. When we misstep at something, we try again until we get it right, and we learn an extraordinary amount in the process. Furthermore, I don’t know about you, but I’d rather risk and fail miserably than spend forever wondering what might have been if I’d actually had the courage to try.

How to take calculated risks.

The best way to deal with risk-taking is to approach it from a methodological standpoint. Sure, we’ve all done risky things at the spur of the moment, but most risks we take in life will be calculated ones we’ve considered carefully over time.

1. Do your research.

Quite simply, understand as much about what you’re about to do as you possibly can before actually doing it. The reason for this is because the light of knowledge generally dispels the shadow of fear. When you have answers and information at your disposal, you’ll feel a lot less anxiety about potential missteps. Uncertainty can never been completely overcome, but it can be minimized.

A great example would be trying rock climbing. Throwing yourself into outdoor rock climbing without any practice would be extremely high risk; however, a lower, calculated risk would be to learn all you can before you do it.

Go to an indoor climbing gym and take lessons from professional climbers. This would include learning how to tie climbing ropes properly, how to use carabiners, what type of clothing and shoes are best to wear, and what to do if x, y, or z goes wrong so you know what to do in case of an accident or unforeseen adversity.

Build up hand, wrist, and leg strength with weights and elastic bands. Practice climbing in the beginner area, and work your way up (literally). This will take time, but give it a few months and you’ll be strong and confident enough to do an outdoor climb with the help of seasoned professionals.

You’ll have an incredible time while gaining confidence in your own abilities. In fact, that confidence will spill out into other areas of your life, so the next time you feel anxiety or trepidation about a situation, you’ll remember how you overcame your worries and managed to climb a literal mountain. If you can do that, imagine what else you can achieve!

2. Determine whether the benefits outweigh the potential downsides.

Chances are you weigh the pros and cons of various risks on the regular. For example, you know how delicious that gutbuster 3000 burrito is going to be as it tantalizes your taste buds and makes you purr in gustatory delight, but how are you going to feel in a few hours? Will that abdominal trainwreck be worth the momentary deliciousness?

Do this same pro/con weighing for every risk you’re thinking of taking. Write down all the good points that you think will be associated with this endeavor, as well as all the potential downsides that may occur.

Then, if you find that the good points outweigh the bad, consider proceeding. If, however, the “this is going to end really badly” list is several times longer than the benefits package, you may want to reconsider it.

Or, if you’re like me, you might try it anyway just to see what happens and deal with the consequences as they unfold.

3. Consider all the potential outcomes.

Whenever you’re planning something—be it a home renovation project or a trip—it’s important to try to anticipate all potential difficulties. By doing so, you can determine how to deal with these eventualities and create contingency plans for all of them.

As you can imagine, a great approach when considering doing potentially stupid things is to anticipate anything and everything that could go wrong, and then envision how you’d deal with them.

I recently watched some videos of professional snowboarders who travel the world, bravely boarding down the Rockies and lower Andes in Patagonia. These guys throw themselves down slopes that could kill them if an unexpected avalanche happened, and each one of them has suffered fractures, dislocations, and concussions. They all know that each trip could potentially be their last, but you know what? They do it all over and over again anyway.

They would rather risk getting severely hurt than give up the closest sensation to flying that they’ll ever have.

4. Do the small stuff first.

This expands upon what we said about practicing bit by bit before taking on something big. It’s swimming in the shallow end of a pool while wearing water wings instead of diving off a boat into the ocean.

Just like climbing the beginner wall at the gym, you can start with low-risk/high-return ventures that can help to build up your self-confidence.

Start lifting 10lbs and doing repeated reps at the gym instead of throwing your back out lifting 100lbs. Cook a simple breakfast dish and expand your culinary repertoire one ingredient at a time, instead of risking defeat (and a potential nervous breakdown) trying to cook an entire holiday dinner for the first time.

As you grow more confident in your abilities, you’ll naturally be able to handle larger and more demanding potentialities. Additionally—and this is massive—your self-confidence will be bolstered enough that a small setback will simply be an obstacle to overcome, rather than a crushing defeat.

5. Psych yourself up.

In addition to learning all you can about the thing that you’re getting ready to risk doing, be sure to psych yourself up for it in the most positive way possible. Create a music playlist that gets you going or maybe have a uniform of some type (like a lucky Iron Maiden T-shirt) that you can wear to put yourself in the right mindset.

Focus on bringing as much positive energy to this as possible, even if you’re trembling deep down.

Some people even find that a dose of liquid courage (like a shot of whiskey) can help to boost their confidence and courage just enough to get past their fearful hesitation.

6. Feel the fear and do it anyway.

Courage isn’t the absence of fear: it’s getting on with things even though you’re shaking in your boots. You may feel scared or anxious as you’re about to do the risky thing, but you’ll feel immensely relieved after you’ve done it.

Even if it doesn’t go the way you’ve planned, you can feel a huge amount of pride and satisfaction in the fact that you didn’t let your own worries or potential failure stop you from pursuing something (or someone) you wanted.

So, it’s not a case of learning how to be fearless , but rather forging a healthier relationship with fear.

7. If it doesn’t work out, regroup and try again.

If you don’t get the job that you really wanted, it’s okay to feel disappointed. The key is not to allow yourself to fall into a pit of despair. Instead, ask the hiring team if they could give you some insights as to why you didn’t get the position.

If they tell you about shortcomings they found (e.g., problems with your resume, certain behaviors during the interview process), then you can take steps to improve them. This way, you’ll be better prepared for the next job that you apply for.

Alternatively, if they tell you that you did everything right, but the other person was just a tiny bit more qualified, then you know there isn’t a problem with you at all; you just need a bit more experience.

Similarly, if you take a risk and ask someone out, and they tell you that they’re not interested, try not to be completely crushed by it. We all have our perceptions of what people are like, but that doesn’t mean that’s who they really are. Furthermore, we don’t know what’s going on in their heads. If someone says they’re not interested, it’s unlikely that there’s anything wrong with you personally, it’s just not a great match.

See this as a blessing rather than a defeat. You two might have gotten together and had a seriously unpleasant time, only to end things on a sour note. Instead, you’ve had practice approaching someone, and you survived them turning you down!

So now you can approach a person who’s likely better suited to you and know that if they decline as well, you’ll survive that too. Best of all, when you connect with a person who’s right for you, it’ll be that much sweeter.

