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What can I do to succeed in business?

How can vulnerability help people succeed in business?

  • Answer:

    Tl;dr: The display of vulnerability fuels trust. I think vulnerability in business is not in itself a good thing. However, it may potentially offer these advantages: Reputation: Showing vulnerability signals you have nothing to hide, and therefore implies trustworthiness. Vulnerability is usually one of the very last things people will admit to, so when you show it, that implies you have got nothing else to hide. Creativity: once a person's vulnerability has been established, but the person is accepted regardless, this frees said person of social constraints from expectations. This person can then offer ideas that no one would otherwise dare suggest. There is no more need for fear. This can be incredibly liberating and not only stimulate creativity, but also productivity. And the knowledge that you are trusted fuels commitment and loyalty in return. There is an obvious parallel with more intimate relationships. Partners in a couple feel secured by the knowledge that the other is vulnerable, and grateful for being accepted in spite of one's own vulnerability. In personal relationships however, people may feel comfortable exchanging displays of vulnerability so as to contribute to a sense of equality, while in a business setting, parties will not always be interested in establishing equality. That is one of the reasons why it is not necessarily a good idea to display vulnerability in a business setting.

Igor Versteeg at Quora Visit the source

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Vulnerability is a function of risk.  The astute business assesses their risk by analyzing vulnerabilities in the following manner: COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed. PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market? CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile? SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is slow. OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on? Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disasters.

Ken Larson

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