Join Sallie Krawcheck for an in-depth discussion in this video Think through your best-case scenario, part of Sallie Krawcheck on Risk-Taking.
- So one of the important things that might be holding you back as your thinking about taking risks and that held me back from a couple of risks I was thinking about taking is what if I'm successful? What could that mean? Does that mean that, I've seen the research that said that particularly for women success and likability are inversely correlated. For men they're positively correlated, but if I'm successful, does that turn me into a total bitch? Do I care if that turns me into a total bitch? That was number one that I had to think about.
How important is it for me as I go through my day to day life to be thought of as likable? And along the way as I've had periods of success. I can tell you I've had folks that I've negotiated with, folks that I've worked with, who along the way have said, "Ah, I never would have guessed you were "so easy to work with. "I never would have guessed that you would "have been so enjoyable to be around." And I'd say, "That's because you think I'm a bitch, right?" "Well, you know." That for me wasn't, you know, I got over it. It for me was something I was willing to accept, but I think it's important for all of us in particularly as women to think about is being likable important to us? What happens if I'm successful? The other thing, will I lose my crowd? Will I lose my tribe? Will I lose my friends? When I was thinking about becoming director of research, would that mean that all the 18 other research analysts who I was commiserating with, and complaining with, and spending time with, and going out for drinks with, would I lose them as my crowd? Short answer? Yes.
Yes, I did lose them as my crowd. Did that matter to me? Did staying in that pack and having that support group matter to me? And for me having the opportunity to take on the new responsibilities helped me get over that, but it's worth thinking about. The other thing sort of related to the two, fear of being talked about, sticking out. If I go into the room and I'm the boss, people all of a sudden get quiet and I've heard those boss conversations before.
How am I comfortable with that? Or not? These are personal decisions. What I can tell you is that my analyst crowd back at Sanford Bernstein, the one that I'm no longer part of, it's no longer there. Business is actually changing so quickly that this person went off to this job, this person went over to the buy side, this person retired because they'd had enough. Change happens anyway. But I think it's worth digging into, and again, particularly for women. Thinking a little bit about if you're not a failure, but the fear of success.
And I would urge you, I'm gonna go back to it again and again, I find for me getting it all out. Not just letting it waft through your brain, but actually writing this stuff down. Spending time with it and saying this is my fear of success right here. Taking it to people who you view to be great advisors to you and talking through. I took this to my husband at the time, and said, "If I lose my friends," he said, "You've got other friends, Sally." You know, push yourself. You're good, you can go.
But I think for all of us and particularly for women, what I want you to do is really think about your fear of success as well as your fear of failure. Work that through and think about whether that upside of the new experience, taking on the risk, making an impact, making a difference is worth it. I think a lot of times you're gonna find that it is.
What's holding you back? How can you gain the confidence necessary to take risks and chance failing? Sallie Krawcheck is a LinkedIn Influencer and one of the most successful and influential executives in financial services. She has built her career and reputation on thoughtful risk-taking. Here she shares an approach that will help you to take chances while mitigating risk—and keep you on the track to growth and continued opportunity.