How can you encourage your partners to take risks?

I think about all relationships as debits & credits, similar to a bank account. My focus is always to put more in than I take out. You need 5 or more deposits for example before you take a single withdrawl. Withdrawls carry a bigger weight than a credit, so only take 'em when you absolutely need & focus more on those deposits. Give, give, & give as much as you can.

In my experience the best way to build trust is by planning how much revenue the partner can make by buying your product. My job as a partner manager is to work with the partner and plan how that revenue can be achieved. Only if a partner makes revenue by selling your product will they continue to work.

Encorajar os parceiros a assumir riscos é fundamental para o crescimento e a inova??o nos negócios. Uma abordagem eficaz para isso é construir relacionamentos sólidos baseados na confian?a mútua. Ao estabelecer uma comunica??o aberta e transparente, demonstrando comprometimento e respeito, é possível criar um ambiente propício para a tomada de riscos calculados. Além disso, compartilhar experiências passadas de sucesso e fracasso pode ser uma ferramenta poderosa para inspirar os parceiros a se sentirem mais confiantes em assumir desafios e explorar novas oportunidades. Ao mostrar que as experiências adversas também podem trazer aprendizados valiosos, é possível encorajar uma mentalidade de crescimento e resiliência.

I think the basic rule of Partnership is to have transparency & trust. If I have to encourage my Partners to take risks below would be some ways I can make sure the risk is minimized. 1. Sharing the possible Data or insight about the issue. Eg; Optimising the campaign towards a particular event, then I will make them understand what the event is, why it's crucial to us & the expectations. 2. Analysing Risk VS the Outcome Discussing the kind of reward/outcome that they would be achieving post-measuring the Risk. 3. Understanding the Risk indicator It is important to understand the risk indicator meter to know if the risk has a High, Medium, or Low impact on the business while considering the capacity to bear/take the risk

Encouraging your partner to take risks can involve a couple of factors: (a) fostering a supportive environment and (b) open communication. According to research by (Mikulincer & Shaver, 2016; Kogan et al., 2011), creating a secure attachment, emphasising the potential benefits of taking calculated risks, and framing challenges as growth opportunities can positively influence risk-taking behaviour in interpersonal relationships. It is also important to discuss shared goals and values that can help align motivations, contributing to a collaborative approach in order to navigate uncertainties.

Grounding decisions to a well defined risk framework, with clear impacts associated with the different options, enables business leaders to evaluate and understand the risks they are taking. As a transformation / program lead, these are the type of options and decisions we discuss with business leads every day !

One thing that I have found helpful is developing a risk framework together with our partners. For example, when we planned to integrate a new payment solution, we recognized the potential risks of fraud and service disruption. By sitting down with our partner, we outlined these risks, assessed their likelihood and potential impact, and agreed on mitigation strategies. We assigned roles for monitoring and managing these risks, creating a shared responsibility model. This collaborative approach not only aligned our objectives but also provided a clear roadmap for navigating uncertainties together, making risk-taking a calculated decision rather than a leap of faith.

Crafting a risk framework goes beyond mere checklists—it's about a joint vision to tackle challenges. Here's my partnership playbook: ?? Unify our goals - We share this risk-reward dance. ?? Define roles - No more missteps. ?? Set benchmarks for success and failure - We track progress, not just actions. ?? Spot potential issues - And gracefully avoid them. Our risk matrix is the stage: ?? Sort risks - Know which risks dazzle and which to avoid. ?? Appoint a risk leader - Every risk needs a point person. ??? Develop risk responses - Prepared for every twist or turn.

Scenario Planning: In a recent project (B2B SaaS startup), we used scenario planning to identify potential risks associated with scaling into new markets. By jointly outlining positive and negative outcomes, we developed a risk mitigation strategy and empowered both partners to navigate uncertainties.

Risk can be expressed as a simple formula: Risk = % likelihood of failure * $ cost of failure The two are correlated: if likelihood goes down because you invest a lot of energy, cost of failure goes up. No matter how hard we try, the % probability is never going to be zero. Failure is always possible. So instead, the way to approach partnerships is to reduce the cost of failure first. "what is the simplest thing we can do together today? The low hanging fruit?" Once you validate this low cost experiment, you can slowly increase the amount of risk both you and the partner are willing to take.

