Encouraging Risk Taking.

In business, changes need to be managed. Every business has its own strategic plan which will involve a degree of risk taking. This applicable to all level of the business units in the company. As long as they need to make decisions, there are always risk to be manage.

New initiatives and projects are naturally in place for all businesses. Therefore, there will always be risk come along with the plans. Rather than doing the same thing and expecting the same results, business needs to make changes and exploring new ventures to move forward.

Thus, these initiatives which come with risks need to be supported with an evaluation process to measure their performance. Rather than having people punish for not managing the risk, rewarding their performance will be the best way to encourage participation. Serious and persistent involvement from all team members in conducting a high-risk projects that needed by the company is crucial.

There are some ways on how some organisation can support this strategy in developing a more competitive business. Below are some examples:

  1. Rather than making a loser or a winner, makes everyone wins. This encourage everyone’s participation.
  2. Provide a less stress environment, where risk from personal factors are differentiated from the risk of an organisation.
  3. Support innovation where the existing system and processes are still in tact with improvement.
  4. Instead of politic, let merit be the way of evaluating.
  5. An environment where people have the freedom to think and speak harmoniously must be created.
  6. Challenge of what is comfortable now. Challenge our people to make a difference.
  7. Be alert on what others are doing and what are the changes in the industry. Make it as everyone’s job.

A business will always need to take risk. Once there is a team and supported with the right culture in managing risk, innovation and changes will be bale to takes place.

When everyone has the courage and confidence to make decisions, accepting new challenges and work in a socially safe environment, facing the next challenges in business will be more rewarding.

Have a great week ahead everyone!

NORAMINAH OMAR, Kajang. 10.45pm

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