A significant portion of managing a business is managing risk. Steve Layton, founder of Sofa Brands, explains that if you can manage those risks wisely you can seize opportunities to help your business gain an edge in the market.
Running a business is a balancing act between managing threats and pursuing opportunities: spend all your time and effort on threat reduction and you stagnate; chase every opportunity and you undermine what you already have. The key is to lay a stable foundation where you can take calculated risks. If they pay off, you achieve an edge in the market; if they don’t, you have a fall-back position that protects your business from sinking altogether.
Here’s how to plan for and take calculated risks.
- Ration your fuel
Gali Blacher - Dynamic Business - 8 Oct 2018
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