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Businessman and TV personality Captain Keith Colburn knows a thing or two about managing risk. Financial Executives International’s Washington State Chapter was treated to a presentation last week by the Captain, who stressed the importance of preparing for the unforeseen.
“I try to avoid risk. I try to do anything I can to assess the potential for risk. To actually manage it is something that we, unfortunately, get stuck doing.”
All business leaders are at the mercy of variables such as market conditions, the environment, and global economies – and the fishing industry is no different. Predicting highs and lows and knowing when to conserve can help any leader successfully insulate themselves from disaster. But there are no guarantees.
Financial executives will be familiar with reliance on data and technology to help avoid risk. Technology has not only made the fishing industry a safer field, it can also give crews a leg up on the competition, not unlike corporate organizations. The use of catch data, surveys, water temperatures and other scientific information allows Captain Colburn to “outfish” his competitors, who tend to chase hot spots and visit the same areas that have historically been successful.
Leaders must start with the science in order to develop an effective strategy, but also be able to think on the fly. The Captain also stressed the importance of trusting and educating their crew.
Mentoring is among the many actions a leader can take to ensure their team is prepared for the unknown and thinking about the bigger picture. The crew, along with the captain, boat and technical support are what Captain Colburn points to as the four keys to a solid business model.
Captain Colburn has learned to embrace risk as an inherent part of his business. “Risk usually has a negative connotation. But if you look up ‘risk’ in a thesaurus, somewhere sandwiched between peril and jeopardy is opportunity.”
Whether as the captain of an organization or fishing boat, a leader’s job is to prepare for the worst by leading by example and educating their crews.