Risk
Our lives are constantly exposed to risks such as risk of financial distress, health risks and risks in relationships.
Businesses are also exposed to risks such as financial, market (including competitive) and people risks.
We cannot wish away risks. We can only manage them.
As it is said “ The only ships that are fully free of risk are in the docks”
We have to manage risks by mitigating them and if possible converting risks into opportunities.
Risk mitigation involves first identifying major risks that can impact our business and take preventive action.
The process of identifying and addressing risks is a systematic approach that uses many models. Most models classify risks by likelihood and impact.
Companies are becoming more and more proficient in managing risks out of experience.
For example there were instances in the past such as the case of Wilhelmsen where two layers of top management died in a plane crash.Since then it has become a common practice in companies that no two members of top management will travel by the same flight.
It is important for employees at all levels to be mindful of management of risks.
Embracing risks without being foolhardy is the way ahead.
Because we know risk is proportionate to returns.
Taking risks can have both advantages and disadvantages, depending on the situation and the level of risk involved. The word risk generally has a negative connotation; but it need not be so. The positive side of risk taking can actually lead to new experiences and opportunities. The very idea of entrepreneurship is firmly bonded to the reality of risk. It is risk that really excites the entrepreneur and drives the business, especially a business that pivots on innovation. In that sense the sky is the limit and it is not the limit too!
For any organization risk taking implies taking calculated risks, be it in the setting up of the premises, recruitment and staffing or the mode of operation. Every act of thinking out of the box is in a way a risk because it has not been tried before. And that is the very reason why it may succeed. The 90s saw a sea change in the way business models came up. Tech savvy youngsters became leaders and experienced older individuals took on secondary roles. The change which was a risk created a lot of heartburn, but ultimately the model delivered results and underlined the use of technology like never before. It created an environment of compulsory learning, which benefited the organization and the individuals too.
The anxiety accompanying risk is a prominent factor that needs to be encountered. But Planning, organizing and coordinating can become the antidotes to anxiety. Obviously, not all risks lead to expected results and failure could mean going on the back foot. But for a persistent entrepreneur who has confidence in his product or service, the failure could accord another opportunity to reassess and review the previous efforts. Sometimes the temptation to take a short cut could be highly risky and it is at this point that the organization needs to do norm setting, yet keeping the field open to taking future risks with a good heart and a sound mind.
Why are chemists great at solving problems? Because they have all the solutions!
Waking up this morning was an eye-opening experience.
England doesn't have a kidney bank, but it does have a Liverpool.
Living with fear stops us taking risks and if you dont go out on the branch, youre never going to get the best fruit
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