All posts in JB on CY
In any endeavor, but particularly in business, it is always good to consider the risk reward ratio. What is this you ask? In very general terms, it can be a comparison of money, time and resources that you might commit to an activity, venture or investment compared to what you stand to gain or lose by it.
Sometimes, we may perceive that what we set out to do carries no risk. We might think that all we will be out is some time, if what we are doing does not work out. Yet, time is a valuable resource. So even if we might not lose money on some venture that does not work out, we will have lost time. That time could have been used for another venture. This would be known as the opportunity cost.
I am not suggesting that we become risk averse. Instead, I suggest we become risk aware. And, in this awareness of risk, we would do well to compare what we stand to lose to what we stand to gain.
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