Friday, May 11, 2007

Personal risks vs. Business risks

  • Business risks: If you are brilliant, reduce by 15-20%, if you work 24 hours a day, reduce by another 15-20%. But remaining 60-70% is completely out of your control. Can be measured in numbers- probability of failure times cost of failure. Subjective analysis.
  • Personal risks:
    • Defies quantification. Matter of values/priorities, an expression of who you are. By considering personal risks, you are defining personal success. Instead, most people inherited notions of "success" from others, or arrive at these notions by facing an endless line of hurdles extending from grade school through college and into careers. We constantly judge ourselves against criteria that others have set and rank ourselves against others in their game. Personal goals, on the other hand, leaves us on our own, without this habit of useless measurement and comparison.
    • "working with people you don't respect, working at company with inconsistent values from your own, doing things you don't care about, and risks of doing something that fails to express - or even contradicts- who you are. Most of all, the risk of spending your life not doing what you want on the bet that you can buy yourself the freedom to do it later. "
    • "Several years ago when I pondered the offer to join Apple, and I looked down that long corridor at my law firm, the answer was clear. I wasn't concerned with whether Apple succeeds/fails...whether ramain on well-defined path to profession as lawyer or venture into creative life in business...wasn't hesitating because of business risk; but wrestling with personal risk, a different game of chance which we have far more control."
    • "...staying at my law firm, face possibility of an unfulfilled life, ...face subordinating my creativity in order to become specialist, channeling myself too narrowly. To me these were gravier risks than whether Apple succeeded or failed."

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