Why It’s a Good Thing to Be Bold in Business

Being bold in business is not about being tough or mean. The key to boldness is simple: Be real. By leading your business with honesty and transparency (especially in tough times), you are acting boldly. It’s also bold to trust your instincts. Growth comes from being able go with the flow and be open to change. Here we’ll look at ways to be bold in business.

To me, being bold is being able to figure things out. It’s bold when leaders trust their abilities and decide how and when to act. It’s cultivating growth and progress within your team. It’s also bold for a business to stick to their core values, even in tough situations.

Taking risks is also a big part of being bold in business. There are different approaches to risk taking. Here, in Fast Company’s article on “How to be a Success at Everything“, Kaihan Krippendorff discusses the various ways people take risks in business:

“It’s no surprise that entrepreneurs are risk seekers. Just like Elon Musk sold PayPal and invested nearly all of his wealth to launch SpaceX, they’re willing to risk their capital and reputation on the innovations they believe in. But internal innovators think differently—they are actually very deliberate about the risks they take. They excel at analyzing their surroundings and then taking calculated risks.”

So what are some of the steps to being bold in business?

1. Know your strengths and weaknesses

Firstly, look at your strengths and weaknesses. These qualities exist in both the people and the product of your business. For you and your team, see if you can boost what’s positive and work to overcome any shortcomings. Hire a variety of skillsets so that your team complements each other. Be sure to provide opportunities for your team to do things outside their comfort zone. For your product or service, highlight the best features and innovate to improve the rest. There’s always room for improvement. When you’re aware of what you have and what you want to achieve, it’s easier to see how to get there. Making a shift to your mindset is sometimes all it takes to get better and bolder.

3. Lead by example

Lead by example. Show your team that it’s okay to go against the status quo. And do so on a regular basis! The most effective bold leaders are clear about where they are going, how they will get there. And they communicate that vision to their team. Also, they don’t just live for the work. Business leaders should aim to live multi-dimensional lives. A well-rounded leader considers the affect they have on others in and out of the office. This includes the impact they make with family, friends, employees, partners, and community. Set the example that a balanced life is essential for a happy life. And, being happy is conducive to being a productive, bold leader.

4. Reward bold action

Share your teams’ accomplishments during meetings. Have regular check-ins and performance reviews with your team. Encourage bold action from your employees. There are no bad ideas. Consider providing the option for anonymous feedback. This creates a safe space to tackle difficult topics. It also helps build trust, support, and authentic connections. Be honest and fully transparent with your team, and expect the same from them. In another post, How the Meaning of Productivity Has Changed in Business, we discuss the necessary shifts in business. And how to navigate the modern workforce.