Welcome to this issue of "Dr. T's Timely Tips" by Dr. Tony Alessandra. Please send your feedback to DrTony@Assessments24x7.com!

Risk Management

What is it?

Risks are the dangers or losses that may be suffered by the entrepreneur during the course of his or her enterprise. Risk management is the identification and acceptance of the present and future risks in order to achieve success. An entrepreneur who practices risk management evaluates the risks and determines if the chance for success is great enough to accept the risks associated.

Why is it important?

Risks are an inherent part of business. Risks cannot be completely avoided nor should they be. The proper management of risks opens doors for entrepreneurs, allowing them to reach new heights and achieve loftier goals. Entrepreneurs who are not afraid to take calculated risks yield increased vitality and a higher level of achievement.

The risks associated with business are as diverse as the entrepreneurs who run them. The risks range from financial and political in nature to physical and emotional. Identifying and managing the risks as they emerge creates opportunities for growth. Risk management leverages opportunities for short-term business traction as well as longer-term career and relationship benefits.

Entrepreneurs are nothing if not responsive to change. They allow themselves room to react and respond to opportunities that may suddenly reveal themselves. Strong entrepreneurs view managable risks as stepping stones. They seek ways to manage more risk in an effort to become pioneers in their fields.

How to get it if you don't have it?

Each person must accept and deal with risks each day. There are many ways to manage these risks. The extremes vary from complete avoidance of risks to a haphazard undertaking of risks that are beyond ones capacity to overcome. These extremes are detrimental to an entrepreneur. Proper risk management begins by being honest with one's self and one's abilities. An entrepreneur needs to learn to recognize, act on, and leverage risks to his or her own advantage. Look at risks that are uncomfortable and make a plan to overcome them. Commit yourself to success in your endeavors.

How to develop it if you have it?

A successful entrepreneur is characterized by alertness to opportunities, which have been ignored, or unseen by others. These opportunities are generally accompanied by some reward or profit, but definitely come at some risk to the entrepreneur. To increase your risk management abilities you must learn to overcome the instinctive responses to fear. You must focus on the opportunities available. Develop a positive outlook; try something new each day without worry. Seek ways to expand your comfort zone.

 

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This article was adapted, with permission, from the One Minute Entrepreneur book, co-authored by my colleagues and friends, Ken Blanchard and Don Hutson with Ethan Willis. Please visit this site for details about the One Minute Entrepreneur book and be sure to take your complimentary One Minute Entrepreneur Assessment too.
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