Risk management is a structured approach to managing uncertainty through, risk assessment and developing plans to manage it, and mitigation of risk using managerial resources. The plans include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. However, there is another non-standard way to manage risk. That is the way, entrepreneurs manage risk. Alfred Hitchcock, the famous director also used to manage risk in that way.
More information about Hitchcock style of managing risk, and application of it, in our Business and daily life, is available in AIL online course category “Entrepreneurship and Business Planning”. Please use this link if you are interested to enroll for this course.