Risk assessments are a critical component of operating a successful business. When used properly, they help individuals and businesses identify potential hazards, evaluate the likelihood of negative consequences, and assess their severity. However, risk management is not just for businesses—it should be an integral part of our daily lives.
Many of us have made decisions without fully considering the potential consequences, sometimes leading to negative outcomes. This is why risk management should be taught to our children early on. In my line of work, I witness people making choices that not only impact their own lives negatively but also cause tragedies for others.
A clear example of poor risk management is seen in the restaurant industry. Many servers earn money daily, and because of this, they often spend everything they make each night, assuming they can always replace it the next day. This pattern of financial mismanagement can lead to serious long-term consequences.
It is crucial for adults to integrate risk management into their decision-making and to teach these principles to their children. One bad decision can have lasting and sometimes devastating effects. By understanding and applying risk assessment strategies, we can make more informed choices and create a more stable future for ourselves and our families.
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Marvin Dixon/Founder
vmgreview.com
VMG Review 