Building Your Risk Tolerance

Joan Burge explains how to build your risk tolerance to boost your growth and leadership potential

Change used to be something we anticipated. Today, it’s a constant part of our reality.

In the current business environment, administrative professionals are continuously confronted with numerous shifts – restructuring of organizations, technological advancements, changes in leadership, and rising expectations. Being adaptable isn’t just beneficial; it’s crucial. One often overlooked aspect that underpins adaptability is risk tolerance.

Throughout my years of working with and coaching top administrative professionals, I’ve observed that those who cultivate a robust ability to manage risk not only navigate change successfully but thrive amidst it. They don’t just endure transitions; they lead them. In this article, I want to delve into the factors that influence your risk tolerance and, more importantly, how you can enhance it to boost your growth and leadership potential.

What Shapes Your Risk Tolerance?

Risk tolerance is not something set in stone; it evolves with your career and is shaped by various elements.

Personality traits

Key traits like openness to new experiences, adaptability, and self-confidence play a significant role in your comfort with risk. Assistants who naturally possess curiosity and a desire to learn tend to embrace new projects, work with different executives, and explore emerging technologies more willingly. If these traits don’t come easily, they can be developed through focused effort.

Past experiences

Each person has their own “risk portfolio.” Positive past experiences – such as successfully managing a large project – can encourage you to take on larger challenges. On the flip side, previous setbacks may make you more cautious. Understanding how your experiences shape your current mindset is vital for personal growth.

Perception of control

I’ve noticed that Assistants who feel empowered – those who view themselves as active drivers of change rather than passive observers – navigate risk much more effectively. Fostering a sense of ownership over your work, even in uncertain situations, enhances confidence and alleviates fear.

Social support

A strong professional network offers more than just motivation; it brings valuable insights, diverse viewpoints, and useful resources. Establishing reliable relationships within and outside your team can make stepping into the unknown feel more manageable.

Emotional intelligence

The ability to navigate your own emotions and those of others is a hallmark of exceptional administrative professionals. High emotional intelligence helps you handle stress, stay aware of changing dynamics, and maintain composure under pressure.

The Power of Emotional Intelligence and Social Support

When change happens, having emotional intelligence and a solid support network can really help you navigate the bumps along the way. By recognizing your own emotions, you can shift from simply reacting to thinking strategically. You learn to identify anxiety, accept it, and take proactive steps instead of feeling stuck. Additionally, being sensitive to the emotions of executives, colleagues, and clients makes you a key ally when times get tough.

Equally important is the community you build around you. Whether it’s a mentor, a professional association, or reliable colleagues, having people who can support, challenge, and inspire you can significantly impact your journey. Just like you need a ladder to climb, strong relationships can serve as that ladder during crucial moments in your career.

Tip: Consider joining a professional group or mentorship circle specifically for administrative professionals. Not only will you gain exposure to new perspectives, but you’ll also increase your confidence in taking on new challenges.

Coping Strategies for Rapid Adaptation

In times of significant change, the ways you cope can either speed up or slow down your ability to adapt.

Problem-focused coping

This method involves taking proactive steps to address or lessen the root cause of the stress. For instance, if you’re feeling overwhelmed by a new software system, a problem-focused approach would see you seeking out training sessions or setting up a meeting with IT to work through any issues.

Emotion-focused coping

There are moments when you simply can’t alter the situation, like during a merger or following the unexpected departure of an executive, but you can control your emotional reaction. Engaging in practices like mindfulness, discussing with colleagues, and viewing challenges as opportunities can help maintain your resilience.

Successful professionals understand when to deploy each coping strategy. They are not merely problem-solvers; they act as emotional architects, carefully shaping how they perceive and react to change.

Real-world insight

During the pandemic, many Assistants had to quickly adjust to remote work, virtual collaboration tools, and shifting priorities. Those who thrived weren’t necessarily the most tech-savvy at first, but they leaned into learning, communicated clearly with their teams, and stayed emotionally grounded. Their willingness to take small, consistent risks – like proposing a new process or speaking up in a virtual meeting – positioned them as invaluable team members.

Skills, Resources, and Growth Mindset

If there’s one key principle that can truly advance administrative careers, it’s the dedication to continuous learning. Those who consistently seek out new skills, whether that means mastering project management, sharpening communication abilities, or diving into AI tools, create a reservoir of competence that boosts their confidence. This newfound confidence, in turn, allows for a greater willingness to take risks.

Invest in learning

The most forward-thinking Assistants view learning as a regular practice, not a one-time event. They attend webinars, take online courses, and explore professional certifications. As they build knowledge, they also build credibility, making others more likely to support their ideas, even when those ideas involve risk.

Try small experiments

Risk tolerance doesn’t have to begin with a big leap. Try low-stakes experiments to build your comfort with uncertainty. Lead a team huddle. Pitch a process improvement. Introduce a new tool to your executive. These micro-risks compound over time and help expand your comfort zone.

Embrace the “yet”

When faced with a new challenge, add the word “yet” to your thoughts. “I don’t know how to do this… yet.” This simple shift reminds you that capabilities can grow, and your limitations are not permanent.

This is the essence of a growth mindset: the belief that your intelligence, skills, and ability to adapt can evolve through effort and persistence. When you adopt this mindset, unfamiliar situations become less threatening and more like puzzles waiting to be solved.

Practical Ways to Build Your Risk Tolerance

If you’re wondering how to apply all of this in your daily professional life, here are a few action steps to help you start building your risk tolerance right now:

• Volunteer for cross-functional teams where the work may be unfamiliar, but the learning potential is high.
• Speak up during meetings with a new idea or observation – even if it feels intimidating.
• Schedule time for strategic reflection to think about long-term goals instead of reacting only to the day-to-day.
• Seek feedback from a trusted peer or executive and use it as a growth opportunity, not a judgment.
• Practice self-affirmation and visualization to condition your mindset before tackling something new.

Each time you stretch yourself beyond what feels familiar, you’re expanding your capacity to lead through change.

Conclusion

Building your risk tolerance isn’t about making impulsive decisions; it’s about deliberate growth. Take a moment to ask yourself: Where do I currently stand on the risk spectrum? How often do I embrace discomfort instead of shying away from it?

Developing a higher risk tolerance isn’t an overnight process. It’s about consistently choosing to say “yes” when “maybe” might seem like the safer option. This could mean volunteering for a new project, contributing your thoughts in meetings, trying out a different approach, or starting a tough conversation.

In a field where excellence is essential, being able to adapt to change and take calculated risks is more than just an advantage; it’s essential for effective leadership.