Have you ever noticed how proverbs come in matching pairs, like “Look before you leap” and “He who hesitates is lost”? The wisdom is in the combination. The hard part is figuring out which side to act on in each situation.
I favor the word ‘Prudent’ to describe the best leadership approach.
prudent (ˈpruːdənt) (Adjective)
1. discreet or cautious in managing one’s activities; circumspect
2. practical and careful in providing for the future
3. exercising good judgment or common sense
[from Latin prūdēns far-sighted, contraction of prōvidens acting with foresight; see provident]
The key to being able to exploit opportunities when they become available, especially when you perceive them before most others do, is to guard against the downside.
In your personal life, be prepared for the worst that can happen. Keep an emergency fund. Develop relationships. Pay for maintenance. Buy insurance. Having two is one and one is zero for truly essential items. You don’t have to become a conspiracy nut to understand the value of a few days of food and water plus provisions to sustain your family for a few days when the power goes out.
In your business operations, consider cross-training and bench strength for essential work. Backups and spare inventory. A cash flow buffer. A second means for managing payments to suppliers and receive income from customers.
You might not grow as fast, but you’re unlikely to be out of the game entirely.
Oh… and don’t be concerned about what others may say about this. Prudent people don’t mind a little teasing.