See this as learning to fail with grace. Kindness, courage, composure, faith, and unrelenting will can get you through the most trying of situations. You’ll learn from each and every one of them and become a better, brighter version of yourself as a result.

How to find the courage to take your chances in life:

Taking risks can be intimidating, but it’s also immensely fulfilling. Additionally, it’s likely that you already have more courage than you give yourself credit for—it’s merely been hiding behind shields of social expectations and ingrained self-doubt.

Here are a few things you can do to help you find the courage to take your chances.

Let go of fear.

As we talked about earlier, the main thing that holds people back from living their best life is fear. It’s all in your mind, and has no real power over you unless you grant it some. When you feel fear rising up, ask yourself if you know what you’re feeling is real and true. If it isn’t, then why are you afraid of it?

Seek things out for yourself, rather than taking another person’s word for it.

How often have you heard people say that they’re afraid of doing something because someone they know had a bad experience? Quite often, things that intimidate us are terrifying until we learn the truth of them. Then, the weight of the situation dissipates like mist.

Whatever it is, look into it and get practical know-how and experience. For example, many teens are terrified by the idea of driving, but it quickly becomes second nature once they’ve been behind the wheel a few times.

Try to avoid overanalyzing .

Many people hold themselves back from doing things they really want to do because they “what if?” themselves into paralysis. Think about all the things you’ve ever experienced, and ask yourself whether any of them have ever unfolded exactly the way you dreamed of.

We can never see all ends, so it’s a good idea to flow with things rather than trying to analyze and anticipate every possibility.

Immerse yourself in media that inspires you.

Listen to music that uplifts you and makes you want to look to the sky and roar. Ignore or avoid media that fills you with anxiety or lowers your self-esteem. Furthermore, don’t waste your time getting into battles with trolls online. Refocus that energy into endeavors that inspire and energize you.

Choose inspiring heroes.

This expands upon the media exposure mentioned above. If the heroes in a film or TV series you’re watching spend the entire time awkwardly flailing, stumbling, and apologizing, then find other, better heroes!

Watch or read things where the characters are brave, resourceful, and skilled rather than bumbling, hesitant, and crippled by anxiety. More Aragorn or Katniss Everdeen, less Sheldon Cooper or Willow Rosenberg.

Be true to yourself.

We now live in an era where being strong, brave, and assertive is looked down upon, while those who are timid and apologetic are lauded as role models. You can be courteous, gentle, and kind and still be very brave and fierce.

Love and courage are expansive forces, and they are also rather contagious. When people see others standing up and fighting for what’s right and true, that inspires them to get over their own fears and do the same.

Ask yourself what kind of life you want to live.

A person who risks nothing may avoid temporary discomfort or disappointment, but they’ll be guaranteed to experience an exceptional amount of regret. They’ll simply plod safely through life without any thrills, elation, or amazing stories to tell about the time they nearly broke themselves in half doing that incredible thing that was the highlight of the decade.

What kind of a life would that be? If we don’t seize opportunities that are offered to us, we deny ourselves the chance to live fully. To do this one must take risks, upset the boat, and be prepared to argue and fight if need be in order to live authentically and to defend that which is ours.

Many people tamp down their true natures so as to fit in better with those around them, but that takes its toll. If you’ve been holding back from doing the things you really love, or being yourself around others because they find you “too intense” or “too much,” then consider changing your social circle. Having to be less than what you are to make others more comfortable wears down one’s spirit over time.

That isn’t a recommendation to immediately cast aside all your friends and family members and go cliff diving without any practice, of course. The middle road is often the best option here.

Weigh your pros and cons as mentioned, take those calculated risks, and don’t be put off if things don’t go the way you want them to. Honestly, 99 times out of 100, things unfold as they should rather than how we might want or expect them to go. Furthermore, they usually end up being far better than we expected.

I’ll tell you this right now: I’ve taken a lot (and I mean A LOT ) of risks in my life, and I wouldn’t be who or where I am now without them. Some had disastrous results, and I’d be lying if I said that I haven’t experienced more than my fair share of physical injuries as well as heartbreak. But each experience—even the awful ones—was a learning experience that I would never have had anywhere else.

Each of these experiences taught me incredible lessons, for which I couldn’t be more grateful. I have great memories and stories to tell, and I treasure the people I have in my life, all of whom I would never have known had I not thrown myself off the proverbial cliff. It all goes to show that taking risks can lead to joy and fulfilment that you never thought possible. You just have to have the courage to try.

“What if I fail?” “Oh darling, but what if you fly?”

Still not sure how to go about taking risks because some part of you is holding you back? Talking to someone can really help you to handle whatever life throws at you. It’s a great way to get your thoughts and your worries out of your head so you can work through them.

Speak to a therapist about it. Why? Because they are trained to help people in situations like yours. They can help you to identify and understand the things that hold you back so that you can become more comfortable taking a risk now and then.

BetterHelp.com is a website where you can connect with a therapist via phone, video, or instant message.

While you may try to work through this yourself, it may be a bigger issue than self-help can address. And if it is affecting your mental well-being, relationships, or life in general, it is a significant thing that needs to be resolved.

Too many people who are afraid of risk try to muddle through and do their best to overcome it, but they often never really get to grips with. If it’s at all possible in your circumstances, therapy is 100% the best way forward.

Here’s that link again if you’d like to learn more about the service BetterHelp.com provide and the process of getting started.

About The Author

Finn Robinson has spent the past few decades travelling the globe and honing his skills in bodywork, holistic health, and environmental stewardship. In his role as a personal trainer and fitness coach, he’s acted as an informal counselor to clients and friends alike, drawing upon his own life experience as well as his studies in both Eastern and Western philosophies. For him, every day is an opportunity to be of service to others in the hope of sowing seeds for a better world.

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IELTS Essay Topic: It is important for people to take risks, in both their professional lives and personal lives.

Updated on
May 22, 2023

Q- It is important for people to take risks, in both their professional lives and personal lives. Do the advantages of taking these risks outweigh the disadvantages?

Ans- The importance of risk-taking in both professional and personal aspects of life is a topic of great significance. While some argue that the benefits of taking risks outweigh the drawbacks, others highlight the potential disadvantages. This essay will examine how the benefits outweigh the drawbacks.

