Beyond Fear: How Black Women Can Embrace Risk and Succeed

In a previous podcast episode with Camille Steer we touched on women being risk adverse when it comes to investing and pensions etc. but our risk aversion goes deeper than just financial matters.  

As we navigate the challenges of societal expectations, cultural norms, and personal aspirations we may find ourselves trying to avoid uncertainty or potential negative outcomes. While this instinct can sometimes be protective, it can also hinder our personal growth and limit our opportunities, especially now in an environment when we need to be open to experiences we’ve never considered.

So in this article I want to explore why we might be risk averse but more importantly the rewards that can come if we’re prepared to take more (calculated) risks.  

Why Do We Become Risk Averse?

Well, there are several factors that can contribute to risk aversion in midlife:

• Cultural and societal expectations: We may be conditioned to prioritize stability and security, often at the expense of risk-taking. For a lot of us this may have played out in our career choices or should I say the expectations of our parents. Many of us were steered towards careers and jobs that would provide a “safe and steady” salary, one where the assumption was that if we work twice as hard as our white counterparts we’d eventually be rewarded with promotion and all the trappings that come with a prestigious title.  
• Historical and systemic barriers: In reality, the experiences of those before us and the ongoing systemic racism and discrimination that we face being a black face in white spaces, often leads to a heightened sense of caution. These experiences teach us to be wary of relying on external systems or institutions.
• Fear of failure: The fear of disappointing ourselves or others can make us hesitant to step outside of our comfort zones. What would people think if we gave up our “good job” to do something that actually makes us happy?  
• Lack of support: This is just not just limited to access to resources, mentorship, or financial support but not seeing someone who looks like us who has successfully pursued a risky endeavor can make us doubt whether it’s actually possible. This is why I was happy to see so many Black and Brown women in the recent Forbes 50 over 50 release. We saw representation across four categories of impact, innovation, investment and lifestyle.

We already know that to achieve what they have, would have been a struggle, but seeing them succeed lets us know that its possible even when it seems impossible.  

On a personal note I've faced my own share of risk aversion throughout my life. Starting out in my career, I was hesitant to ask for a raise or promotion, fearing that I might be seen as too demanding. However, I eventually realized that I deserved to be compensated fairly for my work and asked for my worth. If those companies couldn't see my value, I found organizations who did. Later in my 40s I left my birth country of the UK to move to the Caribbean with my husband, eventually becoming the first female CEO in the Telecoms industry, only to leave it all in my 50s to start my own business - This Woman Can. 

Was it terrifying? Hell yeah. 

Was it worth it? Absolutely! 

I have life and a career I thoroughly love even with the initial trepidation and self doubt I felt. 

So why did they, I and more importantly why should you take more risks at this stage of our lives?   

The answer is easy - for the reward! 

Overcoming risk aversion can open up a world of possibilities and lead to significant rewards:

• Personal growth: Stepping outside of our comfort zones can help us discover new talents, passions, and strengths. It can also foster resilience and adaptability in the face of challenges.
• Increased confidence: Successfully taking risks can boost our self-esteem and belief in our abilities. This can lead to a more positive and empowered mindset.
• Greater fulfillment: Pursuing our dreams and goals can lead to a more meaningful and fulfilling life. It can also help us connect with our authentic selves and live in alignment with our values.
• Financial opportunities: Taking calculated risks can open the door to new career paths, business ventures, or investment opportunities. This can lead to increased financial security and independence.

Editing this article, I appreciate that I may be making it sound easy and if it was that easy we’d all be doing it!! And admittedly, it may not be for everyone but if you never try, you will never know what could be.  

Tips for Overcoming Risk Aversion

So if you're struggling with risk aversion, here are some tips to help you overcome it:

• Set small, achievable goals: Start by taking baby steps outside of your comfort zone. This can help build your confidence and reduce your fear of failure. For example, if you're afraid of public speaking, start by joining a local Toastmasters group or volunteering to speak at a small event.
• Seek support: Surround yourself with positive and supportive people who encourage you to take risks. This could include friends, family, mentors, or support groups.
• Visualize success: Imagine yourself achieving your goals and overcoming your fears. This can help boost your motivation and reduce anxiety. Create a vision board or write a personal affirmation to help you stay focused on your goals.
• Learn from your mistakes: Don't be afraid to make mistakes. Everyone fails. It's part of life. The important thing is to learn from them and keep moving forward. View them as opportunities for growth and learning.
• Practice self-compassion: Take it easy on yourself - we are our own worst critic. Be kind to yourself and avoid self-criticism. It's okay to feel scared or uncertain. The important thing is to take action and keep moving forward.

Overcoming our aversion to risk takes time, patience, and perseverance. But the rewards can be truly life-changing. By stepping outside of our comfort zones and embracing new challenges, you’re opening the opportunity to unlock your full potential and create a more fulfilling and meaningful life.

So, what are you waiting for? Take this as a sign that you've got this!

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