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Tiger Woods: Lessons For Great Risk Management

Posted December 07, 2009 12:01 AM by DrDoug

Last week, we learned that Tiger Woods is human after all.

And for the rest of us, his situation is an excellent reminder about how to execute great risk management in our professional lives.

Here are four things I think we can learn from Tiger.

1) Quickly Take Responsibility for your Actions

a. Sometimes you make good decisions and sometimes you make bad ones.
b. Either way, it is yours now and you have to deal with it.

2) Choose the Lesser of Two Evils

a. When forced to choose between two bad options, choose the "less bad" option.
b. I know it's hard – but you will live to fight another day.

3) Cut Your Losses

a. For Tiger, the hardest thing to do was that first admission of guilt.
b. For the rest of us, the hardest setback to take is the first one.
c. Once you do that, managing the risk of the situation gets a lot easier.

4) Learn From Your Mistakes

a. Mistakes are part of the game. Tiger is not perfect and neither are you.
b. All that matters is that you learn from your mistakes and move on.

Tiger is going to be a better golfer, a better person, and even a better dad as a result of what he is going through. And you know what - if you learn from your mistakes, then you'll be better too.

Editor's Note: Dr. Doug Hirschhorn is an influential and highly sought-after performance coach and executive trainer who appears regularly on CNBC. His new book, 8 Ways to Great, is due out in two weeks. Look for a book review here on CR4.

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#1

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 7:56 AM

Basically, I agree with your analysis on utilizing mistakes a mechanism to grow, but I think Tiger Wood's case is probably neither a good nor appropriate example.

First, adultery does not make us human or even more human nor is being so an exercise in risk management. Adultery is one of the highest forms of cheating on what is supposed to be your best and closest friend. It is more than just a decision mistake, it is wrong in just about every society I can think of.

"All that matters is that you learn from your mistakes and move on."

I would challenge that. In most cases you need to do more than simply recognize your decision was wrong. As the saying goes, it takes a big man to admit that you were wrong and a bigger man to do something about it. In other words, there is something called accountability for ones actions. While it is not always possible, every effort should be made to make a wrong decision right.

"Tiger is going to be a better golfer, a better person..."

Possibly, but that remains to be seen. Tiger and his family have a lot of work to do to heal their own relationships and the damage around them. We all hope that they find a way through this and become stronger, but that isn't always the fate of such situations.

Personally, I would like to see the rest of the world take a break from Tiger Woods and allow Tiger and his family the opportunity to work this private and personal matter out without the public fanfare. They need to heal, too. While the media may not stop pursuing them, it doesn't mean that we have to buy it.

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#9
In reply to #1

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 8:19 AM

"Personally, I would like to see the rest of the world take a break from Tiger Woods "

Wow, I came here to say that. I'm glad someone else feels the same about the situation.

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#22
In reply to #9

Re: Tiger Woods: Lessons For Great Risk Management

12/10/2009 8:00 PM

In my view of the world any activity that can be performed with a beer nearby is not a Sport. I mean really, what were golf carts really made for?

That being said, adultery is not just wrong it is RUDE.

My grand goal in life is to buy a golf course turn it into a pig farm and watch the housing prices plummet!!

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#2

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 11:30 AM

Well, yes and no. True, it is possible to learn from ones mistakes.

This specific case has really taken on a life of it's own (perhaps since it first broke). From what is now known, this guy has a really serious problem. I disagree that exposure will make him a better person, husband, or golfer.

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#3

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 1:16 PM

No doubt the Tiger got his tail in a wringer . . . if he comes out of this as neutered "Tabby" . . . he'll be a very lucky man!

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#4

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 2:57 PM

1. Tiger took responsibility for his actions fairly quickly, but not at blazing speeds. I wouldn't give him too much credit here.

2. Disclosure is a lesser "evil" than stonewalling, but history (Watergate, etc.) shows that the coverup is often a bigger problem than the "crime". Early disclosure was a smart but hard move on Tiger's part.

3. Disclosure may help to cut Tiger's losses, but we're still not sure how many sponsors he'll lose (or how many millions his wife will demand once she changes their prenuptial agreement). Tiger-the-brand is damaged, I think, at least for a while.

4. It's been said that "To err is human, to forgive is divine." The difference between a Tiger Woods and an American politician, however, is that Tiger didn't hold himself up as a paragon of family-values virtue. He's just a golfer - the greatest one in the world, mind you - but just a golfer.

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#5

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 3:24 PM

I strongly suspect that this era in Tiger's life will follow him for the remainder of his professional exposure. The dollars lost will never be recovered and the cost far exceed the priceless persona that is forever tarnished. For so many years other golfers suffered severly due to "Tiger-mania" . . . perhaps now the comments of the other professionals will be less stigmatized when humorous comments are made. Tiger-mania cost others many, many dollars . . . is it not a fairway turn that Tiger benefits in much the same fashion? Classic example of . . .Schadenfreude!

