Vulnerability can be described as the inability of an individual, institution, organization or a group to withstand an environment which is considered hostile. Talking of vulnerability in business can mean the inabilities of the business or organization to withstand the competitive marketing environment while vulnerability in an individual is facing hostile situation in work relationships, social relationships, racism and others. At the end of the day what counts is how an individual or business acts to reduce or finish the effects of vulnerability. Vulnerability can lead to failure in life whether to an individual or a business and that’s why there is a Window of Vulnerability which is generally created as a timeframe to reduce or compromise the defensive measures. Vulnerability is a concept that has linked my life with my environment in so many ways in terms of social forces and institutions. In life, humans can be exposed to vulnerability in the society, within a group, sex and these can lead to physical injury or even emotional injury. Vulnerability can easily affect an individual psychologically compared to that of a business which can lead to losses or bankruptcy.
A business has to take several measures in order to conquer vulnerability in the various fields it operates in. These fields could be in the market, finance, employees and others. Vulnerability can be found in almost all the sections of a business and they apply differently. Being vulnerable in today’s society is a sign of weakness and gives no guarantee for success be it as an individual or in a business. Proper and strategic measures need to be taken in every stage of life in order to cope with risks and hostile environments especially when operating a business. I am 24 years and so far has faced a lot of situations which can subject me to becoming vulnerable. Friends can lead to vulnerability as well as family. Being in school is also another major cause that lead to vulnerability of so many teenagers who allow themselves to be treated unjustly by others and instead of fighting for their rights they succumb to critics.
A good example is in the marketing environment. The global market of today has become very competitive whereby each company is trying to outdo the other by applying very competitive and powerful strategies so as to dominate the market and become market leaders. For an aggressive business, they do not shy away from the competition or leave the market. They instead enter the market ready to face the intense competition by carrying out proper market strategies which will enable them to survive in the market and create a name for themselves also. This is known as a window of vulnerability since it is a measure taken to reduce vulnerability in the market environment. Human beings should also do the same. Most of the individuals give up on fighting discrimination, stress and other vulnerable situations.
A home owner is exposed to a greater risk compared to a business in various cases such as fire, political conflicts and others. The disadvantage is that owning a home is not counted as a long term investment since there are no profits coming in like a business. A business that is doing well incurs profits every now and then and this is recognized as a long term investment. It is very essential to insure a home in case of risks such as theft, fire and others. This will prevent losses in the long run. The insurance providers to home owners however use standards of individual underwriting for risk assessment of value reduction which means in case of a risk they may refund less money than used to develop the house and this will subject the owner to a loss. For a business, insurance is considered very important. However, whether insured or not, a business that is running well and making profits will not feel a great loss after risks since there are profits investments that have incurred in the business.
Greg Bankoff, G. F. (2004). Mapping Vulnerability: Disasters, Development, and People. UK: Earthscan Publishers.
Husdal, J. (2009, March 03). Vulnerability in business relationships. Retrieved May 18, 2012, from Husdal.com: http://www.wtgwebinar.com/webinar/from-process-safety-to-operational-excellence--best-practices-for-operational-risk-management/237
Nutt, A. (2010, July 29). Most Common Variables Considered When Calculating Home Insurance Rates. Retrieved May 18, 2012, from Ezine Articles: http://ezinearticles.com/?Most-Common-Variables-Considered-When-Calculating-Home-Insurance-Rates&id=2679534