Why Business Leaders Need a Vegas-Mindset to Successfully Grow
By Professors Ed Hess and Jeanne Liedtka
"The first thing top-level leaders need to understand about growth is that the only certainty about growth is its uncertainty."
Have you ever watched a professional blackjack player in Las Vegas? They usually have a specific process they use to up their chances of winning big. First, they pick the right table. Then, they test the waters. They make small bets to see where the game is going. As they watch the cards and learn more about the game and their opponents, they periodically increase their bets or they fold certain hands. It all happens fast, and they understand that they’ll lose a lot of hands in this "testing the waters" phase of play. But the information they gain during the process allows them to increase their bets and win big later on. Business growth is a lot like playing blackjack.