Risk and uncertainty - Deepstash

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Risk and uncertainty

  • Risk is when the factors that determine success or failure are out of your control, but the odds of success are known.
  • Uncertainty is when the factors that determine success or failure are not out of your control but are simply unknown. It is playing a game that you do not entirely know the rules of.

Risk analysis is a rational and calculation-driven process, while uncertainty triggers the fight-or-flight response. Innovators don't ignore risk. They are able to maintain their analytical capabilities in the face of uncertainty.

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MORE IDEAS FROM THE SAME ARTICLE

  • Delivery skills. Skills include quantitative analysis, planning, detail-oriented implementation, disciplined execution.
  • Discovery skills. Theses skills are more involved in developing ideas and managing uncertain situations. It includes the abilit...

Uncertainty and change can create opportunity and a need for innovation.

Research has shown that innovators and entrepreneurs don't take more risk than the average person. However, they are more comfortable making decisions in uncertainty.

  • P - assion: Successful innovators are passionate about the problem they are trying to solve and will share the passion with everyone.
  • E - xperience: Innovators have experience with the problem they are solving, yielding valuable insight and knowled...

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