Current business issue reflective paper Essay Example | Topics and Well Written Essays - 1000 words

Current traffic issue reflective paper - Essay Example hesitation is a subjective phenomenon unlike risk whose probabilities are known (Phillip & Patrick, 2013). Bronwynne, et al., 2005 pointed out that uncertainty involves events in which risk cannot be predicted. When one is anticipating some kind of risk, they black market to be cautious. Thus, risk is complicated and rational, but uncertainty is complex and extra rational. In risk, there are know fitted options, steps and opportunities, but uncertainty involves a multiple interactive unknowns (Bronwynne, et al., 2005). Uncertainty may relate to profitability, government policies and regulations, investment, demand, cost, pricing and production. Uncertainty in business tends to be an obstacle in decision making. In severalize to effectively deal with the issue of uncertainty in business, leading must possess good leadershiphip characteristics. In relation to dealing with uncertainties leaders are classified into three categor ies head totally- these leaders rely only on analytical tools to make quick decisions and thus are not able to balance paradoxes in todays ambiguous world. Heart only- these leaders are able to establish a strategy through being vindicated to a wide range of opinions. This may hinder them from identifying future trends. Guts only- these leaders believe in their instincts. ... It is advisable to prepare for multiple outcomes other than predicting only one outcome. This is of great help to a business because the planned for outcome may fail to happen and instead another one occurs which had been predicted and planned for, this helps the business leader to be always on their toes and ready for any eventualities (McLoughlin & Aaker, 2010). It also saves the business owner the loss of resources in terms of finances and time. Business leaders should have the knowledge to identify and rely on the predictable elements of the situation. Some situations can be predicted, and this could be o f great help to the businesses because one is almost sure as shooting that a certain eventuality will occurs and hence proper strategies are put in place to deal with such eventualities (Bronwynne, et al., 2005). Therefore in order to be able to identify the predictable element, one should be very alert and understand their business trends fully. If for example the problem is a natural calamity like flood, one can predict at what time of the year the floods are experienced. In order to effectively deal with uncertainties in business, it is vital to be agile and to do quickly to any occurrences. Once an undesirable occurrence befalls the business, leaders should be aware, listen and detect occurrences as they happen. They should adopt the detect and respond mechanism in order to effectively tackle the problem. They should also empower and mobilize their people to act fast and decisively. However, this requires charabancial and leadership skills. For example, if the uncertainty be falls an organization, the manager should be in a position to