The Business of Taking Risks

Management consultant, blog writer, dreamer

Taking risks is common behavior. Indeed, taking risks is for many of us a means to an end. In fact, without taking risks, neither your business nor you will ever know your true potential, says John Benjamin in the Tribune. But why is taking a risk so easy for some and, on the other hand, so difficult for other? It has a lot to do about who we are, and the environment we are operating in.

What does taking risks mean?

According to the Collins Dictionary, risk-taking means taking actions which might have unpleasant or undesirable results. So it is something you do as a result of a decision you’ve made. And most of the time something or someone has triggered you to make a decision 1.

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Making Difficult Decisions are Necessary to Keep a Business on Track

Management consultant, blog writer, dreamer

Managers making difficult decisions are mostly taken for granted. Someone has to make a decision, and that’s a manager’s job, say most of us. “When you consider why some leaders are successful and some are not, the difference between a successful and unsuccessful leader is often directly linked to the choices and decisions they make”, says Peter Barron Stark, President of Peter Barron Stark Companies.

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The Humanity of Decision-Making: A Business Perspective…

Management consultant, blog writer, dreamer

Even with Big Data, Artificial Intelligence and Decision Support Systems, humans mostly need to make the final decisions regarding which business strategies they will pursue. As result of this, we can’t escape the humanity of decision-making in business environments.

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Questions about your business that you should answer before starting

Management consultant, blog writer, dreamer

Now that you’ve made the decision to start your own business, the next step is to answer questions about  your business. However, before starting, you must get your mind in order. Here are some questions that, if you answer them honestly, will help you to make the right decision.

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Predictive Analytics helps Retailers to make sense of Big Data

Management consultant, blog writer, dreamer

“The most successful retail companies are utilizing data science and predictive analytics (PA) to improve efficiency, improve marketing campaigns, and gain significant customer insight for a competitive advantage” says Christine Kern, contributing for Innovative Retail Technology. But what about the “not so successful” retailers? How can they share in the advantages that Big Data and PA offer? Retailers can – by using predictive analytics.

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