How to take calculated risks

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Information about How to take calculated risks
Economy & Finance

Published on October 23, 2014

Author: okwako



Business is not risky, people are! We make a case for simple strategy to use when testing new products ar services for the market place.

1. HOW TO TAKE CALCULATED RISKS “Many believe that innovation is the #1 differentiator for companies that succeed in turbulent times but this is far from the truth. Companies only need to reach a threshold in innovation for survival & success in an environment; becoming more innovative at this point doesn't make the companies great, what is required is additional mix of creativity & discipline.” - Jim Collins Creativity makes companies vibrant, however the problem comes when companies begin looking outside during times of uncertainty and pick up solutions to implement without testing to see whether it is useful. To go forward, companies don't need courage to take great leaps ahead, but discipline to take orderly steps in a controlled fashion. When you marry operational excellence with innovation you multiply your creativity. These two steps describe how to do it: 1. Look within before asking without Do not look to conventional wisdom (authority figures, peers) to set your course during times of uncer-tainty nor should you primarily look to what people do or what pundits and experts say you should do. Know what you need and try out your own solutions first. 2. Fire bullets first The trick is to fire bullets, then based on empirical evidence of what works, focus your resources and fire a cannon ball. A bullet is: • Low cost- the cost to implement the innovation is relative to the size of the enterprise, but should be small enough not to affect the normal running of the business. • Low risk- this doesn't mean a high probability of success, rather minimal consequences if it doesn't work • Low distraction- a few individuals within the organization may be distracted while implement-ing, +254 (0) 725 693920 P.O. BOX 6891-00200 but the enterprise remains on course. VALERIE FOODS AGENCY, THE BAZAAR - MEZZANINE ONE, MOI AVENUE - NAIROBI. +254 (0) 725 693920 P.O. BOX 6891-00200 VALERIE FOODS AGENCY, THE BAZAAR - MEZZANINE ONE, MOI AVENUE - NAIROBI.

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