Thomas M. Bragg on Business Risk Management

Over the weekend I ran across a tweet that got me thinking:

You must risk something to succeed. Where there is no risk, there is no chance of success.

The tweet originated with Steve Keating (@LeadToday). It inspired me. The message applies to so many facets of life. Let me explain…

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As I let my mind go with the thought, the first place it took me was back to college. I got my BS degree in aerospace engineering. One of the first things you learn as an aerospace engineer is about the trade-off between safety and performance. You can have optimum performance or you can have optimum safety, but not both. Military aircraft designers accept much more risk to pilot, passenger and aircraft than commercial aircraft designers.  The military designers have no choice. They must accept the safety risk in order to squeeze out as much speed or maneuverability as possible. They risk safety to succeed in performance.

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Next my mind went to a more personal level. I got divorced a few years back after 20 years of marriage. I think it’s safe to say that there is nothing scarier than entering the singles scene, especially after so long. Every deep seated insecurity that had been beat into submission suddenly bubbled to the surface, amplified by the cryptic communication of today’s online dating scene. (My experience with online dating was a daily exercise in abject humiliation.) I soon learned that if I was going to find the woman of my dreams, I would have to share the real “me” with the online public. I would have to make myself vulnerable to judgment, critique and evaluation by perfect strangers. I had to risk self-esteem to succeed in finding true love.

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I thought about job changes, family re-locations, business start-ups, business shut-downs, financial investments… all them involved risking something in order to see some success. Even writing this blog and establishing a relationship with a community (that would be you, my friend) requires risking my self-confidence and reputation to succeed in spreading the word.

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You are probably asking about now, “So what the hell does this have to do with risk management and my business, Tom?”, as you fidget in your chair…

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Here’s my point. You can’t succeed if you don’t accept risks. Risks are unavoidable. Risks are necessary. Don’t be afraid. Don’t procrastinate. Learn to master risk. Succeed.

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p.s. You’re not in this alone. There are resources and nice people out there who can help. Leave a comment to the post and join the discussion. I want to hear from you. Take a risk…

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p.p.s. Thanks for the inspiration, Steve.