Published under: Agency, Thought Leadership

Earlier this year, Paul B. Brown wrote an article for Inc. that discussed entrepreneurs and risk. While most see riskthis edgy group of laptop totting, espresso drinkers as risk-takers that are so comfortable with risk that it has become second nature. In fact, some of the most successful are serial entrepreneurs; repeatedly delving into the startup world.

What is unique about Brown’s take is that he argues that entrepreneurs are not fueled by some adrenaline-risk cocktail. In fact, they hate risk and do everything in their power to minimize their exposure to risk and in doing that, they find success.

So what can executives, hounded by a ruthless board, learn from these quirky, yet highly intelligent, business owners. The basic gist is this: hedge your bets.

First, understand exactly what you are risking. Is it time, money, reputation? Something else? Second, (and this works just well in Vegas as it does in the Main Conference Room) don’t risk more than you can afford to lose. I know…Earth shattering, right?

The amazing part comes into play when you find innovative ways to apply this strategy. For example, try developing relationships with partners that are either willing to share risk or that specifically cater to those operating with a risk-averse mindset. This is more than buying the extended warranty on your office chair.

Look at the areas in which you have the most invested; these are the areas that provide the greatest potential for a risk-averse strategy.