So what is your approach to life? Is your mantra “Look Before You Leap” where you are more careful and study all the pros and cons before taking the next step? Or are you the person that says come what may, nothing ventured, nothing gained? You jump into any situation what think ahead and then face the consequences later. Life is too short to be full of regrets you tell yourself.
For me, I am a bit more inclined to be more cautious. I normally think things through especially if I had to make a big decision. But that doesn’t mean that I am stuck in analysis paralysis. If I feel that I had sufficient information, then I would make a decision. However when it comes to things that I considered more trivial, then nothing ventured, nothing gained would apply. I would like to think that I leap with my eyes open and I do take calculated risks.
With the pandemic, the war in Ukraine, and the onset of a recession, we can say that we are in a VUCA environment. VUCA is an acronym that stands for volatile, uncertain, complex, and ambiguous.
Volatility refers to the rate at which an industry, market, or the globe as a whole changes. It is well-documented in the literature on industry dynamism, and it is related to demand swings, instability, and a short time to markets. Things change more and faster as the world becomes more turbulent.
Uncertainty - The degree to which we can securely forecast the future is referred to as uncertainty. Uncertainty is related in part to people's failure to comprehend what is going on. Uncertainty, on the other hand, is a more objective quality of a setting. True uncertain situations are those in which no prediction is possible, even on a statistical basis. The more uncertain the world becomes, the more difficult it becomes to predict.
Complexity refers to the number of things we must consider, as well as the variety of those factors and their interrelationships. The more components there are, the more diverse they are, and the more interrelated they are, the more complicated an ecosystem becomes. It is impossible to properly study the environment and reach rational conclusions when it is extremely complex. The more complicated the world is, the more difficult it is to comprehend.
Ambiguity - A lack of clarity on how to understand something is referred to as ambiguity. When information is insufficient, contradictory, or too imprecise to draw definite conclusions, the situation is ambiguous. It refers to fuzziness and ambiguity in concepts and words in general. The world becomes more difficult to interpret as it becomes more ambiguous.
What approach do you think would work better in a VUCA environment? If you take the cautious “Look Before You Leap Approach”, would you be stuck just analyzing the situation which is constantly changing and difficult to understand. Or since all hell has broken loose, would you throw caution in the air and end up losing the shirt on your back? This is the situation that a lot of people are facing now and a lot of us are still unsure what the correct approach should be.
Do share your opinion of what approach you would take in a VUCA environment.
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