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Similar to Smart Risk Taking Women Business Leadership Conference
Similar to Smart Risk Taking Women Business Leadership Conference (20)
Smart Risk Taking Women Business Leadership Conference
- 1. Smart Risk Taking Women In Business Networking Leadership Conference June 17, 2009 Donna Childs Consultants LLC donnachildsconsultants.com 937-454-5352
- 2. Smart Risk Taking The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something. - Franklin D. Roosevelt May 22, 1932
- 3. Smart Risk Taking Business Week online survey ‘Which is more important to you today: taking risks or stability?’ 54% taking risks 46% stability March 2009
- 4. Smart Risk Taking Types of Risk Smart: clear, calculated, planned Rational – based on sound analysis and facts Reckless: blind, frivolous, undisciplined Rationalize – justify the action, not based on facts
- 5. Smart Risk Taking How do you judge/measure risk? Know what you want –describethe change or risk you are considering taking What does it take to get there – dissectwhat needs to happen to get there, planning What is going to happen next – decideto take the risk and make it happen
- 6. Smart Risk Taking How to proceed with taking a risk Preparation Cliff jumping, decision to go ahead Responsible and accountable Discipline Safeguard Jump off a cliff
- 7. Smart Risk Taking How to do it well Don’t risk everything Know what you want and ask for it Planning and execution Avoid unhealthy/reckless risks Learn from failure Start right away Don’t worry about what others think If there is nothing to lose, take the risk
- 9. Knowledge
- 10. External factors
- 11. Fear
- 12. Ego
- 13. Family pressures
- 14. Time
- 16. Smart Risk Taking Why should you take the risk? It’s your dream The results would pay off handsomely It’s your life, follow your passion You have a great support network (mentors, professional advisors, family, peers) You have nothing to lose You would regret it for the rest of your life if you don’t take a chance
- 17. Smart Risk Taking If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours - Henry David Thoreau Donna Childs Consultants LLC donnachildsconsultants.com 937-454-5352
Editor's Notes
- Intro –InteractiveWhat we are going to talk about – risk, how to measure it, mitigate it and move into itWe take risks every day
- What is FDR saying? It’s okay to try and fail, but not okay to not try at all.Ask – example of a risk someone has recently taken, outcomeAsk – example of a risk someone is consideringGive example at BBB, taking the job.Beirut and IT
- Why is it important to take risk? Business week – product development, research, customer focus initiatives, staff development, letting something go – auto industryWhat is it about the current world climate that makes us think this?Change is happening very fast
- Smart – learn how to swim before you dive into the ocean do cost/benefit analysis and product development before you roll out a product due diligence before you hire someone example – IT needs analysis before spending $100K on technologyReckless - get behind the wheel of a car before you learn to drive go into business you know nothing about, invest before checking it out example – ask audience
- What exactlyare you considering doing? What is the risk? Be specific and clear (moving your business, starting a business, getting married, divorced)What do you need to know to make the decision: DO YOUR HOMEWORK> cost/benefit, what’s involved in making it happen, who’s involved, where may it lead, plan for success. 3. What next. Make a decision and execute well. Develop an action plan on what you need to do step by step
- How to proceedPreparation:Once you’ve done your homework, a good assessment of the situation. Decision time: pros and consResponsible and accountable: stick with the plan, be accountable to yourself and others, put it in writing, say it out loudAsk for examplesDiscipline: how do you make it work? What kind of discipline are we talking about?Safeguard: do what’s right to protect yourself and the project. Insurance, professional resources, mentor, business plan, focus on the objective – execute – ask for examples
- How to do it wellDon’t risk everythingKnow what you want and ask for itPlanning and executionAvoid unhealthy/reckless risksLearn from failureStart right awayDon’t worry about what others thinkIf there is nothing to lose, take the risk
- TALK ABOUT EXAMPLES
- Success or failure?Understanding reality – economic situation, kind of business decision (fatal to the business), Understanding yourself – experience level, healthUnderstanding your comfort zone – do you not like change, not like the unknown