Are you a skilled risk taker?

Risk taking is an art, and many live by the rule “ask forgiveness not permission.”

At its core, risk taking is the willingness to accept new ideas and change even though there may not be a guaranteed improvement. One of my bosses was big on “ask forgiveness not permission.” I might add he led us in to a  lot of hot water sometimes, however it paid off. His management style was accepted and he received  several promotions.

Supply management, however, should not throw caution to the wind. They need to clearly evaluate the risk and the rewards, be open to other approaches and not be afraid of controversy. Sometimes the supply manager’s initial or gut reaction may be the best way to proceed, however if you are not willing to accept the risk and consequences (both good and bad) then you should not be leading the team.

Creativity is another important skill because risk taking is closely related to creative problem solving. It is important to analyze a situation and evaluate the risk and rewards. Analysis should not paralyze your thinking. Some times we are not sure about taking that leap! How many industrial giants have we read about that actually took a risk that paid off. We could say these were men of wisdom when their actions paid off.

Remember there is a difference between risk taking and just plain foolishness.