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The concept of 'the house always wins' applies to business in the sense that a business, like a casino, can set up systemic controls to manage the flow of information and resources. This allows the business to maintain a level of control and predictability, even in the face of external events or 'rogue waves'. By building in redundancies and focusing on resilience, a business can ensure its survival and recovery from unexpected systemic shocks, much like a casino ensures its profitability regardless of individual wins or losses.
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As the world moves faster and becomes more connected, Rogue Waves are no longer edge cases. External events of large magnitude like wars, financial crises and large natural disasters have severely affected large companies every seven years on average. American business leaders respond to radical external change nearly 45% of the time. In an increasingly volatile world, resilience is the new growth strategy. Resilient organizations have more redundancies than what Six Sigma advocates find acceptable. But today's organizational mandate is not just about performance. It's also about surviving and recovering from unexpected systemic shocks. Any business or economy is just a combination of games with different rules, different winning probabilities, and different payouts. In a casino, while individual players win or lose, the house always wins the night because it places systemic controls on the flow of information. Similarly, a business can beat randomness and win by placing systemic con...
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How do you prepare your business for black swan events like pandemics or financial crises? Rogue Waves by Jonathan Brill explores how to prepare for a...
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