Taking Risk and Risk Management

riskWhat is life about? We can really wax philosophical about it, or just simply say it ‘s all about taking risk.

Our first tenuous steps risk.

Our first bicycle ride  danger.

Our first time on ice skates ‘ peril.

Our first time asking someone for a date  big risk!

So I think I’ve made my point. We are all about risk taking. But why do so many business owners feel that if they don ‘t make a decision, there is no risk?

Let me say that another way. There is risk in every decision we make, including not making a decision. In fact, it may be riskier not to make a decision than making one.

Let ‘s take this example. Your business is stagnant; which means you are losing ground; which means you are ultimately going to go out of business. Decision matrix time; make a change which is out of your comfort zone (which isn’t working) or try something new.

Negative Risk factors: Do nothing; go out of business. Do something; go out of business.

Positive Risk factors: Do nothing; none. Do something; stay in business and grow.

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