Life Lessons Applicable to Business: The No Parking Sign
“We must have courage to bet on our ideas, to take the calculated risk, and to act. Everyday living requires courage if life is to be effective and bring happiness.”
– Maxwell Maltz
There are no parking signs along one side of my street, restricting where someone can park. Recently, a friend stopped by and parked on the side of the street with those signs. I warned her of this, and she shrugged and said, “I’ll take my chances.” This incident got me thinking about how people approach rules and risks differently.
Some people, like my friend, thrive on taking risks. For them, breaking the rules is an adventure. Others prefer to follow the rules, seeing risk-taking as reckless. Both approaches have their pros and cons.
In business, finding a balance between understanding risks and overcoming the fear of moving forward is crucial. As leaders, we must equip ourselves and our teams to manage these extremes. Brash decisions can lead to success or disaster, just as analysis paralysis can stall progress.
There are advantages and disadvantages to following the rules and taking risks. They can bring about great rewards or cause havoc. Here are some questions to consider when assessing a situation:
- What will happen if we move forward without assessing the risks?
- What risks need to be mitigated?
- What will happen if we let fear stop us?
- What value is there in pausing and waiting, versus pressing forward?
My father often asked me: “What’s the worst that can happen?” This wise advice regularly helps me evaluate risks and move forward. Whether you are a risk-taker or a rule-follower, risk assessment is essential for business success.