In this uncertain world we live in, the label ‘risk-free’ has been
slapped onto just about anything – financial products, medical operations, and,
particularly in Singapore, the mandatory national service program. Indeed, the
pervasiveness of risk in our lives is matched only by our desire to eliminate
it. However, risk is an essential part of our lives, and instead of doggedly
trying to avoid it, we should learn to embrace it in calculated steps.
From the outset, risks
are inevitable, an inherent part of our lives. Life is a tapestry of uncertain
choices – from choices as life-changing as who to marry, to choices as minute
as what to eat for lunch. Uncertain outcomes, by nature, are risky – as mere
mortals with incomplete knowledge, we often have limited control over the
outcomes of our choices. When we take a leap of faith in committing to a
marriage, for instance, there is little we can do to be absolutely certain of
about how the marriage would pan out in the decades to come. This makes the choice
to marry someone inherently risky, for we have committed ourselves to a
relationship that could potentially fail and result in disastrous consequences.
Ironically, however, it is precisely because of the potential ramifications of risks
that we should seek to maximise our exposure to them. Increased exposure to
risks allows us to accumulate experience about the positive and negative effects
of our decisions, helping us build up crucial decision-making competencies. Moreover,
experiencing risk – and its associated failures – on a constant basis
strengthens one’s resilience, fueling the desire and ability to surmount all
obstacles in accomplishing great feats of the human spirit.
Furthermore, risk taking
stretches human potential, opening the doors to groundbreaking innovations. Revolutionary
endeavours are, by definition, unprecedented. To undertake them, therefore, constitutes
a certain element of risk, as there are no forerunners to guide the way. In
fact, the most remarkable of human enterprises often begin with shot in the
dark, a foray into the risky and uncertain depths of the future. This situation
is analogous to a team of rock climbers scaling a treacherous mountain. The
most experienced mountaineer is often given the most difficult task of leading
his team – where others can simply follow and imitate the actions of those
above them, the leader has to possess the foresight to chart out a path to the
top. Nowhere is this better illustrated than in the field of scientific
research. Scientific research is only valuable if it presents new information,
creating breakthroughs that revoluntionise the world of science. To do so in an
industry already saturated with thousands, if not hundreds of thousands, of
scientists and researchers requires the use of innovative and unprecedented
research methods. This presents a huge element of risk – scientists embarking
on truly groundbreaking research often have no inkling when, or if at all, they
will arrive at conclusive research findings. Yet, research institutes have to make
the critical decision to accept the risk of failure whenever they pour millions
of dollars into funding a scientific research project. For instance, CERN, a
major scientific research institute, received over a billion Euros in funding
to build the ‘Large Hadron Collider’. Scientists at CERN had postulated the
existence of the Higgs Boson, sometimes enigmatically dubbed the ‘God particle’,
and needed astronomical sums of money to pursue this scientific vision. However,
for scientists to ascertain the validity of their theories, they have to first
receive funding. This made the choice to fund the CERN research project highly
risky – if successful, it could bring humanity one step closer towards unraveling
the mysteries of our galaxy, if unsuccessful, it would be an utter waste of
resources that could have been spent on funding other more promising fields of
research. Ultimately, while embarking on unprecedented endeavours may be risky
and potentially fraught with difficulties and failure, the paramount glory of being
the ‘first’ to scale the peak of a mountain is awarded to those who have
endured the risks of being a forerunner and leader to the team.
Additionally, taking
risks, especially when successful, rewards greatly. There is often a premium
awarded to those who are willing and able to bear with the risks that no one
else would. People who stick to the conventional and conservative path are greeted
with mediocrity, for they soon fade into a faceless crowd, constituting the nebulous
mass of people we call ‘the average Joe’. To be truly outstanding is to be bold,
to surge ahead amidst all the risks, prepared to start over in the case of
failure. The spirit of taking risks in pursuing one’s passion and interests is
embodied within the pro-sporting culture. People who commit themselves to a
career in professional sports take on a sizeable risk – the cut-throat nature
of professional competitive sports means that only a few athletes will ever
make it to the top. The majority of mediocre athletes will struggle to forge a
name for themselves, but if they fail, there is nothing for them. Therefore,
professional athletes who make it to the big league are rewarded with skyrocketing
salaries, a life of fame and excess. It is important that we overcome this phobia
of risk – if we have faith in our own ability, we should not allow the looming
fear of failure to prevent us from actualising our full potential, and winning
the biggest purses.
However, while taking
risks has its merits, there must be clear boundaries established on acceptable
and unacceptable forms of risk. In particular, there are two things that must
be kept in mind whenever risks are taken. Firstly, risks should only be taken
in situations when we have some knowledge or control over how the outcome would
turn out. Taking a ‘risk’ in the context of gambling is irresponsible, as
gamblers often have neither the ability to influence the outcome of the game
nor the knowledge of the probabilities involved in gambling. Investment, on the
other hand, is a form of acceptable risk taking, as investors make decisions
after analysing the economy, and formulating an idea about how the economy
would likely respond in the future. Similarly, scientists base their ‘risky’
experiments on hypotheses that are based on solid research and few rely on the
gut. Secondly, risk taking should be minimised where the public welfare is at
stake. Different people have different thresholds for risk, and we should
respect this. Hence, it would be inappropriate for government agencies to
invest in risky financial products with the tax-payer’s money.
Ultimately, if ‘risk’
were a drink, it would be a heady concoction of fear, uncertainty, innovation
and exploration. There is no escaping risk from our lives, so our best course
of action would be to gulp down this gut wrenching cocktail. Bottoms up – and
savour the taste of revolutionary achievements.
No comments:
Post a Comment