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Every growth journey involves facing and overcoming risks. Hence, business leadership risk management isn’t a regular career conversation. It is a crucial business development skill, especially for women leaders, since they face more significant consequences for taking risks.
If you believe women leaders are risk-averse, this episode is for you.
Or if you think they do not make risky decisions because they can’t, this episode is definitely for you.
Tune into this installment of the Women’s Leadership Success podcast to find out:
- What are the kinds of risks women leaders should learn to take?
- What is meant by a risk fingerprint?
- Are workplace-related things more difficult or risky for women than men?
- What will make women leaders more comfortable taking risks?
- What is a positive risk?
- How can we improve our risk tolerance?
- How can our environment help us deal with risk?
- What is the risk umbrella?
In this episode of Women’s Leadership Success, Sabrina Braham interviews Michele Wucker about women leaders navigating risks and why they face more significant consequences for facing risks than men. She explains how to rehearse and prepare to reduce anxiety associated with risky events. She also explains positive risks and how to use choices and exit strategies to navigate risks better.
Michele Wucker’s Interview on Business Leadership Risk Management
Michele Wucker is a strategic advisor, author, and global economic policy analyst who coined the term “gray rhino” as a challenge to take a fresh look at prominent, impactful, probable events and to help decision-makers respond more effectively. Her latest book is YOU ARE WHAT YOU RISK: The New Art and Science of Navigating an Uncertain World, in which she offers an excellent framework for understanding and re-shaping our relationship with risk and uncertainty to live more productive and successful lives.
Business Leadership Risk Management for Women Entrepreneurs: Show Notes
- Meet Michele and learn what The Gray Rhino is about [00:32-01:30]
- How to assess risks and learn to modulate our response to them? [01:31-05:11]
- Michele’s risk fingerprint and how it teaches you to see the things that affect the risk choices you make [05:12-09:20]
- Is there a thing such as an ideal risk personality? [09:21-10:55
- How does it help to be more objective about risks instead of being scared about them? [10:56-13:23]
- How do you improve your odds at something and make good decisions? [13:24-16:24]
- Rehearsing or practicing the consequences of a risky situation to make them less anxiety-provoking [16:25-19:00]
- Why risk is a muscle you have to get comfortable building [19:01-22:33]
- The importance of having choices and exit strategies [22:34-25:33]
- Success changes the way you think about yourself [25:34-26:14]
- Specific things that women find more challenging to navigate in their workplaces [26:15-31:31]
- Rethinking how women take risks [31:32-34:29]
- Tips to help women get promoted [34:30-35:00]
Women’s Leadership Success #122 Summary: Developing The Risk Mindset
Episode notes to leave with:
- The concept of the “great rhino” warns that people often overlook obvious challenges and that this can leave them vulnerable.
- Personal risk attitudes and psychology are closely related to the decisions that lead to success or failure in business. Understanding oneself is crucial for making the best risk decisions.
- Risk is not fixed and varies depending on an individual’s personality and experiences. Understanding oneself and one’s risk fingerprint is crucial for making the best
decisions.
- Having a diverse group of people with different risk preferences can be beneficial for making well-informed decisions. Self-awareness is the key to making better decisions.
- Balancing objective reasoning with emotions is essential when making risky decisions.
- Being more objective about risks can help reduce the chance of something going wrong.
- Practicing and rehearsing can help reduce anxiety and make the risk-taking process easier.
- Risk agency is the sense of control people have over the risks they take. It’s essential for people to feel like they have agency to reduce risk and feel more comfortable.
- It’s essential to have choices and exit strategies when facing risks and to be confident in succeeding or being right alone.
- Research shows a 95% overlap in risk choices between genders. Women should retell their own risk stories and embrace the times they have taken risks to combat gender-based misconceptions about risk.
- Understanding oneself and being deliberate in decision-making is crucial to risk management.
- Embrace risk-taking and avoid negative stereotypes.
Business Leadership Risk Management – Actions for Traction
Listening to a podcast or reading a book is a good start. But the way you will change and grow yourself is to take a small action every time you have an aha from what you have heard or read.
Here are three possible actions you might consider to develop your business leadership risk management :
- Think about and retell at least three of your own risk stories.
- Embrace the times you have taken risks to combat gender-based misconceptions about risk.
- Be proud of the risks you have taken.
Michele Wucker Comments on ” The Gray Rhino” Analogy of Business Leadership Risk Management
Book Your Complimentary Leadership & Promotion Advantage Coaching Call with Sabrina Braham
If you are ready to truly take your leadership, career, and income to substantial new levels – 3 times faster than you thought possible, Book Your Complimentary Promotion & Leadership Advantage Call with Me on My Calendar Here:
After helping over 250+ managers and directors at your level, (see some client recommendations here), it’s evident that many women leaders struggle with confidence, communication, and political savvy.
And that’s why I help people like you master the skills of successful leaders (and their teams), realize their potential, and get promoted 3x faster or land their next-level role with a 20% – 50%+ increase in pay.
And so If relevant, I would love to connect over a complimentary leadership and career advancement coaching session to help you become an influential and “promotion-ready” candidate, internally or externally.
On this call, I will give you three proven strategies that will help you have an impact and confidence and stand out from the competition to advance your career and income much faster than you thought possible.
We can discuss how I can help if there is a good fit. If not, you will walk away with some actionable ideas to become the obvious choice for promotion.
Are you open to a quick call to explore?
Book Your Complimentary Promotion & Leadership Advantage Call with Me on My Calendar. Sabrina