Taking risks offers several advantages. Firstly, it fosters personal growth and development. Stepping outside one’s comfort zone and embracing calculated risks can lead to the acquisition of new skills, increased confidence, and expanded capabilities. Secondly, risk-taking is often a catalyst for innovation and progress. Many scientific breakthroughs, technological advancements, and entrepreneurial successes have resulted from individuals and organizations daring to take risks. With embracing uncertainty, society may experience significant advancements. Lastly, taking risks allows individuals to seize opportunities that may lead to personal or professional success. By embracing uncertainty, individuals are more likely to experience new avenues of growth and achievements.

While the advantages of taking risks are compelling, it is crucial to weigh them against the potential disadvantages. One of the most significant perils is the possibility of failure and its associated consequences. Risk-taking involves a level of uncertainty, and not all risks yield positive outcomes. Failure can lead to financial loss, setbacks, and a decline in morale. Secondly, it can be accompanied by increased stress and anxiety. It thus becomes essential to learn to strike a balance between calculated risk-taking and prudent decision-making, otherwise, it could lead to disastrous consequences.

In conclusion, risk-taking plays a significant role in personal and professional lives and the benefits definitely overwhelm the drawbacks. The advantages, including personal growth, innovation, and seizing opportunities, highlight the importance of embracing uncertainty. However, the potential drawbacks, such as failure, stress, and reckless decision-making, should be taken into account. By assessing risks carefully, individuals can harness the advantages while minimizing the potential disadvantages, allowing them to navigate the path to success with confidence.

Outline statement: The importance of risk-taking in both professional and personal aspects of life is a topic of great significance.

Paraphrased statement: While some argue that the benefits of taking risks outweigh the drawbacks, others highlight the potential disadvantages.

Thesis statement: This essay will examine the advantages and disadvantages of risk-taking and provide an analysis of whether the benefits outweigh the drawbacks.

Body paragraph 1-Topic sentence: Taking risks offers several advantages.

Body paragraph 1- Supporting evidence: Firstly, it fosters personal growth and development. Stepping outside one’s comfort zone and embracing calculated risks can lead to the acquisition of new skills, increased confidence, and expanded capabilities. Secondly, risk-taking is often a catalyst for innovation and progress.

Body paragraph 1- Analysis: Many scientific breakthroughs, technological advancements, and entrepreneurial successes have resulted from individuals and organizations daring to take risks. Without embracing uncertainty, society may miss out on significant advancements. Lastly, taking risks allows individuals to seize opportunities that may lead to personal or professional success. By embracing uncertainty, individuals are more likely to experience new avenues of growth and achievements.

Body paragraph 2- Topic sentence: While the advantages of taking risks are compelling, it is crucial to weigh them against the potential disadvantages.

Body paragraph 2- Supporting evidence: One of the most significant perils is the possibility of failure and its associated consequences. Risk-taking involves a level of uncertainty, and not all risks yield positive outcomes. Failure can lead to financial loss, setbacks, and a decline in morale.

Body paragraph 2- Analysis: Secondly, it can be accompanied by increased stress and anxiety. It thus becomes essential to learn to strike a balance between calculated risk-taking and prudent decision-making, otherwise, it could lead to disastrous consequences.

Conclusion: In conclusion, risk-taking plays a significant role in personal and professional lives and the benefits definitely overwhelm the drawbacks. The advantages, including personal growth, innovation, and seizing opportunities, highlight the importance of embracing uncertainty. However, the potential drawbacks, such as failure, stress, and reckless decision-making, should be taken into account. By assessing risks carefully, individuals can harness the advantages while minimizing the potential disadvantages, allowing them to navigate the path to success with confidence.

Vocabulary

The importance of risk-taking in both professional and personal aspects of life is a topic of great significance . While some argue that the benefits of taking risks outweigh the drawbacks, others highlight the potential disadvantages. This essay will examine the advantages and disadvantages of risk-taking and provide an analysis of whether the benefits outweigh the drawbacks.

Taking risks offers several advantages. Firstly, it fosters personal growth and development. Stepping outside one’s comfort zone and embracing calculated risks can lead to the acquisition of new skills, increased confidence, and expanded capabilities. Secondly, risk-taking is often a catalyst for innovation and progress. Many scientific breakthroughs , technological advancements, and entrepreneurial successes have resulted from individuals and organizations daring to take risks. Without embracing uncertainty, society may miss out on significant advancements. Lastly, taking risks allows individuals to seize opportunities that may lead to personal or professional success. By embracing uncertainty, individuals are more likely to experience new avenues of growth and achievements.

While the advantages of taking risks are compelling , it is crucial to weigh them against the potential disadvantages. One of the most s ignificant perils is the possibility of failure and its associated consequences . Risk-taking involves a level of uncertainty , and not all risks yield positive outcomes. Failure can lead to financial loss, setbacks , and a decline in morale . Secondly, it can be accompanied by increased stress and anxiety. It thus becomes essential to learn to strike a balance between calculated risk-taking and prudent decision-making, otherwise, it could lead to disastrous consequences.

In conclusion, risk-taking plays a significant role in personal and professional lives and the benefits definitely overwhelm the drawbacks. The advantages, including personal growth, innovation, and seizing opportunities, highlight the importance of embracing uncertainty. However, the potential drawbacks , such as failure, stress, and reckless decision-making, should be taken into account. By assessing risks carefully, individuals can harness the advantages while minimizing the potential disadvantages, allowing them to navigate the path to success with confidence.

Linkers and Connectors Used in this Essay

Here are the linkers and connectors used in this essay:

In conclusion

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The impact of life experiences on risk taking

Peter ayton.

a City, University of London, Dept. of Psychology, Northampton Square, London EC1V 0HB, United Kingdom

Gennaro Bernile

b University of Miami, Herbert Business School, 5250 University Dr, Coral Gables, FL 33146, USA

Alessandro Bucciol

c University of Verona, Dept. of Economics, Via Cantarane 24, 37129 Verona, Italy

1. Introduction

Risk taking is a ubiquitous but, at the same time, controversial phenomenon in human life. In the popular mind – as The Economist noted some years ago 1 – it is associated with gamblers, skydivers, and bankers. At the same time, it is hardly deniable that risk-taking behavior plays a key role, e.g., in generating business success or failure, the amount and nature of innovation, and economic growth. The willingness to take risks affects important economic and non-economic decisions, including migration, occupational sorting, health-related behaviors, and educational choices ( Hetschko & Preuss, 2020 ), as well as being associated with the probability of being self-employed and of investing in stocks and even whole countries’ total factor productivity ( Dohmen et al., 2011 , Falk et al., 2018 , Schildberg-Horisch, 2018 ).

