Quote of the Week

“The policy of being too cautious is the greatest risk of all.”
Jawahalal Nehru

Risk Management

by Tony Alessandra

What is it?

Risks are the dangers or losses that may be suffered by the entrepreneur during the course of his or her enterprise. Risk management is the identification and acceptance of the present and future risks in order to achieve success. An entrepreneur who practices risk management evaluates the risks and determines if the chance for success is great enough to accept the risks associated.

Why is it important?

Risks are an inherent part of business. Risks cannot be completely avoided nor should they be. The proper management of risks opens doors for entrepreneurs, allowing them to reach new heights and achieve loftier goals. Entrepreneurs who are not afraid to take calculated risks yield increased vitality and a higher level of achievement.

The risks associated with business are as diverse as the entrepreneurs who run them. The risks range from financial and political in nature to physical and emotional. Identifying and managing the risks as they emerge creates opportunities for growth. Risk management leverages opportunities for short-term business traction as well as longer-term career and relationship benefits.

Entrepreneurs are nothing if not responsive to change. They allow themselves room to react and respond to opportunities that may suddenly reveal themselves. Strong entrepreneurs view manageable risks as stepping stones. They seek ways to manage more risk in an effort to become pioneers in their fields.

How to get it if you don’t have it?

Each person must accept and deal with risks each day. There are many ways to manage these risks. The extremes vary from complete avoidance of risks to a haphazard undertaking of risks that are beyond ones capacity to overcome. These extremes are detrimental to an entrepreneur. Proper risk management begins by being honest with one’s self and one’s abilities. An entrepreneur needs to learn to recognize, act on, and leverage risks to his or her own advantage. Look at risks that are uncomfortable and make a plan to overcome them. Commit yourself to success in your endeavors.

How to develop it if you have it?

A successful entrepreneur is characterized by alertness to opportunities, which have been ignored, or unseen by others. These opportunities are generally accompanied by some reward or profit, but definitely come at some risk to the entrepreneur. To increase your risk management abilities you must learn to overcome the instinctive responses to fear. You must focus on the opportunities available. Develop a positive outlook; try something new each day without worry. Seek ways to expand your comfort zone.

Copyright © 1996-2009 Alessandra & Associates, Inc. Dr. Tony Alessandra can be reached at http://www.PlatinumRule.com or at 1-858-456-0028

Coaching Call to Action

While this article is written for entrepreneurs, it applies to anyone. We all have risks in our lives. What risks are you procrastinating about or even avoiding? What will you do this week to minimize or eliminate that risk?

Community Involvement

March 13, 2009
Warm Welcome to Keefe Tech Program Attendees for Empowering Yourself

A warm welcome to our new Coaching Tip of the Week subscribers who I met at Keefe Tech Tuesday night during my program “Empowering Yourself: 5 Steps for Gaining Control Over Your Life”. I enjoyed sharing my tools for gaining control of your life and participating in the new openings, ideas and visions that people experienced.

March 26, 2009
Pounce on a Project III – 2009

Last month we worked on updating a website, customer calls to create new business, creating a new talk, moving a marketing plan forward, getting computer desk tops cleaned out and completing items on a procrastination list. Here are what a few folks said:

• “So helpful to break projects into chunks of time. It makes it manageable.”
• “It feels really good to get rid of stuff!”

What project would you like to get on top of and accomplish this month? Come to Pounce on a Project III – - 2009. Join Coach Andrea on Thursday, March 26th from 9:00 a.m. to 12:15 p.m. Eastern. We will join as a group by phone and declare what you want to accomplish: getting taxes ready for the accountant, cleaning out those boxes in the corner, getting your website finished or make cold calls.

During the morning, the group will gather by phone a few times to check progress and get any support needed to finish with a bang. At noon, the group will celebrate their accomplishments. Who says projects have to be boring and tedious? Bring your lightness and fun and join us for the energization.

To sign up or learn more, call or e-mail Andrea by noon on Wednesday, March 25th. Feel free to share this with friends and co- workers, the more the merrier. (Cost of the program is only the cost of long distance phone calls.)

Other articles you might be interested in:

1. Risk
2. Risk to Be Free
3. Optimism
4. Ambition
5. Resourcefulness

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