Chapter SevenManage UncertaintyBe Courageous, Anticipate What Might Happen, and Address Risks Head-On
No matter what business or industry you are in, risks exist. Competitors enter the market, customer tastes change, new technologies appear, and market prices can take dramatic and damaging swings. The future is never certain; but in some industries, it is profoundly uncertain.
Good strategy nearly always involves a bet, so leaders must become comfortable with making decisions in precarious environments. They must also become adept at quickly and decisively managing risks related to demand, competition, and their organization's ability to develop new capabilities.
When Elon Musk started SpaceX and Tesla Motors, he had a realistic view of his ...
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