Research on the theme has convincingly shown that risk-taking behavior differs greatly across individuals, across countries, across domains, and over time ( Dohmen et al., 2011 , Falk et al., 2018 , Fisher and Yao, 2017 , Mata et al., 2016 ), so that understanding its determinants is one of the key challenges for current research in Economic Psychology. Age, gender, and cognitive ability turn out to be significantly associated with risk preferences in various studies, including the recent paper by Falk et al. (2018) providing global evidence on economic preferences. While we know from twin studies that a sizeable part of variation in risk taking is genetically determined ( Cesarini, Johannesson, Lichtenstein, Sandewall, & Wallace, 2010 ), an extensive and burgeoning body of research reveals that factors associated with the social environment play an extremely important role. Recent work interestingly documents that even gender differences in risk taking are malleable as they have a strong environmental component ( Liu & Zuo, 2019 ).

Whereas traditional life-cycle models in economics assume that risk preferences are time invariant, a growing body of empirical research challenges this view by showing that risk taking by the same individuals varies substantially over their life-cycle ( Defoe et al., 2015 , Mata et al., 2011 , Mata et al., 2016 ) as well as in response to major shocks ( Banks et al., 2020 , Guiso et al., 2018 , Schildberg-Horisch, 2018 ).

In the last years, a recent but fast-growing stream of research has been focusing on the effects of life experiences on risk-taking behavior, by using a variety of empirical methods. Natural disasters, wars, bereavements, recessions, and other events that become part of individual histories of those who experience them, have been shown to be associated with variation in risk taking across individuals, even several decades after their occurrence ( Bernile et al., 2017 , Bucciol and Zarri, 2015 , Guiso et al., 2018 , Malmendier and Nagel, 2011 ). This special issue includes six contributions that help to shed light on the underlying economic and psychological channels explaining the connection between life experiences and risk taking. The next section summarizes these contributions; the introduction concludes presenting avenues for future research.

2. Contributions

Two of the six contributions in this special issue ( Abatayo and Lynham, 2020 , Dalton et al., 2020 ) involved workers living in developing countries. Dalton et al. (2020) conducted a lab-in-the-field experiment with owners of small retail businesses in Vietnam and, by means of the priming methodology, estimate the causal impact of exposure to scenarios that trigger financial worries on risk taking. While, as the authors note, prior work has shown that material deprivation can affect various aspects of the decision-making process, the specific psychological channels through which major negative income shocks impact risk taking remain unclear. Their lab-in-the-field experiment run with entrepreneurs in a developing country provides evidence that is consistent with previous results from lab experiments, shedding light on the role of financial worries in mediating the effect of material deprivation on risk taking. In particular, their findings indicate that, in line with recent lab-based work on risk taking under stress, small-scale entrepreneurs exogenously exposed to financial worries report higher levels of stress and are less risk averse than those assigned to a placebo treatment. The documented effect is stronger for smaller shops and for entrepreneurs who are less exposed to large income shocks in their everyday business. Abatayo and Lynham (2020) conducted an artefactual field experiment with fishers on a remote island in the Philippines and examine the impact of Typhoon Bopha on individual preferences. The typhoon destroyed coral reefs and reduced populations of fish, weakening food security. Comparing individuals from communities that were directly hit by the typhoon with those that were not, they show that those affected by the typhoon are less risk averse . Next, they provide clear evidence that females affected by the typhoon are more risk-loving than females unaffected by the typhoon.

The other four papers exploit longitudinal household survey data from European countries. Two studies rely on the Socio-Economic Panel (SOEP), representative of the German population, which provides a behaviorally validated self-assessed measure of risk attitude ( Görlitz and Tamm, 2020 , Hetschko and Preuss, 2020 ). The paper by Hetschko and Preuss (2020) shows that risk aversion increases after passing through a relevant personal experience such as losing work. Relying on data that, unlike prior studies, include exogenously triggered job losses due to plant closure, the authors investigate the causal link between job loss and willingness to take risks and shed light on the mechanisms driving this relationship. Their results suggest that while neither immediate income loss nor other non-monetary mechanisms (such as changes of emotional states or parallel life events) seem to mediate the detected effect, risk aversion turns out to be sensitive to lower future income expectations (also on the eve of job loss) and higher uncertainty about future incomes. Next, the paper documents that individuals gradually return to their initial level of risk aversion, as they regain employment stability. In their work, Görlitz and Tamm (2020) examine how risk attitudes change when individuals experience the major life event of becoming a parent. They find that risk aversion significantly increases for both mothers and fathers around the time of first childbirth. This increase already starts manifesting itself as early as two years before they become parents, it is largest shortly after childbirth and disappears after several years. The study also documents that risky labor market behavior remains unaffected by parenthood, suggesting that the detected changes in risk attitudes do not spill over to less risky behavior of parents.

The remaining two papers ( Banks et al., 2020 , Bellucci et al., 2020 ) use data from the Survey on Health, Ageing and Retirement (SHARE), which is representative of the population aged 50 and over in several European countries. In both cases, the focus is on financial risk attitude. The study by Banks et al. (2020) shows that considering major life events is important with regard to an independently relevant research question such as the relationship between risk attitude and ageing. Prior research detected a clear pattern over the life cycle, showing that older individuals are less willing to take risks in different domains ( Dohmen et al., 2011 , Falk et al., 2018 , Mata et al., 2016 ). The authors offer evidence that in all countries older individuals report lower willingness to take financial risks and that health changes and other life events (such as retirement, widowhood and marital change) play a key role in accounting for the relationship between risk attitude and age in the financial domain. Therefore, as the authors note in their conclusions, their findings regarding the interplays between ageing, risk taking and health shocks have relevant policy implications: since the increase in life expectancy we observe in developed countries occurs together with a greater incidence of health problems, policy makers should pay attention to the fact that average risk aversion is likely to increase among influential segments of the population and that, in turn, this will likely increase pressure towards policies aimed at providing new and stronger forms of social protection. Based on the same data merged with data on conflict events, the study by Bellucci et al. (2020) offers evidence that exposure to World War 2 during childhood is negatively associated with financial risk taking, measured as the holding of risky financial assets, and positively linked to the probability of having life insurance in later life. The authors show that high and low intensity of war exposure have comparable long-term effects. The paper also indicates that living through the experience of war in childhood increases sensitivity to financial uncertainty. Enhanced uncertainty appears to be the most likely mechanism underlying the association between war exposure and financial risk taking.

