Some people are natural risk-takers while others shy away from any type of liability or loss. What can be an easy decision for some can prove crippling for others. No matter which category you fall into, we know that taking risks is necessary to truly succeed and get the most from business and life.

But not all risks are created equal and the lasting impact they can have on us also differs. Physical risks – like skydiving or driving fast cars – will affect us in a different way than social risks, such as public speaking. Someone who doesn’t hesitate to take emotional risks can find themselves conflicted when it comes to making a financial or intellectual decision.

Virgin founder Richard Branson is one of the most celebrated risk-takers in business today and is known for testing himself by taking chances. Though he’s not one to shy away from a challenge, he readily admits there are limits.

“As an entrepreneur you should be willing to take risks and trust your judgement when you do, but you always have to think about the worst-case scenario,” he said in a recent Forbes interview.

Many calculated, well-planned risks are worth taking and can help your business get ahead. Let’s look at five risks you should never hesitate to take:

1. Hire New Talent

The employment market is hot and companies have their pick of some of the best and brightest workers. New hires can infuse your workplace with innovative ideas and motivate existing employees to step up their game. And thanks to current labor conditions, talented workers are plentiful and can be brought on board for a reasonable salary. However, be careful to choose those who are a good fit for your company and its culture. Hiring the wrong person can have disastrous results.

2. Reinvent Your Company

Any company with longevity has reinvented itself more than once. Taking a complacent approach almost always leads to a slow death, whereas those who aren’t afraid to mix things up reap the greatest rewards and rise above the competition. Take an open-minded look at your business model on a regular basis and brainstorm ways to keep innovating.

3. Invest in Yourself

When was the last time you took a business course or attended a webinar to learn more about the newest technology or tactic? Continual professional development leads to high levels of expertise and keeps you up-to-date with the current trends. You may be busy, but investing in yourself is always time (and money) well spent, so dedicate some attention to yourself in the coming weeks. The reward is much greater than the risk.

4. Ignore Conventional Wisdom

Straying from established formulas can cause anxiety; however, playing it safe by sticking to conventional wisdom can also amplify the perceived risk. Bucking the trend can take us outside our comfort zone, but it’s often what is needed to gain a competitive advantage. This is one risk that forces you to face your fears.

5. Help Others

It can be difficult for some people to give more than they receive in return, but we know this act can build the strongest relationships which, in turn, lead us to the greatest success. If you give selflessly to others you will increase trust amongst those in your network, making them more likely to reciprocate and expedite your success. Your time and effort will never go to waste though it may take a while to see the benefits since it can be a slow process.

Oftentimes we gain a sense of empowerment from summoning up the courage to take risks. Pushing ourselves to new limits may also increase our creativity and force us to better define our goals. Because not every risk pays off, it can also teach us about failure, how to face it and how to press on to bigger and better things. As T.S. Eliot said, “Only those who will risk going too far can possibly find out how far one can go.”