What is the difference between risk taking and risk management in business?

[Kross]

Risk taking and risk management seem like they are similar concepts in business but they are different. And it seems they have different practical applications in business.

What is the difference between risk taking and risk management in business?

 

[eLdavis]

I believe the major difference is that risk management has to do with the act of planning and analyzing evey action before taking them.

 

[wisdom01]

Risk-taking is choosing the climb. Risk management is checking your gear. Both are vital.

 

[Kera]

Risk taking is about taking the chance to pursue a business opportunity while risk management is actively identifying threats that would always come up so you prepare to face them.

 

[wisdom01]

Precisely. One is the accelerator, the other the brakes and airbags. You need both to drive safely and actually get somewhere.

Risk taking is about taking the chance to pursue a business opportunity while risk management is actively identifying threats that would always come up so you prepare to face them.

 

[Augusta]

Risk-taking is about embracing uncertainty for potential gain, whereas risk management is about systematically addressing and mitigating that uncertainty.