Not all risk is bad. In fact, failing to embrace risk at all is another enemy of successful innovation. In this series, Ron Price examines the 12 enemies of successful innovation.
Episode Transcript:
Enemy number nine of successful innovation? Failing to embrace risk. Well, being safe and secure is nice. We all like it. But irrelevance is worse. This is what happens when you don’t invest in innovation. As a leader, sooner or later you need to embrace some risk while creating a stable environment at the same time. You pay for stability with safety and you pay for growth with risk. These are not mutually exclusive; they should coexist with each other in a balanced form. Processes and structure offer stability during the disruption. Otherwise, when met with disruption those who never learned how to respond fall behind. Measure and manage your risk to avoid irrelevance. Recognize that risk is what you pay for growth, and wise, well-managed risk is going to give you strong sustainable growth. So, don’t be afraid to take on risk. Learn how to measure it, learn how to manage it, and learn how to balance it so that you can get both the benefits of stability and the growth that comes form risk. This is the key to overcoming the ninth enemy of successful innovation: failing to embrace risk.
Discover the other enemies of innovation in this 90 Seconds of Innovation series here or by subscribing on Soundcloud, Apple Podcasts, Spotify, Google Podcasts so you don’t miss an episode. Tweet your innovation questions to @ebaiya. | Header Photo by Mary Taylor via Pexels.
