Okay, I’ll admit that I’m no fan of Martha, the show, or Martha, the magazine (not handy at all…I can’t even tie a half decent bow) but I am a big fan of Martha, the businesswoman. Any woman that can go to jail (with grace and style) and still not only have a business to come back to but grow it, has my respect.
And The Martha Rules is a darn good book for budding entrepreneurs.
My favorite chapter is the one titled Take Risks, Not Chances. The difference between the two, risks and chances, is a difficult one to determine but it is possible. I make that distinction every day (I do take chances but I’m fully aware that I’m taking them).
As Martha writes “In business, there’s a difference between a risk and a chance. A well-calculated risk may very well end up as an investment in your business. A careless chance can cause it to crumble. And when an opportunity presents itself, never assume it will be your last.”
It’s all about doing our research and trying to minimize the downside. About not relying on dumb luck (that’s gambling, folks).
Recently, I was presented with an impossible one month placement. Day one, I ensured that all parties involved realized it was highly unlikely that the departing manager would be seamlessly replaced. With lowered expectations and carving the position back to maintenance mode, the downside was minimized.
I also thought through this placement carefully before taking it on. The upside, experience in a different position in a different industry using different software, combined with training (and of course, getting paid), I felt, more than offset the humiliation of failing. Could I fail (not meet even the lowered expectations)? Of course. It is a risk, yes, but a calculated risk.
In life, in business, in investing, take risks, not chances.
Comments (1)
I have similar views. I don't care for a lot of the Martha stuff but I really do admire her business savvy. Even after her stock "scandal", she's managed to bounce back. Martha does not let adversity or bad publicity keep her down.
I think one of the reasons women in general don't take enough risks is that we're trying too much to be perfect. "What happens if I fail? I don't want to fail and look like I don't know what I'm doing." We won't do something unless we have a guarantee of some level of success. The difference in risks vs. chances, in my opinion, is that in one you are trusting your abilities and the other you're trusting luck.
Posted by Stephanie Quilao | January 1, 2007 4:37 PM
Posted on January 1, 2007 16:37