When to Take Risks in Your Career: A Strategic Guide to Growth

Taking risks is a key part of growing in your career. While stability matters, stepping outside your comfort zone can open doors to new opportunities, greater job satisfaction, and long-term success. 

But not every risk is worth taking. The key is knowing when to take it and when to hold back. 

Here’s how to make smart career moves by taking risks at the right time.

What Are Career Risks

Career risks come in many forms, and understanding them is important before making a big decision. Here are some common career risks and what to consider before taking them:

1- Changing Jobs

Switching to a new company or industry can be exciting but also uncertain. It might offer better pay, career growth, or a more fulfilling role. 

However, challenges like adapting to a new work culture, learning new skills, and facing potential instability are real. A LinkedIn study found that while 70% of professionals change jobs for career growth, only half feel immediately satisfied with their new roles.

2- Starting a Business

Leaving a stable job to start your own business is a big step. It can bring financial freedom and personal fulfillment, but it also comes with risks. 

Success requires financial investment, adaptability, and resilience to handle uncertainty.

Statistics show that about 20% of new businesses fail within the first year, but those who succeed often enjoy higher job satisfaction and financial rewards.

3- Asking for a Promotion or Raise

Speaking up for a promotion or salary increase can feel intimidating, but it's a necessary step in career growth.

A 2023 PayScale survey found that 80% of employees who asked for a raise got one. 

The risk? Possible rejection or added responsibilities without a pay increase.

The best way to improve your chances is by presenting clear achievements and salary benchmarks in your industry.

Further Readings: How Does Goal Setting Contribute to Professional Success

4- Pursuing Further Education

Earning additional certifications or degrees can boost your career, but it takes time, money, and effort.

 According to the U.S. Bureau of Labor Statistics, professionals with a master’s degree earn about 20% more than those with only a bachelor's degree. 

The key is to ensure your new qualification aligns with your career goals and is in demand in the job market.

5- Relocating for Work

Moving to a new city or country for a job can lead to higher pay and new experiences.

However, it also comes with emotional and financial challenges, such as adjusting to a new culture, finding housing, and building a new network.

Research shows that employees who relocate for work often see a 10-15% salary increase, but the transition can also bring added stress.

Every career risk comes with potential rewards and challenges. The key is to weigh the benefits against the uncertainties and prepare well before making a move.

Must Read: What Are the Most Common Barriers To Motivation?

When to Take a Career Risk

Taking risks can lead to greater personal and professional growth by forcing you out of your comfort zone and encouraging you to learn new skills

When to Take a Career Risk

Taking a risk in your career can be scary, but the right timing can make all the difference. 

Here are five situations where stepping out of your comfort zone might be the right move:

1. When You Feel Stuck

If your job no longer challenges or excites you, it might be time for a change. Feeling unmotivated can affect your productivity and overall job satisfaction. 

A study found that disengaged employees are much more likely to leave their jobs.

Instead of staying in a rut, consider taking a step forward, whether that’s applying for a leadership role, switching industries, or learning a new skill.

A calculated risk could bring fresh opportunities and renewed passion.

2. When You Have Enough Experience

Taking a risk without the right skills can be risky, but once you’ve built a strong foundation, stepping up is a smart move.

If you’ve gained valuable experience in your field, it may be the right time to start a business, move into a leadership position, or explore a new industry. 

3. When There’s Room for Growth

If you see an opportunity that offers strong long-term growth, it’s worth considering. 

A startup job, for example, may not be as stable as a corporate role, but it can provide faster career advancement and skill-building opportunities.

Similarly, moving to a company with better promotion prospects can set you up for long-term success. 

4. When Your Job No Longer Matches Your Values

If your work environment no longer aligns with your values, staying could lead to long-term dissatisfaction.

Whether it’s a mismatch in ethics, career goals, or company culture, making a change can lead to greater happiness and success. 

Professionals consider company values before accepting a job offer, highlighting the importance of working in an environment that aligns with your personal and professional goals.

5. When You Have Financial Security

Having a financial cushion makes taking risks easier. If you’re planning to leave a job to start a business or take a lower-paying role for career growth, having savings is crucial. 

Experts recommend saving at least three to six months’ worth of living expenses before making a major career move. This financial safety net allows you to focus on your new path without unnecessary stress.

Career risks can be rewarding when taken at the right time. By evaluating your experience, growth potential, values, and financial stability, you can make smart, well-informed career decisions that set you up for long-term success.

Further Readings: How to Stay Positive and Focused During Difficult Times

When You Shouldn’t Take a Career Risk

Taking risks can lead to great opportunities, but not every risk is worth taking.  Individuals who take calculated risks are more likely to achieve long-term success, including promotions and higher salaries. 

Here are four situations where it’s better to hold off on making a big career move:

1. If You’re Acting on Emotion

Making a career decision out of frustration, burnout, or anger can lead to regret. Quitting impulsively after a tough day or a disagreement isn’t a smart move.

Instead, take a step back and assess whether the issue is temporary or an ongoing problem.

Consider talking to a mentor, reflecting on your long-term goals, and exploring alternative solutions like improving your work environment or seeking new opportunities within your current company.

Must Read: How to Stop Comparing Yourself to Others - 8 Practical Steps

2. If You’re Not Financially or Professionally Ready

Jumping into a career change without the right skills, experience, or financial stability can make things harder than they need to be. 

For example, starting a business without savings or industry knowledge increases the risk of failure.

Before making a big move, work on building the necessary skills through courses, networking, or gaining experience in a lower-risk way.

A strong foundation will make the transition smoother and more successful.

3. If the Job Market is Unstable

Timing matters when taking career risks. If your industry is experiencing job cuts, an economic downturn, or fewer opportunities, switching careers might not be the best move. 

For example, changing to a field with widespread layoffs or declining demand could lead to job insecurity.

Before making a decision, research industry trends, job forecasts, and market conditions. 

If things seem uncertain, consider waiting for a better time or exploring opportunities that align with your skills and expertise.

4. If You Haven’t Thought Through the Consequences

Every career risk comes with challenges, so it’s important to consider the potential setbacks before jumping in. 

Ask yourself: What’s the worst that could happen? How will I recover if things don’t go as planned? 

Having a backup plan ensures that even if things don’t work out immediately, you have a strategy to adapt and move forward.

Not all risks lead to rewards, so taking a thoughtful and strategic approach is important. 

If any of these situations apply to you, it might be best to hold off, prepare more, or explore other options before making a major career move.

Click Here To Read: How to Push Through Self-Doubt and Find Inner Confidence

Conclusion

Taking risks in your career doesn’t mean making impulsive decisions; it’s about making smart, strategic choices that align with your long-term goals. 

By evaluating your current situation, understanding market trends, and ensuring you have the right support and financial stability, you can take calculated risks that lead to career growth and personal fulfillment. 

The right opportunity at the right time can be the key to reaching your full potential.