Uncertainty

This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…

What is “Uncertainty”?

“He who lives by the crystal ball soon learns to eat ground glass.” — Edgar R. Fiedler, economist

Key Points:

• The difference between Risks and Uncertainty is that Risks are known unknowns, you know what might happen. Uncertainties are unknown unknowns, there’s no way to expect that that could happen.
• You can’t know if a something unexpected will occur, all you can do is remain flexible, prepared and Resilient to react properly.
• Accepting Uncertainty is accepting the real world, instead of coming up with a nicer one that doesn’t exist.
• Don’t rely on making predictions. Plan for flexibility instead.

Questions for Consideration:

• How much does your plan rely on accurately predicting or forecasting the future?
• Can you prepare for several different scenarios instead of relying on making an accurate prediction?

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