Understanding Risk Tolerance and How to Leverage it to Build a Successful Business
Let’s talk about risk. Risks are anything that gets in the way of you achieving your objectives within a company or your business. These risks can be financial, reputation, organization, production, and even talent. Before we address risk, it’s very important that we are clear on our objectives, have a solid plan to reach those objectives, and also understand that the industry or business that we chose comes with its own set of risks.
Assuming that we are clear on our mission, we can then tackle the reality of risks and understand our own risk tolerance to achieve success in our business. There is a multitude of ways to address risks. Today we are going to talk about managing, mitigating, and sometimes avoiding risks altogether. The purpose of this show is to help my business owners and company leaders realize that there will always be risks. The key is to take the proper measures and hire trained professionals to manage, mitigate, and even avoid some risks entirely.
Today’s episode will help you understand and align your personal risk tolerance with that of your industry or business. My mission is to help get you unstuck, ease your anxiety, and maximize your results!
Risk tolerance is what you are willing to put up with for the sake of the goals that you’re willing to achieve.
If you’re going to be innovative you must have a level of risk tolerance. You must be willing to move fast and fail fast.
Complete risk avoidance isn’t a formula for success, but safety risks can be completely avoided by implementing precautions and automation that limits human involvement.
Risk management helps you deal with risks that are a part of the business that you chose to be in.
Do you have clarity on the objectives within your department or business? Do you know the risks that are associated with your industry? Do you have a process in place to manage and mitigate these risks? If you answered no to these questions, it’s time to get to work. Map out a plan for your business or department and remember, write it down and make it plain!
𝓯𝓾𝓵𝓵 𝓪𝓷𝓭 𝓪𝓽 𝓲𝓷 𝓫𝓲𝓸
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About the Host:
Laurel Rutledge’s human-centered approach, empathy, and understanding of individual needs make her a top-notch personal advisor and women’s leadership coach. Her care and compassion have made her an indispensable guide for countless women navigating the next phases of their lives and careers. Add to that her intimate knowledge of the HR landscape, and it becomes clear why her HR clients have had such transformative experiences. Just as Rutledge has helped countless others get out of their rut and off of the ledge, so too can she help you. After receiving her MBA, Laurel moved from accounting and consulting to human resources, driven by a desire to do good in a business environment. It quickly became apparent that the switch had been a good choice — she flourished professionally and became happier, satisfied with the difference she could make through her work. After a 30-year career, she left the corporate world, but her passion for HR and helping others has only grown. Now, she works one-on-one with clients, leveraging her experience in leadership and personal development to help them get the most of out their lives and careers. From her beginnings as a consultant at Deloitte to her time as VP of HR at Covestro, Laurel has seen more sides of the business world than most. She’s achieved technical mastery of HR, with a deep knowledge of the rules and regulations that must be followed. She’s also a people person, perceptive and outgoing, with a sixth sense for helping others to see the difference between what they want and what they need. The culmination of this is in her personal philosophy: “lead with your heart, act with your head.” Find out more at: https://laurelrutledge.com Thanks for listening! Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page. Do you have some feedback or questions about this episode? Leave a comment in the section below! Subscribe to the podcast If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on iTunes or Stitcher. You can also subscribe from the podcast app on your mobile device. Leave us an iTunes review Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on iTunes, which exposes our show to more awesome listeners like you. If you have a minute, please leave an honest review on iTunes.