5 Things You Should Do Today to Manage Uncertainty in Business
Curated from: beyondphilosophy.com
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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
- 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 uncertainty. We 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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