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
  • 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.

... 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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Manage uncertainty
  • Focus on the things you can control (and ignore those that you can’t)
  • Shift from External to Internal Locus of Control. It means you perceive yourself to have more control than the environment over your life.
  • Live your life as you would normally, independent of the uncertainty. 
  • Bring certainty to the important things (and let the other things go). 

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We all need a dose of uncertainty in our lives, to boost our immunity. Just like being exposed to certain bacteria and viruses provides our body with the strength and know-how to fight with other viruses.

Escaping from unpleasant, uncomfortable or challenging situations makes us weak, and unable to cope up at a later stage. Ignoring your anger, anxiety and discomfort only makes all of that worse.

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 observer. It isn’t the uncertainty that usually bothers you; it’s the tendency to get lost in your feelings about it.
  • Get confident about your coping and adapting skills. Ask yourself, “What’s the worst that can happen?”
  • Practice mindfulness. Notice and appreciate the beauty of the moment.

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