RISK ADVERSE?

"Those who can bear all can dare all."

Marquis de Vauvenargues (1715-1747) 

French moralist/essayist/writer.

We all take risks although the stakes are much higher for some than others.

Don't risk more than you can afford and are willing to lose.

And don't expect unreasonable returns for the risks you do take.

THE PERILS OF UNCERTAINTY

"When we are not sure, we are alive."

Graham Greene (1904-1991) English writer.

The silver lining in an otherwise potentially dark cloud.

Why? Because we are more often not sure than sure.

So what to do?

Accept that is the case and plan accordingly.

FEAR MANAGEMENT

"Some of our weakness is born in us, some of it comes through education; it is a big question as to which gives us the most trouble."

Johann Wolfgang Von Goethe (1749-1832) German poet/novelist/dramatist.

Take fear of change as example.

We aren't born afraid of new things and must learn what to fear.

Some over learn it (the "education" Von Goethe refers to.)

Still others know no fear to their own detriment.

When it comes to change we need to be cautious, we need to take risks, and above all we need to learn balance between the two.

AND RUINS THEM TOO

"Fortune befriends the bold."

John Dryden (1631-1700) British poet/dramatist/critic

I don't advocate being risk averse nor so certain you will succeed you fail to acknowledge you well could fail.

Planning will reveal how close you are to each.

(DO YOU) KNOW WHEN TO HOLD 'EM, WHEN TO FOLD 'EM(?)

"Nobody ever lost money taking a profit."

Bernard M. Baruch (1870-1965) American financier/political consultant

This is more about timing with "profit" covering everything from making money to deciding when to leave one job for another.

It's not as much about what you do as it is when you do it.

ACCEPT, REDUCE, AVOID, TRANSFER?

"Hesitation increases in relation to risk in equal proportion to age."

Ernest Hemingway (1898-1961) American Writer

And not just for people; this is just as true for companies.

The longer they've been around the more risk averse they become, often without realizing it.

That isn't necessarily a bad thing, just reality.

(WHAT IF?) IT JUST DOESN'T FEEL RIGHT

"There is something in omens."

Ovid (BC 43-AD 18) Roman poet

I suspect we are more likely to believe this in our everyday rather than our business lives.

But should we?

What role, if any, should omens (hunches, intuition, etc.) play in our business decisions?

EASY COME, EASIER TO GO

"It is no less a feat to keep what you have, than to increase it. In one there is chance, the other will be a work of art."

Ovid (BC 43-AD 18) Roman poet

Salespeople know it costs more to find a new customer than it does to keep an old one.

It's that way with money too.

You worked hard to earn what you have.

Work just as hard, maybe more so, to keep it.

DOING THE UNDOABLE

"When one is trying to do something beyond his known powers it is useless to seek the approval of friends. Friends are at their best in moments of defeat."

Henry Miller

20th century American author

Because being beyond your known powers means the only conclusion your friends can reach is that you will fail.

Maybe so, maybe not.

Consider what they have to say but don't base your decision solely on that.

IT'S ALL IN HOW YOU LOOK AT IT

"An adventure is only an inconvenience rightly considered. An inconvenience is only an adventure wrongly considered."

Gilbert Keith Chesterton

Late 19th/early 20th century British journalist/novelist/poet

Not sure this will work as an explanation to stockholders concerning failed investments, but there is value in the thought as you make your way through business and career challenges.

AFRAID TO BE AFRAID?

"He who fears to suffer, suffers from fear."

Proverb

You could also say he (or she) who fails to risk, risks failure.

There are no sure things; identify what is important to you and go after it.

No Attack No Chance

"We must walk consciously only part way toward our goal, and then leap in the dark to our success."

Henry David Thoreau

19th century American naturalist, poet and philosopher

And often our failure.

But make no mistake about it, ultimately leap we must do.

Indy car race driver Takuma Sato succinctly sums it up with his racing philosophy, "No attack no chance". 

Scarecrows Around Every Corner

"Logical consequences are the scarecrows of fools and the beacons of wise men."

Thomas H. Huxley

19th century British biologist

Sometimes we fear what possibly, but not certainly, we may need to fear, before we need to fear it.

And for that we are fools.

Understand the potential consequences of your actions, and decide based on that what course you will take.

There are enough real threats to be avoided without adding the unreal ones we perceive as real.

What I Will, What I Won't

"All philosophy lies in two words, sustain and abstain."

Epictetus

1st century Greek philosopher

The trick is to know what you will abstain from, what you will work to sustain.

The choice is not always clear but is often difficult.

Which Path Will You Take?

"The path is smooth that leadeth on to danger."

William Shakespeare

16th century British poet/playwright

There are two reasons this could be true.

One, because what's at the end of the path is not all that dangerous.

Two, because what's at the end of the path is dangerous and because it is few take that path.

Which do you think it is?

Beneficial Apprehension

"If you are not afraid of doing it then it's not worth the effort."

Mike Stay

Business Wisdom reader/contributor

How many of your "wins" came without some fear of failure?

Can there be meaningful victory without the potential for meaningful loss?

A Voyeur Or Participant Of Progress?

"We love to overlook the boundaries which we do not wish to pass."

Samuel Johnson

18th century British author

The sweet spot in business is being agressive enough to always be moving ahead.

Too agressive and a loss may mean the end of your business.

Not enough and everyone passes you by as though you were standing still.

How's your risk balance?

Close Follower?

"Be not the first by which a new thing is tried, or the last to lay the old aside."

Alexander Pope

17th century English poet

I understand the problems associated with being the "point" on the "arrow", but I think I'll continue to error on the side of too soon versus too late.

At least in business.

You?

When Enough May Not Be

"Security is the chief enemy of mortals."

William Shakespeare

16the century British playwright/poet

Well security takes many forms and no one with too little to eat would agree with this.

But I do see his point.

Not a good thing to settle for what appears to be secure when you can and should accomplish more.

(Even) If It Ain't Broke, Fix It

"Hesitation increases in relation to risk in equal proportion to age."

Ernest Hemingway

20th century American author/adventurer

We all know this is true in our personal lives; the older we get the more risk adverse we become.

But in business as well.

The more successful a company, the longer it has been around, the less likely is management to consider and try new ways.

And in that are the seeds of its downfall.