RISK/REWARD

1. Embrace Risk-Taking as a Regular Practice for Career Resilience

"Risk/Reward will help you to find the right slide—and then to go down the chute."

Redefine risk-taking. In today's volatile job market, taking calculated risks is essential for career success and longevity. Risk-taking doesn't mean reckless behavior, but rather a consistent habit of stretching beyond your comfort zone. This can involve small actions like speaking up in meetings, learning new skills, or networking outside your immediate circle.

Develop a risk-taking mindset. Regular, modest risk-taking builds confidence and adaptability over time. It helps you recognize opportunities and act on them at the right moment. By placing multiple small bets in different areas – meeting new people, acquiring diverse skills, or exploring side projects – you expand your options and minimize the potential damage of any single setback.

Create a personal risk practice. Incorporate risk-taking into your daily routine:

• Ask questions of colleagues and superiors
• Volunteer for new projects outside your expertise
• Attend industry events or join professional organizations
• Experiment with new work methods or technologies
• Seek feedback and act on constructive criticism

2. Understand Your Risk/Reward Personality Type

"Our research revealed four distinct clusters of people with shared attitudes and traits—in other words, four Risk/Reward personality types."

Identify your type. The book outlines four main Risk/Reward personality types:

1. Pioneers: Innovative risk-takers
2. Thinkers: Focused planners
3. Defenders: Loyal workers
4. Drifters: Unconventional paths

Leverage strengths and address weaknesses. Understanding your type helps you recognize your natural tendencies and blind spots in risk-taking. This self-awareness allows you to capitalize on your strengths while developing strategies to overcome limitations.

Adapt your approach. While your core type may not change dramatically, you can learn to incorporate positive traits from other types. For example, a risk-averse Defender might practice small acts of "Pioneer" behavior to become more adaptable in a changing work environment.

3. Pioneers: Innovative Risk-Takers Who Drive Change

"Pioneers have the ability to come into new situations with open-mindedness, without rigid expectations or preconceptions, using their intuition to guide themselves through professional zigs and zags by moving forward improvisationally."

Embrace uncertainty. Pioneers thrive on change and are comfortable with ambiguity. They are often the first to spot new trends or opportunities in the market. This adaptability is a significant asset in today's rapidly evolving work landscape.

Balance intuition and analysis. While Pioneers excel at trusting their gut instincts, they must also develop strong analytical skills to validate their ideas and mitigate potential downsides of risk-taking.

Key Pioneer traits:

• Comfortable with change and uncertainty
• Innovative and creative problem-solvers
• Quick to take action on new opportunities
• Able to bounce back from setbacks
• Natural networkers and collaborators

4. Thinkers: Focused Planners Who Need to Broaden Their Horizons

"Thinkers need to consciously develop the flexibility to loosely pay attention to a variety of things on the job: from the momentary disaster of a computer crashing without the work being backed up, to a more generalized anxiety about one's ability to finish a project, to the human relationships among one's team, to the financial and broader economic issues that challenge one's organization and industry."

Develop 'elastic focus'. While Thinkers excel at deep concentration and detailed planning, they must learn to zoom out and consider broader contexts. Practice shifting between focused work and more open-ended, creative thinking to spot new opportunities and adapt to change.

Embrace experimentation. Thinkers often seek perfect plans before taking action. Instead, adopt a "test and learn" approach, taking small, calculated risks to gather real-world data and adjust course as needed.

Broaden your perspective:

• Regularly expose yourself to new ideas outside your field
• Engage in cross-functional projects or collaborations
• Set aside time for open-ended exploration and learning
• Practice making decisions with incomplete information
• Seek feedback from diverse sources to challenge your assumptions

5. Defenders: Loyal Workers Who Must Adapt to Survive

"Defenders are right in these uncertain times to ask themselves the worst-case questions: What if I can't find work again? What if I quit my job and my spouse won't step up? What if I hate the new job? Or my new colleagues? Or I'm no good at the new work? But for Defenders this can cause a kind of paralysis."

Acknowledge uncertainty. Defenders value stability but must recognize that no job or industry is truly "safe" in today's economy. Cultivate a growth mindset that sees change as an opportunity rather than a threat.

Take proactive steps. Instead of waiting for change to be forced upon you, regularly assess your skills and industry trends. Take small, consistent actions to increase your adaptability and marketability.

Strategies for Defenders:

• Develop a side project or learn a new skill related to your field
• Build relationships across departments and outside your organization
• Stay informed about industry trends and emerging technologies
• Practice articulating your value and transferable skills
• Create an emergency fund to provide a safety net for calculated risks

6. Drifters: Unconventional Paths Require Intentional Direction

"Daniel's unorthodox, Drifter-informed notion of ambition, at once grand and modest, offers an alternate framework for defining success in an uncertain economy."

Find your north star. While Drifters value flexibility and unconventional paths, it's crucial to identify core values or a sense of purpose to guide decision-making. This provides direction without sacrificing adaptability.

Build a portfolio career. Embrace the idea of multiple income streams and diverse experiences. This approach can lead to a more resilient and fulfilling work life, but requires intentional skill-building and network development.

