Good Risk Bad Risk--How to Think about Career Risk

Risk can be a loaded word with connotations of failure or catastrophe, but economists point out that risk is merely “variability.” High-risk investments (like stocks) have high variability and over time higher returns. Low-risk investments (like bonds) have little or no variability. In exchange for stability, the rate of return on a bond is lower than its higher-risk alternatives. 

How does risk apply to careers?