Permission to Make Mistakes

It was a lightbulb moment. A few weeks back, a friend and I were talking about  the tendency of some companies to analyze and hold meetings, hold meetings and analyze, discuss, research and discuss again without taking any action. We were interested in the root cause of the perpetual analysis (a.k.a. analysis paralysis). Was it an extreme desire for precision and perfection? Or was it a fear of making mistakes?

Fear Not Risk, My Friend. Master It.

Image by steeleman204 via Flickr 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…

3 Reasons Small Businesses Don’t Manage Risks

Image via Wikipedia It’s the last week of 2009 and I owe you a blog post. I know I’ve promised that I will run through the third step of the risk management process – planning for risks – but I want to hold on to that topic until things are back to normal after the holidays. Stay tuned. In the meantime, let’s talk about risk management and small businesses… . In a recent comment on a Professor Pinch post, I listed three reasons that small businesses don’t practice formalized risk management. In my opinion, small business owners either: . Recognize […]

7 Traits of World Class Business Risk Management

I feel like I’m procrastinating. I finished my initial series on step one of the risk management process – identifying risk. Now the plan is to move into writing about step two – evaluating the risks. I’ll get there, but I’ve got one more topic I want to address. Let’s talk about the traits of world class business risk management… . I’ve been thinking about these for about a week now.  The idea was triggered by a comment exchange with Kristen on my last post. We talked about “formal” process vs. “formalized” process. Kristen is absolutely correct that risk management […]

Does Risk Management Effort Define ‘Entrepreneurial Spirit’?

I was thrilled to read Tim Berry’s November 12 post in his Planning Startups Stories blog. He was talking about 5 basic entrepreneurship skills that business schools don’t teach. One of the skills Tim listed was risk management. He wrote: I don’t mean the technical side of risk management. Business schools are generally excellent at teaching the numbers and analysis of risk, mathematical tools to evaluate the time value of money, for example, and formulas to compare technical investment risk like the internal rate of return (IRR). . I do mean living with risk. Not betting things you can’t afford […]

What’s In It for Me?

I was working on my next post – 3 Categories of Risk – but got sidetracked by Naomi Dunford’s latest . It got me thinking. In my first post, I pledged the following; I commit to do my best to engage you and be engaged. I will strive to earn your trust and trust you. I will endeavor to write things that you may want to pass along and discuss with others. After reading Naomi’s post and all the comments, I realized that I’m not doing a very good job at living up to my commitment. Sure, I’m covering the […]