Fight or flight?

Leaders should be open to risk—but only to a limit. Evaluating the true risk/reward ratio is essential when making critical decisions.

Shen to hold, when to fold, when it’s gold When does fearlessness become wild-eyed gambling or intransigent stubbornness? And when is “fearlessness” engaged in only issues about where to place the vending machines in the cafeteria but not about new product development or anything substantive?

“Fearless” means “lacking fear.” As I’ve explainer earlier, it doesn’t mean being blind to issues that might cause one to fight, to have fright, or to engage in flight. Nor does it mean to fool yourself into thinking that fearlessness is sufficient to defeat any rival, to overcome any challenge, to stand fast and think the approaching tornado will spare you.

Some people believe they will occasionally pull the right card for the “inside straight” and some others think it will happen rarely, while other still think it will never happen. What determines which person is wiser or more fearless? It depends upon the wager, the probabilities, and what you’re prepared to lose.

I enjoy gambling within my budget. If I win, it’s gravy, and I know I’ve won because at a certain point in the winning I stop. If I lose, again within my budget, it’s been entertainment, nothing different from allocating money to see a play or go skiing.

But I never gamble at a casino with the intent of winning over the long haul. That’s because the odds are indisputably and immutably against me, and I know that. Expecting to make a living by beating a casino is an exercise in denying reality.