Often, entrepreneurs and tech leaders hear advice that they should take more calculated risks if they want to be successful. Leaping into the unknown is undoubtedly scary. However, stepping out of your comfort zone is critical to your success. When you take a risk, you grow, improve, and achieve results above your current limits. In this article at Enterprise Software Innovators, Jay Dominick explains how risk mitigation helps you avoid failure.
Is Risk Mitigation Necessary to Avoid Failure?
Risk mitigation does not necessarily avoid failure. Failure is a part of any tech innovation, especially when pushing yourself to new limits. However, risk mitigation allows business leaders to identify opportunities, enables growth, and spurs creativity. As a leader, if you stay safe and avoid the unknown or negative outcome, the organizational culture tends to become stagnant. In an IT company, when chief information officers (CIOs) distance themselves from the norm of efficiency and effectiveness of the technology curve, they become legacy. “Their job is to make sure their organizations do not become legacy because, you know, once you become legacy, you are no longer relevant, and you get disintermediated in some sort of way,” says Dominick.
How to Keep Your Organization Healthy
Dominick suggests you collaborate with startups. The collaboration allows your staff and organization to think differently. Employees that have earlier taken risks will have solutions that are quantitatively different than how you mitigate threats. Additionally, it gives a sneak peek into an innovator’s thought process.
Experts believe that if CIOs come in with an agenda that worked in the past without recognizing the current institutional culture, innovation or implementation of new technology can go wrong. Therefore, a good leader must take accountability for their mistakes and credit their success to the team, says the author. Being authentic, transparent, and honest is an essential quality of a leader.
To read the original article, click on https://www.enterprisesoftware.blog/episode/ep-3-taking-risks-to-become-failure-proof-at-princenton-with-jay-dominick#Transcript.
