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Business decision making is complex with competing demands. Prioritising the best use of available business assets for best business performance is not easy. It is hard work building a successful business.
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Musk and Tesla did not always have the best product, all the answers and the best prospects of success. However they ensured they took the right level of risk at the right time to bring the level of reward acceptable at that time.
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Fear of the future is acceptable. Not taking risks to achieve more is unrealistic. Suck it up! Gather together the available information to help you take the next step to success but do not wait for the complete picture before taking the next step. You maybe too late with the next step even if it is made with more certainty.
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Most business leaders need to make decisions with incomplete or inadequate risk information. As a result business leaders can take inappropriate risks for the business.
How you or your leadership team perceive corporate risks can and should influence how much risk you take to achieve your business objectives. However maybe your risk perceptions are greatly divergent from actual risk levels. You maybe avoiding or controlling business risks that are adversely affecting your business performance unnecessarily.
On the flip side you maybe accepting risks that are foolhardy at best and survival threatening at worst. Sometimes ignorance is bliss! However it is surely better to take risks knowingly rather than dangerously?
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We help business leaders entrepreneurs and risk professionals with the best practice risk management principles practices and procedures both overseas and in the UK. We aim to help you manage risks better in your country and across many industries.
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