Every successful entrepreneurship involves
TAKING RISK
However, the way you handle it will determine if you'd gain the REWARD or become WISER at the end of it all.
A risk which could bring about a positive effect on project objectives, and accordingly can be seen as POSITIVE RISK, however there are also risks that can be a Threat, i.e., those with negative impact "NEGATIVE RISKS"!
There are different strategies to deal with both positive and negative risk when it comes. But for now, our focus will be on the positive ones.
1.) Exploit
Exploitation increases the chances of making a positive risk happen, leading to an opportunity.
To do: Assigned sufficient and efficient resources to take advantage of this.
This approach reduces the UNCERTAINTY associated with a positive risk by ensuring that it HAPPENS.
2.) Share
When not fully capable of taking advantage of an opportunity, call in a partner to help with it. The expertise of a partner is leverage to maximize the turning out of the opportunity.
To do: Establish sharing opportunity with can include *forming risk-sharing Partnerships teams
* unique purpose companies, or
* joint ventures.
In this all parties gains as per their investment and action.
3.) Enhance
Enhancing involves increasing the probability of occurrence of the risk and expanding its impact. This is done by identifying and influencing the various risk triggers.
To do: An example of enhancing an opportunity includes adding more resources to project activities to finish it earlier.
4.) Accept
This involves taking advantage of the positive risk as it happens but not actively pursuing it. It is just like an opportunity coming and being accepted without much pre-planning.
To do: Make sure it's within your capacity and tolerable risk limit levels.
I remain humbly Yours yours
@ReoUndaunteddd
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