I’m studying and need help with a Business question to help me learn.
STUDENT 1 (Blad):
I do agree with the fourth one by Frederick Wilcox. Risk is a danger zone with the fear of failure and its repercussions, in business failing once can mean the end. But like Wilcox said, “progress always involves risk; you can’t steal second base and keep your foot on first base.” We must step out of our comfort zone to force growth and progress.
My feelings about risk is that risk is a constant factor in any decision specially when we set our sights on any significant achievement. Many decisions in life with promising return are tied to significant risk. Our entrepreneurship is often stalled by risk, we are faced with a decision to venture into possible profitable endeavors, but we fail to do so due to the fear of risk. As a result, we continue to remain in a status quo where we are comfortable but not completely satisfied.
We must acknowledge that risk may result in significant losses, however, risk cannot be entirely bypassed. There are cases where avoiding the risk has far many repercussions than dealing with it. For example, in deciding whether to adapt to changes in the industry, a business may face the risk of loss of its revenue due to the unfamiliar way of doing business. On the other hand, failure to adapt to industry changes may drive the business out of the industry. Being driven out of business is a more severe consequence than undergoing losses in revenue. Therefore, as much as one may try to constantly avoid risk, various aspects of life demand risk taking.
I am willing to take both the greater and lesser risks depending on the situation. High risks are normally come with higher returns and expectations. All risks taken should encompass a process of evaluation before execution.
STUDENT 2 (Tom):
Of all these quotes I guess the one I would follow the most is Frederick Wilcox’s. This quote means the most to me because I played sports growing up, so I can relate to it better than the others.
My feelings about risk is that it is an everyday occurrence in almost every aspect of our life, there is no way to avoid it but you can minimize the damage that may be caused by it. Currently I am playing the role of a worker that has no other tasks but what is laid out by my contract, I have no subordinates that I have to take care of and manage, so I am only going to affect myself and the company I work for by any risk taken by me. The company will be able to replace me pretty easily so I must always think about what could be the outcome of any action I take. I am not one to shy away from taking risks if the reward outweighs them.
At this time and in the position I have I am more likely to stay away from too much risk because I am not the one that can make really big decisions without approval. The customer has given me complete autonomy to change certain procedures without asking for approval. The reason for this is because any change of procedure will affect me the most because I do most of the paperwork involved within the section. I do however discuss any changes I am thinking about with various members of the section to get their input about any issues they see with the change. It is their section but anything I do is a reflection on them as well as the company that I work for.
STUDENT 3 (Glen):
Risk is always a gamble in my eyes. You are taking a chance at something that may or may not work. The first quote makes quite a bit of sense. You will have to make decisions that are not full proof and decide to go for it. The point being made is that if you never take a risk at all and always error to the side of caution you are taking the biggest risk of all and most like will not succeed. When I view risks I try to get the overall picture of all the different options that are available. You have to have a full understanding of all the different potential outcomes that you can choose from and where they will take you. The better informed you are on all the different options the better decision you can make and what will be the best path forward. I like the last quote. You have to actually step out and actually go with the risk you chose. If you hold yourself back, you cannot be successful in the risk you took. You cannot try to stay where you are and put your toe in the water. You have to jump in head first and go with that decision. I know that depending on the situation I will be cautious in the risks that I take. I will not take the most daring approach when it comes to risk unless it is not something serious like a board game. I will take risks but I am careful in how far I will go with the risks I take especially the more serious the situation.