Business Matters

By Glen J. Dalakian, Sr.

Risk – Just Do It

Remember the slogan “Just Do It”? Believe it or not, this concept can have a powerful effect on any business. Yes, we need to evaluate our strengths and weaknesses, but sometimes we let the shortcomings list outweigh the possibilities. Besides, if everything we did seemed easy before we did it, where would the challenge be? We all need a challenge to grow and explore new options.

What holds us back from taking the steps that could lead to great victory? Fear? I have found (in most cases) that False Evidence Appearing Real = F. E. A. R. But sometimes even reality can be scary. “What if” opportunities pop up often, especially for those who are on the go and in the game every day.

Here are a few ways to consider managing risk and how to see through to the rewards:

1) Accept the need for risk. What was successful in the past will not necessarily be so in the future.

2) Compare risk versus return. Don’t bet the farm on one new product or initiative. It’s okay to take a chance on a long shot every once in a while. But overall, you’re better off taking measured risks.

3) Find and evaluate accurate information. Many efforts fail due to lack of knowledge. While we can’t know everything, gathering as much credible data as possible increases the potential for success.

4) Do a reality check. Do you have the people, skills, and organization in place to make the initiative a success? If not, is it feasible to bring them into your business?

5) Have a plan “B.” Before taking any big risk, think through the downside scenarios. Then create a plan B should any of those reasons occur.

Albert Einstein was known to have said, “When you have an hour to solve a problem, spend 50 minutes talking about it, then use the remaining ten minutes acting upon it.” Working through any situation (especially risky business decisions) should involve careful thought and discussion to gain insights.

On my office wall hangs this missive from an Unknown Author:

To laugh is to risk appearing the fool.
To weep is to risk appearing sentimental.
To reach out for another is to risk involvement.
To expose feelings is to risk exposing your true self.
To place your ideas, your dreams, before a crowd is to risk their loss.
To love is to risk not being loved in return.
To live is to risk dying. To hope is to risk despair.
To try is to risk failure.
But risks must be taken, because the greatest hazard in life
is to risk nothing.
The person who risks nothing, does nothing, has nothing,
and is nothing.
They may avoid suffering and sorrow, but they cannot
learn, feel, change, grow, love, live.
Only a person who risks is free.