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#6

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 3:41 PM

We as a society continually watch high profile idiots that should know better keep doing stupid stuff and yet we are the first ones to defend them even though not one of them would lift a finger to help us out with the slightest problems that we may face. WTF? How stupid are we now anyway?

I can throw a golf club further than I can hit a golf ball with one so if I go and screw up my and everyone else's lives around me because I am selfish and have an unchecked ego problem will it help my game too? Seriously he hits a ball with a stick and gets paid well for it. I don't consider that exactly top notch hero/idol material to start with.

Many of us spend our lives taking on the apparently incredible task to personally 'just know better and act responsibly' for the good of others and ourselves without so much as a thank you or an, I appreciate your efforts, coming from anyone. So where is all the praise for us countless millions who do have unwavering faithfulness to our girlfriends or wives, friends and families, employers and whom ever else we deal and interact with each and every day for our entire lives?

My hero's are the people who do take the real life long responsibilities for themselves that involve thinking first and just knowing better day in and day out from cradle to grave.

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#8
In reply to #6

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 1:13 AM

I agree with TCMTECH fully.

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#24
In reply to #6

Re: Tiger Woods: Lessons For Great Risk Management

12/18/2009 11:19 AM

Maybe this should be put under commercial advertisement.

Click here: YouTube - Billy Dee Williams Tiger Woods Collectible Plates

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#7

Re: Tiger Woods: Lessons For Great Risk Management

12/07/2009 11:08 PM

The only way a repeat womaniser learns (let us face it Tiger has been doing this, by all accounts , for a long time, even with : a pregnant Wife ! ) is in fact : whether she has used a good iron to beat the h... out of him.

This will give a far better result than legally obtained millions. That is, if she wants , to put the Tiger back into the cage.

He may be a world class golfer but his attitudes and choices were : dumb.

Labor Omnia Vincit Improbus

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#10

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 8:33 AM

..Tiger is going to be a better golfer, a better person, and even a better dad as a result of what he is going through. And you know what - if you learn from your mistakes, then you'll be better too...

What? Maybe we should all be unfaithful to our significant others. We could learn from our mistakes and become better human beings. How could you possibly conclude that this will be a positive for his personal and professional life? To me, and no I am not a Doctor, this is just as likely to ruin his personal and professional life.

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#11

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 9:28 AM

Yeah and maybe Tiger can do a show with Dr. Phil. I'm sure he could learn a bunch there. And then next week he can show up on the Maury Show and do all those lie detector and DNA test stuff. Sounds like there would be plenty of "guests".

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#12

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 9:57 AM

I would like to deepen the discussion a bit by making a few observations. The general themes that seem to be coming from many of the responses are hostile, angry and judgmental (again, not all, but most). Whether you are justified or right is irrelevant. I am much more interested in learning, growing and sharing. To slam someone when they are already down on the ground is easy. And especially easy if the majority is already doing it. But where is the added benefit in that? My challenge is to take a step back; put aside personal judgments and opinions and make observations to see if there is anything new that can be learned and shared or does this morally bankrupt element of Tiger Woods insight many of us so much that we are unable to move past the anger and disgust? We are all human. We are all flawed. Some more than others but that really depends on the perspective one brings to the table, doesn't it? Is Tiger right? Is he wrong? Is he good? Is he evil? I don't know. And, really, I don't care. Do you? Dr D

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#13
In reply to #12

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 10:10 AM

"or does this morally bankrupt element of Tiger Woods insight many of us so much that we are unable to move past the anger and disgust?"

For me, I'm not angered, not disgusted just tired of hearing about every celebrity's moment of infidelity. I don't care about Tiger Woods. I didn't care about A. Rod or Kobe. And although this a little off topic, I don't care about Michael Jackson, OJ Simpson, or any other athlete or celebrity that has done something wrong. I'm really just tired of digging so deep into these people's lives.

And as for the learning something, I don't need to kill somebody or watch someone be killed to learn that killing is bad. Maybe that's a little over the top but what can we learn from Tiger that we haven't learned from other media favorites that have done similar things?

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#14
In reply to #13

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 10:31 AM

Like 'em or not, celebrity meltdowns are use cases for businesses that need crisis management lessons.

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#23
In reply to #12

Re: Tiger Woods: Lessons For Great Risk Management

12/16/2009 1:05 PM

The whole issue with Tiger Woods agrovates me because he was held up as an example to others including young people. His was not a mistake, his was a choice that he made many times. God knows that I am far from perfect, but I believe in the importance of a person's integrity. As far as I am concerned he is damaged goods. Your integrity in your marriage is something that should be above reproach. He obviously doesn't take his integrity and his honor very seriously. As far as I am concerned if Mr. Wood's word to his wife was not honored how could I take his word for anything. This is the same thing I stand for with politicians as well as professional associates.

