TAKING RISKS WITH LITTLE OR NO DATA
Since this is our first chapter on guts, we need to be very clear about what we mean—and don’t mean—when we use this term. The traditional definition, especially when it is applied to business leaders, often relates to toughness. The CEO who doesn’t blink when negotiating, who takes chances without second-guessing himself, who aggressively acquires companies and annihilates competitors—this is how many people characterize gutsy leaders.
It is not how we characterize them. Our definition involves doing the right thing, based on the context. There are situations in which people need to do what they believe is right—right for themselves, their team, their customers, their organization—even if they know ...