1. decide and proceed with something
I think we should go for it
If you decide to 'go for' something it means to make a decision to proceed with it. "Should we book a holiday for our week off? Yes! I think we should go for it!" This is a positive casual phrase usually used to encourage someone else. It can be used in social and professional contexts.
My advisor suggested I sell those shares. I think I'm going to go for it.
A new position has opened up and I think you should go for it.