risk and what you should do about it
Post on 14-Jun-2015
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What is Risk?What should I do with it?
Almost all people know the definition of risk, but most do not
fully understand what it really entails.
For some, risk is something very dangerous. Like a plague, it must
be avoided at all costs.
As a result, such people do not take risks, even when potential gains and benefits are present.
Yes, they achieve security, but their unwillingness to take risks
leaves little opportunity for advancement or progress.
They live in stable but stagnant conditions, and nothing will
change unless they take action.
Meanwhile, other people underestimate risk.
Meanwhile, other people underestimate risk.
They believe that risk management is not a priority, so
they spend their resources on other matters.
Then, when disaster strikes, they are overwhelmed. They spend most of their resources just to
cope and recover.
They rarely achieve progress, since they are held back with every shock that occurs, and
nothing will change unless they take action.
What should you do?
Don’t take unnecessary risks. Remember that you are not invincible, whatever your current status in life might be.
At the same time, realize that risk always accompanies opportunity. To progress in
life, you always need to face a certain level of risk.
You need to devote some of your time and effort into risk management.
Nevertheless, you must also balance it with your other priorities.
Analyze your situation carefully before deciding to act. Remember that we
humans fall prey to the these cognitive biases, which impair our
ability to think logically.
Do a cost-benefit analysis. Think of the risks, as well as the opportunities, that a
certain course of action may provide.
After implementing your decision, think about its effects and plan accordingly. Use the knowledge you have gained to
make better decisions.
Do this, and you will be able to manage risks properly. Do this, and you will be able to pursue opportunities and reach
new heights.
Want to learn more?
Visit the website of The World Bank and view their
World Development Report 2014, which addresses the role of risk management in
our world today.
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