April 27, 2021

The Biggest Risk You Can Take is Not Taking One at All

By Paul Daniels

Taking advantage of opportunities is something you need to plan for in your business. A lot of companies look at, evaluate and discuss opportunities, but the successful ones are prepared to move quickly and take advantage. This is because they have made this part of their company culture. It is important that part of your culture prepares your workforce to pivot and adapt to disruptive events, which a lot of opportunities come disguised as. An article I was just reading explained that in today’s business environment your company culture needs to focus on being:

  • Prepared;
  • Adaptable;
  • Collaborative;
  • Trustworthy; and
  • Responsible.

These are all attributes that will put your company in a position to take advantage of opportunities. Or as my old boss would put it hard work. Risk avoidance is another obstacle to taking advantage of opportunities. We are all afraid of making mistakes.

Peter Drucker explains risk in this quote: “People who don’t take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year.”

“The point Drucker is making, is that people who do not take risks do so because they want to avoid big mistakes; but, whether or not they take risks, they will generally make as many big mistakes as people who do take risks. Since risk-taking behavior generally gives you higher rewards than risk-avoidance, and risk-avoidance behavior cannot reduce the number of big mistakes you make, it’s better to take risks than not.” Alex Johnston, blogger.

As the economy gets back to the new normal there will be a lot of opportunities. Those companies that are prepared to take risks will flourish.