3. Concluding remarks

The six papers included in this special issue consider a variety of risk taking domains (general or financial), types of life event (exposure to natural disasters or world war, financial hardship, health shocks or changes in family size) and target population (individuals from representative samples in developed countries or specific types of workers in developing ones). From a technical point of view, the six papers show a variety of data types (from experiments or surveys) and elicitation mechanisms of risk taking (incentive-based, self-assessed, or revealed from observed behavior). The heterogeneity in the methodology we observe in this issue originates from the relative novelty of the research field connecting risk taking and life events, as well as the well-known evidence that risk taking changes by domain, country, and other characteristics (e.g., Dohmen et al., 2011 , Falk et al., 2018 ). In line with prior related work, although there is general evidence of relevant connections between risk taking and life events, the direction of this relationship changes depending on the specific analysis. In particular, the papers included in this special issue indicate that, in the developing countries under study, risk taking increases with negative income shocks ( Dalton et al., 2020 ) and natural disasters with severe economic consequences ( Abatayo & Lynham, 2020 ), whereas, in the developed countries considered by the remaining four studies, it falls with unemployment spells ( Hetschko & Preuss, 2020 ), exposure to war ( Bellucci et al., 2020 ), parenthood ( Görlitz & Tamm, 2020 ), and health shocks ( Banks et al., 2020 ). The works examining the long-term effect of life events ( Görlitz and Tamm, 2020 , Hetschko and Preuss, 2020 ) suggest that changes in risk taking are not permanent, and they disappear as uncertainty vanishes or individuals adapt themselves to the new scenario. However, life events occurred during childhood may still have consequences throughout the lifespan ( Bellucci et al., 2020 ).

We believe that this special issue of the Journal of Economic Psychology provides us with novel and relevant insights on the impact of life experiences on risk taking, that stimulate new relevant research questions. In future research on the theme, it will be key to accurately identify the mechanisms that drive changes in risk taking resulting from life experiences. In line with recent work, the papers published in this issue show that the effects of negative shocks can change risk taking in different directions, but presently our ability to predict which effects should be anticipated under particular circumstances is limited. Even when experience shifts risk taking in one direction, a number of candidate mechanisms can be identified. For example, some increases in risky behavior as a result of negative shocks may reflect people trying to recover losses (as suggested by Abatayo & Lynham, 2020 ) – just as gamblers vary their risk taking in the immediate wake of wins and losses (e.g. Xu & Harvey, 2014 ). However, information about others’ experienced losses can also increase risk taking in the absence of any personal losses ( Newell, Rakow, Yechiam, & Sambur, 2016 ). Some mechanisms may explain what are otherwise counterintuitive effects – for example work on reactions to the effects of positive shocks in lottery winners has shown that those who win more on the lottery smoke more and engage in more social drinking ( Apouey & Clark, 2015 ), but this increase in indubitably risky behaviors is plausibly due to relaxed liquidity constraints rather than a change in risk attitudes per se.

One promising avenue of psychological research is work on decisions from experience . While many psychological studies of human decisions have relied on the convenient method of describing risky situations, studies on decisions from experience indicate that learning about risks through direct experience of choice outcomes in particular environments prompts quite different decisions to those arising from learning about the same findings from description ( Barron & Erev, 2003 ). Kahneman and Tversky (1979) noted that, when making description-based decisions, people behave ‘as if’ they over weight small probabilities; however, with decisions based on experience, rare events tend to have less impact than their objective likelihood of occurrence would warrant ( Hertwig, Barron, Weber, & Erev, 2004 ). A number of psychological mechanisms have been identified to account for this ( Hertwig & Erev, 2009 ) which a recent meta-analytic review has summarized evidence for – the largest of which was reliance on small samples of experience and the associated sampling error ( Wulff, Mergenthaler-Canseco, & Hertwig, 2018 ). For improbable events, the chances are that most people mostly experience their non-occurrence, thereby generating less concern than these risks deserve ( Newell et al., 2016 ). Nonetheless the difference between decisions from description and experience persists when sampling error is basically eliminated (e.g. Barron and Ursino, 2013 , Camilleri and Newell, 2011 ) indicating other determinants. Di Guida, Erev, and Marchiori (2015) have shown that, although decisions from experience result in underweighting of rare events across cultures, the impact of limiting feedback to outcomes resulting from chosen (and not foregone) options has predictable culturally specific influence on risk aversion: with this experience east Asians exhibit less risk aversion than people from western culture. At the time of writing decisions from experience research, implying that innocuous experience during the COVID-19 pandemic will lower risk perceptions thereby increasing risky behaviours to the detriment of all, has entered public discourse. 2 There is also widespread concern and speculation about the psychological and economic impacts of the “lockdown” adopted in many countries in response to the pandemic.

Experiences vary in an enormous number of ways – not just in terms of their valence and intensity – but qualitatively in ways that may alter how people think and feel about their future. For example, the choice to purchase a convertible or a four-wheel-drive is apparently highly dependent on the weather at the time of purchase in a way that is inconsistent with classical utility theory ( Busse, Pope, Pope, & Silva-Risso, 2015 ). Psychological ideas about human cognition and emotion – including such things as the characteristic constraints of the human imagination – as well as an appreciation of the sometimes subtle and often complex influence of economic factors, will both be needed to fully analyze the impact of life experiences on risk taking.

1 “Risk Off. Why Some People Are More Cautious with their Finances than Others”, The Economist, Jan 25th, 2014.

2 “Complacency, Not Panic, Is The Real Danger”, The New York Times, Mar 19th, 2020.

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Personality Development

Why Risk Taking Is Important to Be Successful

The role of risk-taking in human life, the influence of risk-taking in success and much more.

“Don’t be too timid and squeamish about your actions. All life is an experiment. The more experiments you make the better.” ― Ralph Waldo Emerson

When was the last time you went outside your comfort zone? Sure, it must have been uncomfortable but was it not profitable? Irrespective of if you succeeded or failed, you did end up learning something. It could have been anything from performing onstage or investing in penny stocks, but you did get rewards for taking those risks.

