The Entrepreneur’s View on Risk: What Risk Is and When to Take It
How do you define “risk?” And how does risk factor into your important business decisions? The answers to these two questions determine our decisions and actions, and either hold us back or allow us to move forward. Yet, many business executives do not have a clear concept of what risk is, or how to use it to make good decisions.
In-depth research on expert entrepreneurs has revealed that these individuals view risk in a somewhat unique way—and one that is different from the typical corporate perspective. We can all learn from this. In fact, it provides a two-dimensional view of risk that is helpful to each of us in both our personal and professional lives.
During this recorded presentation, Steven Gold, Professor of Entrepreneurship Practice at Babson Executive and Enterprise Education, describes the two types of risk we all encounter, the relevant questions we should be asking ourselves, and the impact that such knowledge can have on company culture.
- How do you define risk? If so many of our business decisions are based on prospective risks and benefits, we need to answer this question in order to be making the best decisions. Can you think of the two definitions of risk? We’ll present both of these definitions as a basis for our discussion.
- Given this fresh perspective on risk, what are the questions that we should be asking ourselves in order to make the best decisions and take the right actions? How do these questions integrate with our business processes?
- If we view risk in this new way, what is the potential impact on a team or entire company? How can we use this dual definition of risk to improve company culture, empower employees, and even drive innovation?
The presentation discusses each of these aspects of risk and provides a few practical take-away lessons that you can immediately start putting to use in your company.
About the Presenter
Dr. Steven K. Gold is Professor of Entrepreneurship Practice at Babson Executive and Enterprise Education, and Senior Fellow at Babson College’s Lewis Institute for Social Innovation. He is a popular professor of Babson’s MBA and undergraduate students, and also well known for his creation and delivery of custom programs for entrepreneurs, educators and senior executives. Dr. Gold’s focus is the design of experiential learning programs that teach real-life lessons. He is the former Director of the college’s Summer Venture Program, the highest-level co-curricular entrepreneurship program, which has served as a model for entrepreneurship programs around the world. Previously, Dr. Gold served for five years as the Senior Partner for Entrepreneurship at the Franklin W. Olin College of Engineering, during which time he developed and taught an entrepreneurship curriculum used to promote entrepreneurial thinking among all students. As an entrepreneur, Dr. Gold co-founded and served as CEO of several life science and technology ventures. He also is the inventor of several patented and patent-pending technologies, including inventions licensed to more than a dozen Fortune 1000 companies.