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Risk and What You Should Do About It
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- 8. What is Risk?What should I do with it?
- 9. Almost all people know the definition of risk, but most do not fully understand what it really entails.
- 10. For some, risk is something very dangerous. Like a plague, it must be avoided at all costs.
- 11. As a result, such people do not take risks, even when potential gains and benefits are present.
- 12. Yes, they achieve security, but their unwillingness to take risks leaves little opportunity for advancement or progress.
- 13. They live in stable but stagnant conditions, and nothing will change unless they take action.
- 14. Meanwhile, other people underestimate risk.
- 15. Meanwhile, other people underestimate risk.
- 16. They believe that risk management is not a priority, so they spend their resources on other matters.
- 17. Then, when disaster strikes, they are overwhelmed. They spend most of their resources just to cope and recover.
- 18. They rarely achieve progress, since they are held back with every shock that occurs, and nothing will change unless they take action.
- 20. Don’t take unnecessary risks. Remember that you are not invincible, whatever your current status in life might be.
- 21. At the same time, realize that risk always accompanies opportunity. To progress in life, you always need to face a certain level of risk.
- 22. You need to devote some of your time and effort into risk management. Nevertheless, you must also balance it with your other priorities.
- 23. 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.
- 24. Do a cost-benefit analysis. Think of the risks, as well as the opportunities, that a certain course of action may provide.
- 25. After implementing your decision, think about its effects and plan accordingly. Use the knowledge you have gained to make better decisions.
- 29. 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.
- 31. 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.