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Managing Risk for the Greatest Return... it's an age-old question that haunts most business owners and entrepreneurs.
Leaders in all lines of business must constantly assess the benefits and potential pitfalls associated with taking risks. There's a great resource to use when it comes to the concept of risk management.The Risk Advantage: Embracing the Entrepreneur's Unexpected Edge 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.
"Opportunity without risk is probably small and not worth the effort to pursue. By choosing to embrace risk, you get the grand prize, opportunity, and the chance to create true financial security."
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 on managing multi-billion dollar companies, which yield little value to the small to medium-sized business.
Panaggio shares an energized yet realistic perspective about the best practices that resulted in his tremendous entrepreneurial success. The fact that The Risk Advantage 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.
- Tom Panaggio
The author makes reference to the fear of loss being twice as great as the joy of gain. This is a powerful reminder and gives the reader a clear understanding of why risk evokes such a negative reaction to most entrepreneurs.
Fear is a very difficult thing to overcome so a leader must have a clear understanding of how costly fear can be to a business and even your personal well being. Successful leaders recognize fear, not as an enemy, but rather as a caution sign or a gentle reminder to think carefully before taking action.
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.
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.
A few of these concepts relative to successfully managing risk include:
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.
Another concept Panaggio pushes 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 welcome change, make thoughtful decisions and keep the wheels of progress turning.The Risk Advantage: Embracing the Entrepreneur's Unexpected Edge provides excellent perspective on the issue of risk taking and why leaders must get comfortable with educated risk in order to be successful.
Tom Panaggio has enjoyed a 30 year entrepreneurial career. As a result of front-line
experience he provides a true perspective on how to successfully start
and run a small business.