The essence of any successful business is all about knowing how to bet on the right people. Successful organisations depend on leaders who make the right bets on investments, businesses, markets, products, or technologies — and especially on people.
The following three tips illustrate how leaders can improve their chances of betting on the right people to grow their business and maximise returns for all stakeholders.
Tip 1. Don’t Confuse Betting with Gambling.
For starters, one should not confuse betting with gambling, as there is a significant difference: Gambling is a matter of pure luck, while betting is a matter of strategy. Leaders cannot build and grow sustainable businesses based on pure luck.
Many people, unfortunately, do not understand this subtle difference between the two activities. In gambling, a person’s skill set hardly plays any role in the process. However, betting requires the person to be deeply informed about the strengths and the influences of all possible factors that have the ability to affect the outcome of the process in question, either positively or negatively.
Without leveraging the latest approaches, technology, and critical data to hire, develop, and retain “only” the right people to grow a business, leaders take tremendous risks. In fact, without…
