Failsafe Strategies: Profit and Grow from Risks That Others Avoid

Part 1. Designing Strategies For Avoiding Risk

	“A risky situation isn't necessarily profitable. Since the odds are calculable, they are calculable by anyone and so not unique. Profit…is clearly the result of risk, but only of a unique kind of risk, which is not susceptible of measurement.”
	--Frank H. Knight 1921, Risk, Uncertainty and Profit

Strategy practitioners have spent the last 50 years developing frameworks for strategy, industry, and competitive analysis. However, we keep forgetting one important thing: The whole reason business exists is to take risks; otherwise, we should be keeping our money in treasury bills. Yet most strategy frameworks are focused on analyzing returns or profits and addressing risk only as an afterthought. We are ...