Literature review Essay
The article gave detailed and encouraging directions to aspiring businessmen to take risks and view failures and threats in a more positive approach. The only constant in this world is change.
Whether we like it or not, we are bound to change, it only depends on what change we want to achieve and of course every one of us wants a better change, not for failure change. Rodriguez and Jacoby just taught us on how to think, and react positively with changes.
What is more encouraging is that, the authors keep on reminding us “Let us grow this lagging brand…Let’s envision the future of our market…Let us connect to a whole new set of users and costumers…We believe a key measure of the effectiveness…” it is “us and we”, you, me, everyone, including them, have to work hand-in-hand in order to grow, make a change and innovate. Those insights they unselfishly shared with us are very practical and very positive.
We can even see the credibility of their words because they often quote statements from credible persons in the business industry and gave examples of true-to-life facts, evidence and events of some companies dealing with risks. In insight number 1: “failure is the best way to clear a fog to see a path to success…” which suggests finding the good side of something that is not particularly good such as failure. With the second insight, it is suggested that we should look at risk, not as a no-choice option but as an exciting learning experience. In insight number 4: Think big, but start small(er), the authors also did not forget to warn the readers of not being impulsive and be cautious in taking risk.
That it is also wise to be practical and realistic in executing innovative actions. In insight number 7: Seek challenges, the author calls for the sensitivity of a manager to his or her subordinates’ capabilities and limitations in terms of living with risk and exerting effort for motivation. That it is more effective to give reward system rather than punishment or penalty. At the last paragraph of the article they enlighten us that reducing and managing risks as well as the need to grow and innovate do not apply in business alone but also in our daily life, at a personal level.
That we belong to a very big organization called society and we must grow and develop in order have a prosperous and more exciting life(Rodriguez, 2007). Reference:Diego Rodriguez, R. J. (2007).
Embracing Risk to Grow and Innovate. BusinessWeek.