Peter Drucker Quotes About Risk
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A management decision is irresponsible if it risks disaster this year for the sake of a grandiose future.
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Tomorrow always arrives. It is always different. And even the mightiest company is in trouble if it has not worked on the future. Being surprised by what happens is a risk that even the largest and richest company cannot afford, and even the smallest business need not run.
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Most innovators are successful to the extent to which they define risks and confine them.
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An organization belongs on a sick list when promotion becomes more important to its people than accomplishment of their job they are in. It is sick when it is more concerned with avoiding mistakes than with taking risks, with counteracting the weaknesses of its members than with building on their strength. But it is sick also when "good human relations" become more important than performance and achievement.
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But innovation is more than a new method. It is a new view of the universe, as one of risk rather than of chance or of certainty. It is a new view of man's role in the universe; he creates order by taking risks. And this means that innovation, rather than being an assertion of human power, is an acceptance of human responsibility.
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Promotion should not be more important than accomplishment, or avoiding instability more important than taking the right risk.
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People who don't take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year.
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To be effective, every knowledge worker, and especially every executive, therefore needs to dispose of time in fairly large chunks. To have small dribs and drabs of time at his disposal will not be sufficient even if the total is an impressive number of hours.
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There is the risk you cannot afford to take, and there is the risk you cannot afford not to take.
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Never underrate the boss! The boss may look illiterate. He may look stupid. But there is no risk at all in overrating a boss. If you underrate him he will bitterly resent it or impute to you the deficiency in brains and knowledge you imputed to him.
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Strategic planning is the continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the greatest knowledge of their futurity; organizing systematically the efforts needed to carry out these decisions; and measuring the results of these decisions against the expectations through organized, systematic feedback.
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The manager is a servant. His master is the institution he manages and his first responsibility must therefore be to it.
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All economic activity is by definition "high risk." And defending yesterday--that is, not innovating--is far more risky than making tomorrow.
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A manager's task is to make the strengths of people effective and their weakness irrelevant - and that applies fully as much to the manager's boss as it applies to the manager's subordinates.
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What you have to do and the way you have to do it is incredibly simple. Whether you are willing to do it is another matter.
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I would hope that American managers-indeed, managers worldwide-continue to appreciate what I have been saying almost from day one: that management is so much more than exercising rank and privilege, that it is much more than "making deals." Management affects people and their lives.
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There is no perfect strategic decision. One always has to pay a price. One always has to balance conflicting objectives, conflicting opinions, and conflicting priorities. The best strategic decision is only an approximation - and a risk.
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