7 Powerful Lessons From Black Billionaires on Taking Risks

Taking risks is an all-important part of life. It could be pursuing a career, starting a relationship, or establishing a new business. Taking risks is an essential path to achieving success.

The thought of taking risks can be scary because it has no assurance of success. However, you can learn how to maximize its chance of success and achievement. 

In Robert F Smith words, an African-American Billionaire who founded Vista Equity Partner – a leading investment firm, “take thoughtful risks”. Smith believed taking risks does not mean jumping into any and everything because that can be as disastrous as not taking enough risks.

Some black billionaires have risen to the top of their industries by taking well calculated risks. From Oprah Winfrey, Robert F. Smith toTyler Perry, these black billionaires have shown the great success that comes with taking articulated risks. Here are some powerful lessons on taking risks we can learn from them.

 Embrace Fear

One of the biggest drawbacks to taking risks is fear, but black billionaires have shown us that fear can be a powerful motivator. According to Tyler Perry, an American actor and filmmaker, fear is a natural part of taking risks. 

Perry sees feeling scared is normal when faced with a challenge, however, instead of letting fear hold you back, you should embrace it and use it as motivation to push yourself forward.

They believe embracing fear also involves understanding the possibility of failure, seeing it as not the end of the world and a will to learn from the mistakes.  Michael Jordan has also emphasized the importance of embracing your fear when taking risks. He said, “I’ve always believed that if you put in the work, the results will come. I don’t do things half-heartedly. Because I know if I do, then I can expect half-hearted results.”

Trust Your Instincts

While evaluating risks, it is also important to trust your instincts, that is, listening to your intuition and taking risks that feel right to you. Black billionaires have revealed how essential trusting guts feelings are.

According to Oprah Winfrey, a highly successful media executive, talk show host, our instincts are our inner voice, and we should learn to listen to it. She believes that our instincts are always right and that we should trust them, even if they lead us down an unconventional path

She stresses the importance of self-belief when taking risks. She believes that we should trust ourselves and our instincts, with confidence to pursue our goals even when everyone doubts us.

Weigh the Risks and Rewards

According to top black billionaires, weighing risks and rewards must come after defining your goals. David Steward the founder and chairman of World Wide Technology, a successful IT company once spoke about the importance of weighing risks and rewards when making business decisions.

He emphasised on the importance of assessing potential risks and rewards, that is, the benefits of each option. Considering long-term consequences of each option and making informed decisions based on accurate and up-to-date information. He also mentioned learning from failures when weighing risks and rewards in business decisions.

Have a Plan

Taking risks without a plan is like setting sail without a map. Black billionaires have shown us that taking calculated risks requires careful planning and analysis. Anything short of that is an outright failure.

According to Michael Lin Chee, it is essential to define your goals before taking any risks. This involves setting specific, measurable, and achievable goals that align with your values. His main advice is on assessing your resources, analyzing potential risks, developing a contingency plan, monitoring your progress, and seeking advice from experts when having a plan towards taking risks in business.

   Take Action

Most black billionaires have prioritise success as a reality that does not wait on opportunities. By taking action and being proactive, opportunities that have rewards are imminent.

Aliko Dangote, the richest man in Africa advises being decisive when taking risks, that is, making a decision and taking action quickly, rather than getting stuck in analysis paralysis. He sees being decisive is key to success in business.

Stay focused in your goals

Another important lesson from Michael Jordan is the importance of staying focused on your goals. He said, “If you’re trying to achieve, there will be roadblocks. I’ve had them; everybody has had them. But obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.” Jordan believes that staying focused on your goals is the path to overcoming challenges and taking risks. 

Rihanna, a successful singer and songwriter advice on staying true to yourself while focused on your goals.

Learn from your mistakes.

Strive Masiyiwa a Zimbabwean entrepreneur, and founder of the Econet Wireless Group sees mistakes as a natural curve to the learning process. “Learn from your mistakes and move on.” he says with emphasis on not dwelling on past failures or letting them define you.

Mayisiwa believes in persistence which is a key to success  rather than giving up at the first sign of difficulty.