While some students are innately risk-averse, others recklessly seek out risk. In general perception, the first group is considered to be wise while the latter seems to be branded as the wild one.

The first group comprises the ones who stick to one job, one spouse, and invest in the low margin but safe stock options. Meanwhile, the latter one reaches the summit of Mt Everest or circum-navigates the world. They are the kind that may have left seeking India and reached America, but their guts got them success either way. They may look reckless but there is always a method behind the madness.

Yes, there are instances when students don’t like to take chances, but this is the only way we can grow and develop. The very thought of speaking to a stranger on the bus seems terrifying, but such a stranger might even end up casting you in his movie. Risk gives us two things, success or failure and a lesson on the house.

We do not anticipate the likelihood of being the sole survivor of a plane crash but when in such a scenario, taking risks is the only thing that will keep us alive. To build a shelter, gather dry wood for a fire, or even look for water to drink, students will have to take risks. However, if we were to sit doing nothing, come night, we will have nothing to keep us alive.

That example probably is kind of extreme but whether you like to take a risk or not, life will take the risk of making you take decisions that incidentally, are a risk. To remain within one’s comfort zone may seem happy and safe, but have we lived our lives if we were to remain within the four walls of a room?

Some of the students may find it challenging to handle the risk-taking-related uncertainty. Knowing that there is a possibility of failure can push us under the cloud of fear. This is the cloud that pours down “what ifs?”

However, taking risks is not as much about the outcome as it is about facing our fear. We take risks to face our fears and we fail to learn lessons. Soon “what If?” with a negative perspective becomes a “What If? “with positive opportunities. Failure is not the opposite of success but rather the path towards success . A person had to lose elections 8 times, fail twice in business, and suffer a nervous breakdown before becoming one of the greatest American presidents. Well, that was the story of the 16th President of the United States, Abraham Lincoln.

However, one cannot simply jump off a cliff to become a risk-taker. You need to have some fundamentals before you take the jump. It must be noted that leaders play not-to-lose rather than playing to win. Taking risks boosts our confidence, self-esteem as well as life experience. Here are some simple ways you can take risks in a student’s life.

Safe Ways to Take Risks in Your Life

1. risk being honest.

Try being honest with yourself and others. Dishonesty is a delay of the truth with bad repercussions. And no one likes a liar. So, you could stop saying things you don’t mean, saying YES when you want to say NO, lying to yourself, or living a lie.

2. Spend on Something Impulsive

Take a risk and spend, say a thousand bucks buying something out of sheer impulse. It might seem childish but that purchase is also you giving yourself a treat. Meanwhile, if you don’t have the required funds, the risk has already made you save up for it.

3. Speak to A Stranger

Yes, parents say don’t speak to a stranger, but try it. Talking to a stranger is a tough challenge, but who knows, the stranger might surprise you. In any case, speaking to a stranger now will probably not put you in a quandary when trying to find an address in a new location.

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Essay on Taking Risks In Life

Students are often asked to write an essay on Taking Risks In Life in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Taking Risks In Life

What is risk-taking.

Risk-taking is a part of life. It involves doing something that is uncertain or has a chance of leading to a negative outcome. Taking risks can be scary, but it can also lead to great rewards.

Why Take Risks?

There are many reasons why people take risks. Sometimes, we take risks to achieve something that we want, such as a new job or a better education. Other times, we take risks to avoid something that we don’t want, such as a bad grade or a broken relationship.

Benefits of Risk-Taking

Taking risks can have many benefits. It can help us to learn new things, grow as people, and achieve our goals. Taking risks can also make life more exciting and adventurous.

Risks of Risk-Taking

Of course, taking risks also has some risks. We might not achieve what we want, or we might even experience negative consequences. However, the potential rewards of risk-taking often outweigh the risks.

How to Take Risks Safely

If you’re thinking about taking a risk, there are a few things you can do to make sure you do it as safely as possible. First, you should learn as much as you can about the risk you’re taking. Second, you should make a plan for how you’re going to deal with any negative outcomes. Finally, you should take small steps and gradually increase the level of risk you’re taking.

250 Words Essay on Taking Risks In Life

Taking risks in life.

Taking risks is a part of life. There are few things worth doing that don’t involve some risk. Also, the bigger the risk, the bigger the potential reward. It’s important to weigh the pros and cons of any risk before you take it. As there are times when it’s better to play it safe.

Calculated Risks vs Uncalculated Risks

Risk can be calculated or uncalculated. Calculated risks are those where you take the time to assess the situation and make an informed decision. Uncalculated risks are those where you jump in without thinking. In general, it is wise to take calculated risks rather than uncalculated risks. Of course, there are some cases where it is necessary to take uncalculated risks, but these should be the exception rather than the rule.

Always Have a Backup Plan

You should always have a backup plan in place before you take a risk. This means having a plan for what you will do if things don’t go as planned. Having a backup plan will help you to feel more confident about taking risks, knowing that you have a safety net to fall back on.

Learn from Your Mistakes

It is important to learn from your mistakes when you take risks. This means taking the time to reflect on what went wrong and how you can avoid making the same mistake in the future. Learning from your mistakes will help you to become a more effective risk-taker.

Don’t Be Afraid to Fail

Taking risks means that you are going to fail sometimes. This is a natural part of the process. Don’t be afraid to fail. Instead, learn from your failures and move on.

Taking risks is an important part of life. It can lead to great rewards, but it also carries the potential for failure. By weighing the pros and cons of any risk before you take it, having a backup plan in place, learning from your mistakes, and not being afraid to fail, you can increase your chances of success.

500 Words Essay on Taking Risks In Life

Why should you take risks in life.

Taking risks is a part of life. It involves stepping outside of your comfort zone and trying something new. While it can be scary, taking calculated risks can lead to big rewards, such as personal growth, new experiences, and increased self-confidence. It can also help you to overcome your fears and develop resilience.

