Ben Yoskovitz on the Instigator Blog recently discussed the entrepreneurial paradigm of Take Risks But Don’t Cut Corners. Here are some excerpts:
“Entrepreneurs take risks all the time. It’s just part of running a business. There’s almost no such thing as a business that runs with no risk. So entrepreneurs are aware of, and often comfortable with taking risks.
But cutting corners is a different story. Cutting corners is doing things less than your best to achieve some end goal. It’s usually not a good idea. It may feel like you’re making progress by cutting corners, but at the end of the day you’re not (…).
It’s important to recognize the differences between legitimate risks and cutting corners. Risks need to be assessed on a number of factors: probability, impact, reward. Risks need to be clearly identified so that they can be managed and treated. Cutting a corner is a form of risk, but it’s a silly one to take. More often than not if you really assess the significance of the risk and reward of cutting a corner, you’d realize it’s not worth it.