Saturday, October 22

The Power of "Risktakes"!

Hi friends, today I'm posting an already written post, Business and Strategic themed, from Mr. Vineet Nayar, Vice-Chairman and Chief Executive Officer, HCL Technologies. Last year on 18th August, 2010, he wrote down his thoughts under the publication title, "Harvard Business School Publication". While surfing company's internal intra-net blog site, I came across to this content, with the title, The Power of "Risktakes". It just impressed me with its simple and decent explanation. And i think you might also enjoy this stuff. So, to avail you this fruitful content, I'm publishing it on my blog with few modification to help gain the content to all kind of readers, with the original title of the actual post.

The actual post starts from here:

A mistake is as an error in action or calculation caused by poor reasoning, carelessness, or insufficient knowledge. Risk is the exposure to the chance of injury or loss, the chance that the actual return might be different than the one expected. Thus, a 'risktake' is an error — but not one caused by carelessness or insufficient knowledge. Its possibility has been foreseen, calculated, and accepted.

A simple test will help you differentiate a risktake from a mistake. Ask yourself: Did I account for the possibility of failure before it happened — or did the mistake catch me by surprise? We are not promoting carelessness, but genuine, well-intended mistakes, as Dawna pointed out.

Every new company and new product launch, every new service and new discovery has the potential of being a risktake. In fact, every strategic decision has the potential of proving to be just that. We usually take them with the joy experimentation brings, enhanced by the courage to fail and stand up again. Doing everything "perfectly" breeds stagnation and laziness, argued Brett.

Vineet Nayar further shares, I am all for taking risks as long as the process is supported by conviction, persistence, and discipline, and it is based on knowledge. During the year 2008's worldwide recession, the decision by HCL to acquire Axon — the biggest overseas acquisition by an Indian IT company — had the potential of becoming a risktake. There were many critics of the deal, but so far, the takeover hasn't given them the occasion to say: I told you so. Would I do it again? Sure, as long as the possibility of short-term losses is less than the potential of long-term gains.

Lemuel Morrison shared a potential best practice with company: Maintain a mea culpa list and update it regularly with new risktakes along with what, if anything, was learned.

Understandably, executives fear the unknown and crave the security of the comfort zone even though that's a prescription for predictable and controlled performance. Moreover, today's environmental volatility won't allow the comfort zone to stay comfortable for long. That's why he suggests that we should create discomfort with the present situation. Then draw the path, which will be littered with risktakes, to where we would like to be in the future. Keep your sights focused far ahead and stay undeterred.

Mark Twain once wrote, "Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. "

Are you ready to sail away on the winds of your risktakes?

The modified post ends here.

I hope you have also enjoyed the post, and in-fact gained the fact how business person thinks, and makes any thing good for his business, even negativity also!

Have a happy blogging and happy Diwali! :)

This Document is copyrighted. All Rights Reserved.
© Copyright 2011 resembles to Abhishek Sunil Kotecha from CrEat!vE-labs.iNNovations group, India.

NOTE: The Harvard Publication or any other attribution used here, are registered with their own policies. The blog  doesn't have any intention to violate their acts, but sharing is made as a follower.

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