Calculated Risks – Secret Sauce to SuccessMakarand Vaidya
“The difference between courage and stupidity is measured by success and survival.” — Evan C. Currie, The Heart of Matter.
“Every business has risk, how is this different from other risks?” As a senior member of the executive team, I thought it was my duty to warn someone if he is taking undue risks in the business.
“As such, it is very difficult to differentiate between the two. However, if you follow a simple trick, you will get closer.”
“Identify all the factors that are critically required for the success, for a business these could be related to material, finance, people, legal compliance, dependence on external entities and time. Do you see any risks in any of these critical factors? Do you have any mitigation for these risks? Some of them just can’t be – for example, a threat from new competition.”
Ignoring those risks by just hoping that they won’t happen is Stupidity.
Accepting them and preparing to take them, is Courage!
Success always depends on these ‘Calculated risks’. How to calculate them, is the golden question.
Which of your risks paid off? How did you take them?