Risk aversion is an understandable response to the coronavirus pandemic and its associated economic fallout, but let's face it, many organisations needed no excuse to be unenterprising.
Risk aversion is an understandable response to the coronavirus pandemic and its associated economic fallout, but let's face it, many organisations needed no excuse to be unenterprising.
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Published: 04 Feb 2021
Last Updated: 03 Feb 2021
Risk aversion is an understandable response to the coronavirus pandemic and its associated economic fallout, but let's face it, many organisations needed no excuse to be unenterprising.
Part of the problem is mistaking entrepreneurialism with its trappings - no quantity of bean bags, sleep pods, ping pong tables, exposed brick walls smothered with Post-it notes or standing meetings will actually encourage dynamic risk taking in a environment where failure is frowned upon and every single decision has to be approved by eight different managers.
If the downfall of Debenhams and the BBC's dwindling relevance has taught us anything, it's that companies that fail to reinvent themselves in today's sea of sameness will fail. When a business encourages safe choices and punishes bold ones, then creativity, momentum and innovation will inevitably stall.
Our panel of C-suite leaders reveals how to foster a culture in which risk-taking is championed, from running hackathons to making staff shareholders.
Too often successful entrepreneurs are glamorised as inherent risk-takers whose only companions are success or failure. This isn’t really the truth. Typically they are motivated individuals with strong convictions, who are passionate about bringing their ideas to fruition. They do so by evaluating risk in non-standard ways and mitigating it through careful planning and hard work. If something does not go to plan, they treat it as a learning experience and try again.
Therefore innovative businesses need to employ pioneering individuals, empower them to take calculated risk and then foster a work culture that embraces trial and error. Typically when your employees are on the right path, all they need is the confidence to try a new approach to secure success. Lead by example. Let your employees know your ideas and let them run with theirs. When they do well, reward them with greater trust and responsibility. These are the keys to creating a vibrant, confident, entrepreneurial organisation.
Published: 04 Feb 2021
Last Updated: 03 Feb 2021
Risk aversion is an understandable response to the coronavirus pandemic and its associated economic fallout, but let's face it, many organisations needed no excuse to be unenterprising.
Part of the problem is mistaking entrepreneurialism with its trappings - no quantity of bean bags, sleep pods, ping pong tables, exposed brick walls smothered with Post-it notes or standing meetings will actually encourage dynamic risk taking in a environment where failure is frowned upon and every single decision has to be approved by eight different managers.
If the downfall of Debenhams and the BBC's dwindling relevance has taught us anything, it's that companies that fail to reinvent themselves in today's sea of sameness will fail. When a business encourages safe choices and punishes bold ones, then creativity, momentum and innovation will inevitably stall.
Our panel of C-suite leaders reveals how to foster a culture in which risk-taking is championed, from running hackathons to making staff shareholders.
Too often successful entrepreneurs are glamorised as inherent risk-takers whose only companions are success or failure. This isn’t really the truth. Typically they are motivated individuals with strong convictions, who are passionate about bringing their ideas to fruition. They do so by evaluating risk in non-standard ways and mitigating it through careful planning and hard work. If something does not go to plan, they treat it as a learning experience and try again.
Therefore innovative businesses need to employ pioneering individuals, empower them to take calculated risk and then foster a work culture that embraces trial and error. Typically when your employees are on the right path, all they need is the confidence to try a new approach to secure success. Lead by example. Let your employees know your ideas and let them run with theirs. When they do well, reward them with greater trust and responsibility. These are the keys to creating a vibrant, confident, entrepreneurial organisation.
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2:49 pm
Monday, April 5, 2021
