I was asked by the organizers of the WEDA Spring Conference to share my thoughts on developing a culture of risk taking. Wisconsin is among a number of states that is actively cultivating innovation and entrepreneurship as a long-term economic development strategy, and there seems to be a general perception that people in Wisconsin are too risk averse. Given that context, I took the opportunity to speak about
- The difference between risk and uncertainty
- How different kinds of startups differ along the dimensions of uncertainty, likely profit, and investment
- Tools for exploring the boundary between the knowable and the unknowable, and
- Some examples of how effective entrepreneurs manage risk
Click here to view my presentation (Flash - 27:11). Alternatively, you may click on the links below to download my slides and narration transcript. I've also appended links to suggested books and articles.
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Developing a Culture of Appropriate Risk Taking and Management