Business leaders and entrepreneurs should adopt a more grounded approach by conducting proper risk assessments and taking calculated risks, speakers said at a panel discussion held Wednesday as part of the University of Guyana’s “Money Week” activities.
The event, titled Icon Conversations, was hosted in collaboration with the Jamaica Stock Exchange and featured local business developers and collaborators.
Chief Executive Officer and Director of Eureka Medical Laboratory, Dr William A. Boyle, emphasised the importance of risk assessment in business decision-making.
“But I don’t believe in taking the unprepared risks. You have to be prepared. You can’t just jump into something. You need to be prepared and have goals or have dreams. You dream, this is what you want to be and you focus, and then you take your leap. Don’t take your leap without dreaming or without having a goal,” he said.
Co-Founder and Director of Herdmanston Lodge, Dee George, recounted her transition from studying economics to entering the hospitality industry, which she described as a leap of faith.
“The biggest risk I made was jumping out of the economics aspect of it and saying I’m going to become a hotelier, which I knew nothing about– other than the love of people and that I had a mission to change the perception of our country,” she said.
Richard Rambarran, Partner and Specialist in Business, Economies, Finance and Public Policy at Ascention Business Services, said the idea of a risk-free endeavour was a misconception.
“Everything in life, no matter how risk-free it may seem– that notion of something being risk-free does not exist. It may be lower-risk but it is never risk-free. Because whatever you may do and no matter how secure it may seem, or it’s approaching zero risks, there is always some cost associated with it. And once there is cost associated there’s always risks. So, a good framework to think of things is always in a risk reward trade-off or a risk-benefit trade-off. If I’m going to receive this benefit, there must be some amount of commensurate risk. There is a positive correlation between risk and reward,” he said.
“Money Week,” which concluded on Thursday, aimed to promote financial literacy and personal economic development under the theme Building Your Financial Future, Dollar by Dollar. The three-day event featured expert-led discussions on financial planning, investment, and entrepreneurship.
