Risks - The Double-Edged Sword in Business. Should We Take It or Leave It?

Business battlefield is the concept that denotes competition and even tricks whenever it is mentioned. This explains for the common belief that to survive in the business battlefield people need to take risks in addition to talent. The question is, however, what people should do with this "double-edged sword" in business, take it or leave it?

To these days the "death" of famous lines of products still leaves life lessons for entrepreneurs and businesses that want to survive in the increasingly competitive business battlefield. Such names as Arch Deluxe (McDonald), Newton MessagePad (Apple), Zune (Microsoft) or New Coke and Edsel (Ford) will always be costly lessons in the dictionary of risks for entrepreneurs. Despite their aims of renovation, those products "experienced premature death" and cost the businesses billions of dollars. So what is the underlying reason?
According to some experts, McDonald's Arch Deluxe burger was not welcomed due to its wrong advertised message while Apple's Newton MessagePad failed simply because it was too advanced. Similarly, New Coke received a bad reaction due to a hasty change in the recipe of the product to catch up with its competitor's innovation, and the campaign of Ford to launch the Edsel line of car for the middle class will always be an obsessing story right from the start when they subjectively studied the market and was too confident to launch their products when it had not already the right time. All in all, the failure of those products came from unwise decisions of the leaders involved.
In the time of globalization, the wealth and development of a business are affected by different factors; however, it will always be human with wise decisions that make the success of a business in the battlefield like what was concluded by the founder of the giant corporation Microsoft when he talked about his bedside book entitled "Business Adventure": human factor is vital for every business effort. A business must be led by talented leaders in launching excellent products regardless of how perfect its production and marketing plans are.
Those are the lessons from the history of business of Western brands. In the Eastern world, however, it is commonly said "fortune favors the bold, cheek brings success" with "cheek" referring to risks and the acceptance of risks in doing business. Yet, should entrepreneurs and businesses take risks when classical failures of famous brands are still there?
Find Business Adventure - Bill Gate and Warrant Buffet's bedside business book - for life lessons about running enterprises. The book is a collection of 13 articles by John Brooks published in the New York Times in 1969.
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