Risk is an opportunity, and a potential source of competitive advantage, says business professor Russell Walker. Firms that handle risks in smarter ways than their rivals are well-positioned to snap up their competitors' assets -- from market share to suppliers -- if the other firm falters, Walker explains. "What's really exciting about competing on risk is that you could 'buy' your competitor's assets for free. That largely will define the winners and the losers in a marketplace," he says.

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