Risk is exposure to the chance of injury or loss; a hazard or a dangerous chance. People take risks everyday whether it is personal or business. Whenever someone makes a decision they are taking a risk. The risk may be either positive or negative. Let’s relate risk-taking to a game of cards. It is not about the hand you are dealt, it is about how wisely you play your cards. This includes placing your cards in the right order and aiming big. Also, being willing to throw out your biggest cards and having the confidence of a successfully risk taker.
Consequently, most individuals face some type of risk in business throughout their life. Even if one attains stability, there is a great chance that you will face some type of obstacle. However, the most risky plans are typically the ones you should invest the most time, effort, and energy in, because they will result in the most gain. As a result, one’s greatest challenge is learning just exactly how much risk to take, in order to achieve success and economic prosperity. When an individual is considering taking a risk he or she must think appropriately. An appropriate risk is a risk that keeps you in the game even if you fail. If you take calculated risks you can push your business forward, instead of staying in one place all the time.
This type of advancement can lead to new products, expansion, investment, etc. On Wednesday, January 30, 2013, Professor Sistrunk discussed Risks. According to his discussion taking a risk is taking a chance. Meaning there is a chance that something unexpected will happen and that unexpected occurrence turns out bad. As mentioned before we take risk every day. Some examples of daily risk he listed were driving a car, getting up the morning, asking someone on a date, and eating our choice of food. While covering entrepreneurship it was mentioned “the higher the risk the higher the return. Also, during this discussion Professor Sistrunk showed us the episode from when he appeared on the Television Series game show Deal or No Deal. In order to make his risk taking effective he had to manage his risks. Managing your risk is evaluating the data and information given. By managing your risk you can increase the odds of success while maintaining the return.
What is it about people taking such big risk? The chance that it can all be gone in a flash and people will still do take the risk. I have fallen into it as well. It is the satisfaction people get when they are successful in the risk when it is taken. Nice post and videos Landon.
ReplyDeleteGreat insight.
ReplyDeleteThanks for posting on this topic. I believe that risk taking is necessary for personal and corporation success. innovation only takes place by taking risks on ideas that have either failed in the past or have only previously been thought to be impossible
ReplyDeleteI like that you decided to write on risk because often in life we have so many options and decisions to make. So I feel that it is important to go out there and take a risk once in a while
ReplyDeleteI believe many people shy away from taking risks because the fear of failure outweighs the reward of succeeding but at some point you have to take a risk. I like the way you referenced this post to the lecture because it helps to provide a better understanding and appreciation for the lecture. Like you stated, we must learn to manage our risks. Good post!
ReplyDeleteThis blog post was extremely thought provoking. I think that it is utterly important for one to take calculated risks because it provides for immense growth opportunity. Whether one is applying this concept to a business, game, or the like, it is essential that we not only understand the benefits of taking risks, but the potential of loss as well.
ReplyDeleteThis blog post made a great point about risks being apart of our everyday lives. It's important to understand that risks can determine your status in life. The height of risks can vary from being involved in your entrepreneurship skills or on whether you should spend that last dollar on something you believe in. Risk, in the end, is a gift or a curse.
ReplyDeleteThe bigger the risk the bigger the reward, or sometimes the bigger the LOSE. no one wants to lose, you have to grind to make sure that you will not lose. Sometimes if you do lose you have to learn from it and try again.
ReplyDeleteRisks should definitely be taken throughout one's life if he or she wishes to progress and develop; however, it is crucial that one manage their risks. I think it is very important to take risks that will still keep you in the game if you fail and to take calculated risks that are planned and thought out. The video on re-defining failure was inspiring and was absolutely true in including that failure is just a stepping stone to success. Often one fails many times before they succeed.
ReplyDeleteI enjoyed reading your blog post. I think that risk is a great topic to speak on, but something that I would like to ask yourself and everyone else is: When do you feel you are risking too much? I hope somebody can reply to my comment. I'm a frugal guy but I still love to take risk by gambling. I've seen people lose their jewlrey to other valuable assets besides money.
ReplyDeleteI believe that almost every decision or choice we make in life has some type of risk and life is all about choices. We take certain risk everyday without even thinking about it; for example many of us risk our lives driving on the road with distracted drivers everyday in order to get to work or school. We take this risk so often because we have calculated the risk and after taking a certain risk so many times with success it becomes easy to engage in such risky behavior without being worried about making the wrong choice.
ReplyDeleteGood Post
This was a good blog post. I believe we live our lives with risks everyday. Risks are made even when we do not realize we encountered or created a risky decision or behavior. Why are there risks? I think risks is a way of life. My personal definition of risks is risks are another alternative decisions or choices from your current choice. Therefore when making decisions, there will always be that alternative opportunity to that choice. Thus risks will always exist.
ReplyDeleteI found this article to be very encouraging to somoene that may find themselves on the fence about making tough decisions. In my opinion in some situations its not necessarily important the outcome of a our decision but rather the thought and reaasoning behind our decisions.
ReplyDeleteI agree with Landon in that people take risks everyday. Simply opening the front door to your house is a risk. I also agree that heighten risk levels tend to provide the opportunity for higher gains. This scenario is seen everyday when people are looking to invest in various stocks, and when people participate in gambling. I personally tend to be more risk averse in my actions, however I do believe that risk taking is needed to make it ahead in life.
ReplyDeleteI totally agree. Taking risks can make you a better person. If you can face the fears that would hold you back from achieving your goals, it can build your confidence. Learning to embrace possibility can make you a more positive and energetic person. Sometimes taking a chance, regardless of how crazy it seems, can make your life more enjoyable. Trying new things that you have always wanted to try, but were too afraid, can free your spirit.
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