Decision-making, by its very nature, involves risk-taking or gambling. This is true for any decision in life and is no less true for decisions taken by business managers who are constantly required to evaluate a wide range of alternatives. Good managers have learnt the art of calculating risk but they sometimes still need to make quick decisions based on their gut feelings or intuition.
I was a consultant once for a company which was in the process of an investment decision. There were two options, one for engaging in a fair gamble by making a one-time big investment; the other was for a few small investments to ensure some certain gain. As a consultant from academia, I supported the second school of conservative action. However, the boss of the company did not take my advice; he decided to take the risk in an effort to seize the opportunities. And he succeeded.
To read the full, original article click on this link: INSEAD Knowledge: Leadership and Gambling
Author: Ning Xiangdong