Incentives and support play crucial roles in fostering strong partnerships and driving mutual success. Here's how they contribute: - Motivation and Engagement - Performance Improvement - Alignment of Interests - Relationship Building - Long-term Loyalty Overall, incentives and support are essential components of effective partner management strategies, contributing to partner motivation, performance, and satisfaction while driving collaborative success.

Shared Success Metrics: When working with a private equity firm on a retail acquisition, we agreed on shared success metrics beyond just financial returns. This included increased employee engagement and sustainable environmental practices, incentivizing both parties to take a bigger leap towards a socially responsible outcome.

Encouraging risk-taking often involves offering tangible incentives. Reflecting on a partnership where we aimed to introduce a novel transportation option, we realized that our partner was concerned about the demand and operational challenges. To motivate them, we agreed on a shared revenue model that minimized their financial risk while also providing technical support for integration and operational challenges. This incentive structure, coupled with our commitment to support, helped overcome their hesitation, illustrating how aligning incentives with partner needs can facilitate risk-taking.

Stories are great if you want to appeal to an individuals sense of purpose and vision. But you need to back them up with data. Spell out what the investment is, the likelihood of success, and the potential reward. People are afraid of the unknown. If you show them the numbers, they will get more comfortable with them. Or not, but at least you saved yourself time barking up the wrong tree.

While advising a family-owned real estate developer on venturing into mixed-use projects, I shared case studies of successful partnerships that embraced innovative design and community engagement. This helped them overcome their initial risk aversion and embrace a bold approach.

Sharing success stories and lessons from failed ventures has been a powerful tool for us. One time, we organized a partner meet-up where we shared our journey, highlighting both our successes and setbacks. By openly discussing what worked and what didn’t, including a failed attempt to launch a service in a new market, we provided valuable insights into the risk-taking process. This transparency not only inspired our partners but also fostered a learning environment where they could see the real-world applications of risk-taking and its potential rewards.

Ce n'est pas prendre des risques que d'apprendre de ses échecs! C'est une nécessité de réaliser avec un jugement impartial un retour d'expérience (RETEX) pour mettre en lumière les points positifs et négatifs, les causes profondes de l'échec pour mettre en valeur les atouts et capitaliser sur les faiblesses en s'améliorant.

Celebrating failures as learning opportunities is a culture we’ve cultivated within EasyWeGo. For instance, after a much-anticipated feature launch didn’t generate the expected user engagement, instead of viewing it as a setback, we analyzed the feedback and learned that user needs had evolved. This led to a pivot in our approach, ultimately resulting in a more successful feature. By sharing this experience with our partners, we demonstrated that failures are not the opposite of success but stepping stones towards it. This mindset encourages our partners to embrace risks as opportunities for innovation.

During a technology integration project (telecom), a miscalculation led to a temporary service disruption. However, by openly discussing the failure, sharing learnings, and implementing corrective measures, both parties emerged stronger and fostered a culture of continuous improvement.

Beyond these strategies, it’s crucial to maintain a balance between risk-taking and strategic caution. Not all risks are worth taking, and discernment is key. One example from our journey involved evaluating a cutting-edge, yet unproven, technology for our platform. While the potential was high, so were the uncertainties. In this case, we decided to conduct a small-scale pilot before fully committing, demonstrating to our partners the importance of measured risk-taking. This approach not only safeguarded our resources but also showed our partners that while we are committed to innovation, we do so with prudence and responsibility.

With over 20 years in the trenches, I've seen the power of calculated risks propel partnerships to new heights, but also the pitfalls of recklessness. Remember, encouraging calculated risks isn't about blind leaps. By employing these strategies and fostering a collaborative environment, you can empower your partners to embrace calculated risks and unlock the full potential of your collaboration.

People are more willing to take calculated risk. When your partner do not dare to take that risk, they may not be aware of the right calculation & risk planning. Then, we help facilitate them to do it. That's where their capacity to absorb risk went up, and the possibility of them taking higher risk is justified.

In addition to all mentioned above, Highlight the anti- risks initiatives, you should have at least three. Pre and post and during risk occurrence; remember: if you fail to plan, risks are everywhere!