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5 Things You Should Do Today to Manage Uncertainty in Business

https://beyondphilosophy.com/5-things-do-today-manage-uncertainty-business/

beyondphilosophy.com

5 Things You Should Do Today to Manage Uncertainty in Business
A consistent finding in psychology is that people don't like uncertainty or risk. It's called Risk Aversion, and we all have it to some degree. To be fair, we are not risk averse all the time. We also enjoy risky behavior, like gambling, smoking, or playing fast and loose with food expiration dates.

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Manage uncertainty and its related risk

Manage uncertainty and its related risk
  • Control the “controllable.” Certainty is vital in business, but also elusive.
  • How people cope starts with their attitude. Where there is change, there is opportunity. 
  • Learn by doing. Test a few things in a less risky environment first. 
  • The "Ready, Fire, Aim!" approach works well for small decisions. Opt to skip the months of market research that might improve the decision. 

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Unhealthy Ways to Deal with Uncertainty

Unhealthy Ways to Deal with Uncertainty
  • Throw up your hands and give up. Then risking it all on the next big move for the company. Learn to fail faster - take lots of smaller risks instead of one big one and get feedback quickly.
  • Not wanting to make a decision at all because of fear of failure. Learning from failure is a valuable part of your education. If you make a couple of mistakes but outweigh those blunders with successes, you are okay.

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Changing How We Evaluate Success with Decisions

... is critical in uncertaintyWe too often judge people by the outcomes of the decisions instead of on the process that was used to reach them.

However, isn’t it better if people had an unfortunate result and a great process than someone who had a successful outcome but flipped a coin to get there?

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How to embrace an uncertain future

How to embrace an uncertain future
  • Replace expectations with plans. You can guide your tomorrow, but you can’t control the exact outcome.
  • Prepare for different possibilities.
  • Become a feeling ob...