Take Risks the Smart Way » Mind Tools Blog

Take Risks the Smart Way

August 5, 2014

©GettyImages/AnthonyLee

What does the word “experiment” mean to you?

If it evokes memories of the science laboratory at school – test tubes, white lab coats and Bunsen burners – perhaps it’s time to think again.

We’re all familiar with the philosophy of “innovate or die,” but change can be risky, especially if things currently seem to be going well.

That’s why you need to run business experiments to test new products and strategies before rolling them out on a larger scale.

Our article on Business Experiments looks at how you can design and implement small-scale studies that mitigate the risk of failure, and provide opportunities to refine your innovation to make it even better. Read it here.

You can find out more about intelligent risk taking in our articles on PDCA,  The Straw Man Concept, Appreciative Enquiry, and The Risk/Impact Probability Chart.

Question: How do you test out new business ideas? Join in the discussion below.


3 thoughts on “Take Risks the Smart Way

  1. Rebel wrote:

    The word ‘experiment’ excites me…I get to do something that I haven’t done before. But then again, I like change.
    In business, I don’t always have a structured approach when experimenting. Often, I spot an opportunity to do something different in the moment and right there and then I’ll take the plunge. To me it’s quite intuitive. When I look back it’s scary. 😉 It works for me most of the time. Sometimes it doesn’t work, but then I know what NOT to do.
    How do others experiment?

  2. Midgie wrote:

    I believe that with each experience, we can learn and grow. Regardless of the outcome of each ‘experiment’ there are always things to be taken away from to help inform for the next time!

    1. Mika wrote:

      Sometimes the best thing we learn from experimenting is courage…we know we can do something and that we’re willing to be courageous even if the outcome isn’t guaranteed.

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