Strategies for Drifters:

• Regularly reflect on your values and long-term goals
• Seek mentors or advisors to provide guidance and accountability
• Develop a personal brand that highlights your unique combination of skills and experiences
• Create systems to manage multiple projects or income streams effectively
• Actively cultivate a diverse professional network

7. Align Risks with Your Authentic Self for Meaningful Work

"Finding the right next job or career is about tuning in to your inner voice and zeroing in on your purpose."

Identify core values. Reflect on what truly matters to you in work and life. Consider past experiences where you felt most energized and fulfilled. Use these insights to guide your career decisions and risk-taking.

Seek alignment. Look for opportunities that allow you to express your authentic self and utilize your strengths. When considering risks, evaluate how well they align with your values and long-term vision for your life and career.

Strategies for authenticity:

• Regularly journal or meditate on your values and goals
• Seek feedback from trusted friends or mentors on your strengths and blind spots
• Experiment with different work environments or projects to discover what resonates
• Practice saying "no" to opportunities that don't align with your values
• Celebrate and build upon moments when you feel most like your true self at work

8. Develop 'Elastic Focus' to Navigate Career Uncertainty

"Truly successful people have the ability to direct their attention and focus—zooming in and out in their awareness of circumstances around them."

Practice cognitive flexibility. 'Elastic focus' is the ability to shift between deep concentration and broad awareness. This skill helps you balance immediate tasks with long-term strategy and adapt to changing circumstances.

Cultivate situational awareness. Regularly step back from your day-to-day work to assess the broader context of your industry, organization, and career path. This "big picture" thinking helps you anticipate changes and spot new opportunities.

Techniques for developing elastic focus:

• Practice mindfulness meditation to improve attention control
• Use the Pomodoro Technique to alternate focused work with brief periods of rest and reflection
• Regularly schedule time for both deep work and open-ended exploration
• Seek out diverse perspectives and information sources
• Engage in activities that require rapid context-switching, like improv classes or strategy games

9. Build a Diverse Network and Continuously Learn New Skills

"To be successful, we need to integrate our analytic side with our instinctive side more seamlessly—or, as Pink says, to put the text into context."

Prioritize relationship-building. A diverse network provides access to new opportunities, knowledge, and perspectives. Actively seek connections outside your immediate field or comfort zone.

Embrace lifelong learning. In a rapidly changing job market, continuous skill development is crucial. Regularly assess your skillset and proactively acquire new knowledge relevant to your field and adjacent areas.

Network and learning strategies:

• Attend industry conferences and cross-disciplinary events
• Join professional associations or online communities in your field
• Set aside time each week for learning (e.g., online courses, podcasts, books)
• Seek out mentorship opportunities, both as a mentor and mentee
• Volunteer for projects that stretch your skills and expand your network

10. Overcome Fear and Complacency to Take Necessary Risks

"Too much focus can produce a kind of paralysis."

Recognize cognitive biases. Understanding common mental traps like loss aversion and the sunk cost fallacy can help you make more rational decisions about risk-taking.

Start small to build confidence. Begin with low-stakes risks to build your risk-taking "muscles." Each small success will increase your comfort with uncertainty and change.

Strategies to overcome risk aversion:

• Reframe failures as learning opportunities
• Visualize positive outcomes of taking risks
• Break larger risks into smaller, manageable steps
• Seek out role models who have successfully navigated similar risks
• Create a support system to encourage and hold you accountable for risk-taking

11. Practice Emotional Resilience to Bounce Back from Setbacks

"Failing at some attempt in one's career can be painful and miserable, but it's not actually dying—no, it's like dying in a video game, where you're resurrected, able to play again, savvier and wiser."

Develop a growth mindset. View challenges and setbacks as opportunities for learning and growth rather than personal failures. This perspective increases your ability to persevere through difficulties.

Build your support system. Cultivate relationships with mentors, peers, and friends who can provide emotional support and practical advice during tough times.

Resilience-building techniques:

• Practice self-compassion and positive self-talk
• Maintain a gratitude journal to focus on the positive
• Develop healthy coping mechanisms for stress (e.g., exercise, meditation)
• Regularly reflect on past challenges you've overcome
• Seek professional help if struggling with persistent negative emotions

12. Become a 'Disciple of Experience' to Thrive in Constant Change

"A regular risk practice is essential to develop the acumen to understand when to stay and when to move."

Embrace continuous reinvention. View your career as a series of experiments and iterations rather than a fixed path. Be willing to pivot and reinvent yourself as circumstances and opportunities change.

Cultivate adaptability. Develop the ability to quickly learn, unlearn, and relearn as needed. This flexibility will allow you to thrive in an ever-changing work landscape.

Strategies for lifelong adaptability:

• Regularly reassess your skills, goals, and market demand
• Seek out diverse experiences and perspectives
• Practice scenario planning to anticipate potential changes
• Develop a personal brand based on your adaptability and diverse skill set
• Cultivate a "beginner's mind" – stay curious and open to new ideas

Last updated: November 18, 2024