How to Take Calculated Risks

Taking risks doesn’t mean making impulsive decisions or acting recklessly. Instead, it means carefully weighing the potential pros and cons of a situation and making an informed decision about whether or not to take the risk. Here are a few tips for taking calculated risks:

Start small: Don’t try to take a huge risk all at once. Start by taking small, manageable risks that you’re more likely to succeed at. As you gain confidence, you can gradually increase the size of the risks you take.
Be informed: Before you take a risk, make sure you have all the information you need to make a sound decision. This means doing your research and talking to people who have experience in the area you’re considering.
Trust your gut: Sometimes, you just have to trust your gut instinct and go for it. If something feels right, even if it’s a little bit scary, it’s probably worth taking the risk.

Benefits of Taking Risks

Taking risks can have a number of benefits, including:

Personal growth: When you take risks, you learn and grow as a person. You develop new skills, overcome challenges, and build confidence.
New experiences: Taking risks can lead to new and exciting experiences. You might travel to new places, meet new people, or try new things.
Increased self-confidence: When you successfully take a risk, you feel a sense of accomplishment. This can boost your self-confidence and make you more likely to take risks in the future.
Resilience: Taking risks can help you to develop resilience. When you face challenges and setbacks, you learn how to bounce back and keep going.

Taking risks is a part of life. It can be scary, but it’s also essential for personal growth and success. By taking calculated risks, you can open yourself up to new experiences, learn and grow as a person, and build confidence. So don’t be afraid to step outside of your comfort zone and take a risk every now and then.

That’s it! I hope the essay helped you.

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It Is Important For People To Take Risks Both In Their Professional Lives And Their Personal Lives – IELTS Writing Task 2

Updated On Feb 21, 2024

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It Is Important For People To Take Risks Both In Their Professional Lives And Their Personal Lives – IELTS Writing Task 2

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Table of Contents [ Show ]

Structure Breakdown
Band 7 Sample Answer
Band 8 Sample Answer
Band 9 Sample Answer
Connectors Used in the Sample Answers

IELTS Writing Task 2 requires test-takers to compose a coherent essay in response to a given prompt. In Advantages-Disadvantages essays, candidates express their stance on a statement and support it with relevant arguments. Graded on a scale of 1 to 9, achieving a Band 7, 8, or 9, indicates varying levels of proficiency.

In this IELTS Writing Task 2 Advantages-Disadvantages essay, we will challenge the notion that ‘It Is Important For People To Take Risks Both In Their Professional Lives And Their Personal Lives.’ We will look into the history of the objects, exploring multifaceted perspectives, and real-world examples.

Structural Breakdown

Type: Advantage/Disadvantage Essay

Know How To Write With These 9 Expert Tips to Score a Band 8+ Now! ‘It Is Important For People To Take Risks, Both In Their Professional Lives And Their Personal Lives’ IELTS Writing Task 2 Answer!

9 Tips for IELTS 2023 Writing Task 2 (Target BAND 8+)

Band 7 Sample Answer For IELTS Writing Task 2 – ‘It Is Important For People To Take Risks Both In Their Professional Lives And Their Personal Lives’

Taking risks is an integral part of personal and professional growth. While there are inherent disadvantages associated with risks, the advantages often outweigh them. In the professional sphere, individuals who embrace risks are more likely to achieve significant success. For instance, entrepreneurs who take calculated risks are often rewarded with business prosperity. Similarly, employees who take on challenging projects may face temporary setbacks but stand a chance to gain recognition and career advancement in the long run.

In personal lives, risk-taking leads to enhanced experiences and personal development. People who step out of their comfort zones and take risks in relationships or trying new activities often find themselves enriched with new perspectives and skills. Traveling to unfamiliar places, for example, may involve risks, but the rewards in terms of cultural exposure and personal growth can be immeasurable.

However, it’s crucial to acknowledge the potential disadvantages of taking risks. In business, a risky venture can result in financial loss, and in personal relationships, it might lead to emotional setbacks. Striking the right balance between calculated risk and caution is key.

In conclusion, while there are downsides to taking risks, the potential rewards, both professionally and personally, are substantial. Individuals who navigate risks thoughtfully and learn from their experiences are more likely to find success and fulfillment in various aspects of life.

Band 7 Vocabulary

Meaning: Necessary for completeness or essential.

Example: Integrity is integral to building trust in any relationship.

Meaning: The state of being successful or flourishing.

Example: The economic prosperity of a nation depends on various factors.

Meaning: Obstacles or reversals in progress.

Example: Despite facing setbacks, she remained determined to achieve her goals.

Meaning: Improved or enhanced in quality.

Example: Reading diverse genres can lead to an enriched understanding of different cultures.

Immeasurable

Meaning: Too great to measure; beyond calculation.

Example: The impact of a teacher’s guidance on a student’s life is often immeasurable.

Meaning: Extremely important or necessary.

Example: Proper communication is crucial for successful team collaboration.

Meaning: To find a way through or across.

Example: Leaders must navigate complex challenges to steer their organizations to success.

Meaning: Disadvantages or negative aspects.

Example: It’s essential to consider the downsides before making a significant decision.

Fulfillment

Meaning: A sense of satisfaction or accomplishment.

Example: Pursuing one’s passion often leads to a deeper sense of fulfillment.

Thoughtfully

Meaning: In a carefully considered manner.

Example: She approached the problem thoughtfully, considering all possible solutions.

Band 8 Sample Answer For IELTS Writing Task 2 – ‘It Is Important For People To Take Risks Both In Their Professional Lives And Their Personal Lives’

The notion that taking risks is a pivotal factor in personal and professional development is underscored by the manifold advantages it offers. In the professional realm, risk-taking often translates into innovation and breakthroughs. Visionary leaders and pioneering entrepreneurs who dare to take risks propel their organizations to new heights. For instance, companies that invest in research and development, despite potential initial losses, often emerge as industry leaders, creating a ripple effect of progress.

On a personal level, embracing risks fosters resilience and adaptability. Individuals who face and overcome challenges are better equipped to handle unforeseen circumstances. This resilience becomes a crucial asset, especially in today’s dynamic world where change is constant. Furthermore, risk-taking is a catalyst for personal discovery. Trying out new hobbies, pursuing unconventional career paths, or initiating difficult conversations can lead to self-awareness and a deeper understanding of one’s capabilities.

Despite the undeniable advantages, it is imperative to recognize the potential downsides associated with risk-taking. In professional settings, a poorly calculated risk can result in financial turmoil for an organization. On a personal level, the emotional toll of a failed venture or a shattered relationship can be substantial. Striking a balance between audacity and prudence is essential to mitigate these potential drawbacks.

