Managing Risk for the Greatest Return... it's an age-old question that haunts most business owners and entrepreneur's. Leaders in all lines of business must constantly assess the benefits and potential pitfalls associated with taking risks. Finally, there's a great resource to leverage when it comes to the concept of risk management.
At Leadership-Tools.com, we are always looking for helpful resources that benefit small business leaders and entrepreneurs. The Risk Advantage earns a place on our recommended reading list with its unique take on thoughtful and productive risk management, which is an important factor to success, yet seldom written about.
The Risk Advantage by Tom Panaggio offers an authentic “If I can do it, you can do it!” narrative that effectively meets small business leaders and entrepreneurs where they are in their leadership development - relative to how effectively they are managing risk.
Successful entrepreneurs consistently seek out best practices of other successful individuals and businesses. However, many of the most popular success stories share an elite perspective about managing multi-billion dollar companies, which yield little value to the small to medium-sized business.
"By choosing to embrace risk, you get the grand prize, opportunity, and the chance to create true financial security."
Panaggio shares an energized yet realistic perspective about the best practices that resulted in his tremendous entrepreneurial success. The fact that The Risk Advantage: Embracing the Entrepreneur's Unexpected Edge speaks to a more attainable level of success is motivational and inspiring to the reader.
The author makes an impressive effort to examine the role that risk plays in entrepreneurial achievement. Risk is defined as the uncertain outcome that must be embraced in order to gain opportunities. Panaggio makes the point that while risk is commonly perceived as negative, the successful business person will effectively and logically position risk as a necessary variable and an important building block to the foundation for success.
"Risk is really about choices."
A reference to the fear of loss being twice as great as the joy of gain, gives the reader a clear understanding of why risk evokes such a negative reaction to most entrepreneurs. At the same time, Panaggio expertly piques the reader's interest to learn more about how leveraging the concept of productive risk can help to establish a long, stable and successful career.
I found a number of best practices outlined in The Risk Advantage that could effectively stand alone as key messages. Panaggio goes on to take each concept further, connecting its relationship to risk and showing the reader how to make each risk concept work to benefit the business.
A few of the concepts relative to successfully managing risk include:
Another memorable concept Panaggio pushes further is "constant forward motion", a common theme of success. Panaggio relates constant forward motion to risk and opportunity. Successful business leaders possess the courage to make decisions and to welcome change.
The Risk Advantage looks at a total of nine common themes of success - and in some way, connects each back to the benefits of taking productive risk.
In conclusion, I appreciated the fresh and unique perspective that Panaggio connects to common themes of success through managing risk in The Risk Advantage. This book is an enjoyable and quick read with a good number of positive take-aways. It's worth your time to check it out.
Tom Panaggio, author of The Risk Advantage: Embracing The Entrepreneur's Unexpected Edge, has enjoyed a 30 year entrepreneurial career. As a result of frontline experience he provides a true perspective on how to successfully start and run a small business. His forward thinking and practical approach to successfully managing risk is grounded in the belief that success is the result of a commitment to embracing risk as a way to ensure opportunity.
"Opportunities are ever present and plentiful, and everyone has the chance to dramatically change the direction of his or her life and enjoy boundless success"- Tom Panaggio