From the course: Developing Cross-Cultural Intelligence

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Risk in making decisions

Risk in making decisions

From the course: Developing Cross-Cultural Intelligence

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Risk in making decisions

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- A few years ago, I took the bold step of opening a business, inspired by my role as a business school educator. This venture turned out to be a crash course in self-awareness. What I quickly discovered was my unexpected level of risk aversion. I deliberated decisions extensively. I avoided stretching my financial limits. And acted cautiously, sometimes to the point of hindering innovation. Just as some people avoid taking risk, or others thrive on it, so do industries and cultures. For example, banking, pharmaceuticals, and healthcare, or all industries that value accuracy. They value safety and responsibility. There's far more risk aversion than technology, hospitality, or entertainment, which need to stay nimble and innovative, and as a result, risk-tolerant. When it comes to cultures, risk aversion may relate to historical experiences or cultural ties to tradition, economic stability, and political factors. So risk-averse cultures such as Indian culture, Japanese, German…

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