In conclusion, the benefits of taking risks, both in professional and personal spheres, are substantial. The courage to step into the unknown fosters growth, innovation, and resilience. However, it is essential to approach risk with a discerning eye, weighing the potential gains against the possible pitfalls.

Band 8 Vocabulary

Meaning: Of crucial importance.

Example: Effective communication is pivotal in building strong interpersonal relationships.

Meaning: Many and various.

Example: The project had manifold benefits, ranging from increased efficiency to cost savings.

Meaning: Thinking about or planning the future with great imagination.

Example: A visionary leader inspires others with a compelling vision for the future.

Meaning: To drive, push, or cause to move in a particular direction.

Example: Innovation and creativity often propel companies to stand out in the competitive market.

Ripple Effect

Meaning: A situation where an action or decision has a widespread impact.

Example: Investing in education has a positive ripple effect on society, leading to overall development.

Meaning: The ability to recover from difficulties or setbacks.

Example: Building resilience is crucial in navigating the challenges of a rapidly changing world.

Adaptability

Meaning: The quality of being able to adjust to new conditions.

Example: The success of a business often depends on its adaptability to market trends.

Meaning: Not anticipated or expected.

Example: Unforeseen challenges can test an individual’s ability to think on their feet.

Meaning: Something that precipitates a change or reaction.

Example: Education acts as a catalyst for societal progress and development.

Meaning: Showing good judgment or insight.

Example: A discerning leader can make well-informed decisions in complex situations.

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Band 9 Sample Answer For IELTS Writing Task 2 – ‘It Is Important For People To Take Risks, Both In Their Professional Lives And Their Personal Lives’

Undoubtedly, the advantages of embracing risks in both professional and personal spheres are profound and transformative. In the professional domain, risk-taking is the cornerstone of innovation, driving industries forward and fostering economic growth. Visionary leaders not only recognize the importance of taking risks but also understand that the absence of risk equates to stagnation. For instance, Silicon Valley, a global hub of technological innovation, thrives on the ethos of risk-taking, where groundbreaking ideas and ventures often emerge from calculated risks.

Moreover, the benefits extend beyond immediate success. Individuals who consistently take risks develop a mindset that embraces challenges and values continuous learning. This mindset, often characterized by resilience and adaptability, is a distinguishing factor in high-achieving professionals. It enables them not only to navigate uncertainties but also to thrive in dynamic and competitive environments.

On a personal level, risk-taking is the crucible of self-discovery and personal growth. Those who venture into uncharted territories, whether in relationships or personal pursuits, unearth hidden facets of their character. This exploration leads to a profound understanding of oneself, fostering personal development and a richer, more nuanced worldview.

However, it is crucial to acknowledge the potential downsides of risk-taking. A myopic approach, where risks are taken without due consideration, can lead to catastrophic consequences. Financial ruin, emotional distress, and damaged relationships are all possible outcomes of irresponsible risk-taking. Therefore, it is imperative for individuals to develop a discerning judgment, carefully evaluating risks and making informed decisions.

In conclusion, the advantages of taking risks are not merely about achieving success; they are about cultivating a mindset that propels both individuals and societies forward. While the potential pitfalls are real, they should not deter one from embracing risks responsibly. Ultimately, it is through calculated risks that true innovation, growth, and personal fulfillment are realized.

Band 9 Vocabulary

Meaning: Having deep meaning or significance.

Example: The philosopher’s insights were profound, challenging traditional perspectives.

Transformative

Meaning: Producing a marked change in form, nature, or character.

Example: Education has the transformative power to uplift entire communities.

Cornerstone:

Meaning: An essential or fundamental part.

Example: Trust is the cornerstone of any healthy and enduring relationship.

Meaning: The characteristic spirit or culture of a community.

Example: The company’s ethos of innovation drives its success in the tech industry.

Groundbreaking

Meaning: Marking the beginning of a new trend or way of thinking.

Example: The scientist’s groundbreaking research revolutionized the field of medicine.

Characterized

Meaning: Described or identified as.

Example: The city is characterized by its diverse architecture and cultural influences.

Distinguishing

Meaning: Making someone or something easily recognizable or notable.

Example: His leadership style had distinguishing features that set him apart from others.

Meaning: A place or situation in which different elements interact to produce something new.

Example: The intense training program was the crucible of the team’s success.

Meaning: To discover or bring to light.

Example: The archaeologists unearthed ancient artifacts that provided insights into the past.

Meaning: Lacking foresight or narrow-minded.

Example: A myopic focus on short-term profits can compromise long-term sustainability.

Connectors That’ll Improve Your Writing Task 2 Score For The Topic ‘It Is Important For People To Take Risks, Both In Their Professional Lives And Their Personal Lives’

Connectors play a crucial role in linking ideas and creating a smooth flow of information within a text. Here is a list of common connectors that can be used in the provided answers:

Furthermore
In addition
On the other hand
Nevertheless
In contrast
To illustrate
Nonetheless
To conclude

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Home / Essay Samples / Life / Risk Taking / Take The Risk Or Lose The Chance: The Road To A Bright Life

Take The Risk Or Lose The Chance: The Road To A Bright Life

Category: Business , Life
Topic: Risk , Risk Taking

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The Power of Taking Risks: Benefits and Challenges

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Taking Risks In Life: Why You Should + How To Do It Right

What does it mean to take risks?

Why is it important to take risks?

How can you get to know who you are if you don’t try different things?

You’ll never know unless you try.

You’ll develop invaluable coping mechanisms.

Being expansive is far more rewarding than being contractive.

There is no life without risk.

How to take calculated risks.

1. Do your research.

2. Determine whether the benefits outweigh the potential downsides.

3. Consider all the potential outcomes.

4. Do the small stuff first.

5. Psych yourself up.

6. Feel the fear and do it anyway.

7. If it doesn’t work out, regroup and try again.

How to find the courage to take your chances in life:

Let go of fear.

Seek things out for yourself, rather than taking another person’s word for it.

Try to avoid overanalyzing .

Immerse yourself in media that inspires you.

Choose inspiring heroes.

Be true to yourself.

Ask yourself what kind of life you want to live.

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IELTS Essay Topic: It is important for people to take risks, in both their professional lives and personal lives.

Q- It is important for people to take risks, in both their professional lives and personal lives. Do the advantages of taking these risks outweigh the disadvantages?

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