Risk taking is an important aspect of entrepreneurship and leadership. Risks are important as they allow people get what they want. Risk takers are known to be go-getters and will have whatever it takes to get what they want. Risk taking is taking shape in businesses. Leaders are known to be risk takers and a good leader will always have some element of risk taking. Richard Branson is one of the greatest business leaders who have developed a brand, The Virgin Atlantic from scratch to where it is now. It is his risk-taking nature that has helped him to go where he is (Bower, 2012).
Many theories in leadership have tried to assess leadership and hot people can achieve the status of a good leader. There are many philosophers who have come up with many theories on leadership. The two common theories are contingency and trait theories (Cheror, 2004). I believe in contingency theory. I believe that leadership is more outstanding in where someone has grown from childhood and where they have been exposed (Yukon Liberal Party, 2011). Richard Branson is an entrepreneur and business leader who is where he is because of the environment and the inspiration he got from his mother. It is because of the challenges that the mother put that Richard Branson developed the importance of competition. Their mother ensured that
the kids competed (Goldsworthy, 2012).
Managers should not fear taking risks in their lines of duty. They should be willing to take risks in order to achieve their desired goal. Managers should also be willing to learn and empower their juniors into identifying opportunities for the sake of the business. One recommendation is that managers should be visionary in their undertakings. Like Branson, leaders should be willing to take risks and have a vision for the company (Julian, & Miles, 2009).
Bower, JL 2012, Leadership is a choice: The general manager in the middle. Harvard Business School, Boston, MA.
Goldsworthy, S 2012, Richard Branson, AV², New York.
Julian, T, & Miles, J 2009, Security risk management body of knowledge, John Wiley and Sons, New York.
Cheror, R 2004, Leadership and governance from the inside out, John Wiley and Sons, New York.
Yukon Liberal Party 2011, Putting people first, Yukon Liberal Party, Washington.