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#15

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 11:09 AM

Certainly Tiger is no exception to the human condition. For me personally from having seen what happens when a career takes one far from home, away from the family norms, I know what happens. Over 30 years of being a "road warrior" (contract engineer), working at major projects in over 20 states and 5 foreign countries, I have experienced first hand what the outcome is . . .total family distruction. The hours, days, and weeks of isloation, setting and waiting, it only takes one misadventure, and life as it once was is no more. It is sad beyond comprehension and it is permanent. No Tiger will not be the same Tiger . . . ever. That being said, no I am not angry, I blazed my own trail . . . it is a grief driven process . . . shock/denial, depression, negotiation, coming to terms and acceptance . . . finally comes the serenity of detachment . . . but the ghosts never go away . . . .

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#17
In reply to #15

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 12:04 PM

Thank you for sharing that with us. Do you think you are a better person as a result of that experience? I am not asking about happier. But what I am asking is that if you think you are wiser, more aware or at least making smarter decisions now in your life after having gone through that experience first hand? Dr D

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#21
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Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 1:04 PM

I am probably a much more conservative person than I was before. Wiser . . . only if being scared shXXless means wiser . . . much more of a coward and afraid to venture into lower security aspects of doing business. I no longer look for the high bucks contract jobs . . . I look for the security of being an employee. It is scary to get where I am in life, realize that you placed your stability in quicksand . . . dreams were destoryed. I try to avoid traveling, a difficult thing to do. I stay away from the "lets go get a beer" crowd completely. I do not want to be a manager, I am happier just being an engineer again. I am very conservative in meetings. I will not allow my self to have "good ideas" and try to be in the forefront of change. I am much more task oriented and having goals and objectives has relieved a lot of remorse. I do not try to change the past by controlling the future. Overall I have realized that there is a lot of serenity in defeat. Happiness now means to find the joy of the moment . . . many instances of joy are more fulfilling than being in a state of continuous happiness.

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#16

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 11:20 AM

Question,

The first mistake is when people benchmark themselves with celebrities, athletes.

Are people that lost that they have to look to other people so they can identify themselves. Which is only their perception of themselves, which everyone of us that perception is skewed.

But your points/suggestion are very good for handling situations such as risk management.

p911

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#18
In reply to #16

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 12:11 PM

By the way, love the picture..I have a dobe as well. And to answer your question, Yes, I do believe and consistently find that successful people, very successful people are more insecure than the most people. They have lower self-esteem than most others. And those are some of the powerful drivers that motivate them to push themselves to greater limits. I would even go as far as saying they are less happy than most. It is as if they are constantly looking to fill a void that exists in their soul. The more they fill it, the more they realize it is empty and needs more filling. Many of them are selfish and not proud of who they are; but focused solely on what they accomplish and the public recognition they get as a result. Once they retire from the public eye or are forced out of it, then they are left with little to no true self-identity. They oftentimes don't know who they really are because they have spent their lives or a large portion of it being what the public wanted them to be. Very sad stuff to watch. Dr D

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#19
In reply to #18

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 12:21 PM

Excellent insight,

Insecurity can be one hell of a motivator, it can also burn you out.

btw, that is only a dober wannabe, Ace. He is actually a Miniature Pincher, and that is his war cry ......What do you expect, he's 4 y.o. and weights in at 8#'s.

(its actually a picture of him yawning)

p911

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#20
In reply to #19

Re: Tiger Woods: Lessons For Great Risk Management

12/08/2009 12:32 PM

I thought that was a pin-pin. My favorite breed of dog!

Mike

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#25

Re: Tiger Woods: Lessons For Great Risk Management

01/13/2010 2:47 AM

In 1957 Andy Griffith made the movie "A Face in the Crowd" which at the time predicted that one day we would put style above substance. We are well pass that point. The truth about tiger is that he never has to work another day of his life if he doesnt want to, neither do his kids or grandkids. In the end he will make way more than he ever has because they (meaning the people) will see him as triumph over adversity. When really, I don't care either way, my point is that as a nation, we are screwed and this is just another example.

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#26

Re: Tiger Woods: Lessons For Great Risk Management

01/29/2010 4:00 PM

What we learned, really, is that Tiger is not too bright (read: kinda stupid, strategically speaking or otherwise)...hence making it complicated by introducing MBA concepts would likely fly over the head or (as it were) under the phallus.

Secondly, it has been well established, that human beings generally do not "learn" from mistakes, only from successes. It is on account of that that, for (conditioned-as-Tiger) Woods one conquest success (not...mistake) led to another.

Or is it just the "will to power" thing...borne of basic, lifelong insecurity engendered by an unrelenting parent? For Tiger we now know what fellow golfers have lately found out - and what Nicholas discerned early on: that the tiger show, both on and off the links, is largely just a performance.

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#27
In reply to #26

Re: Tiger Woods: Lessons For Great Risk Management

01/29/2010 7:14 PM

The physical questions from the start of this have been lacking reference to the basic : fundamental.

There is a well known and sometime forgotten principle . It is said to be physically: true. "Man's Creator gave man, enough blood for the function of the :brain and /or phallus. Not both at the same time ". Thus man could use it normally in his procreation. At which time he could not in a physical sense , be able to use all of his brain's : functions.

In the case under review I would venture to say that the above has been : conclusively proven.

Labor Omnia Vincit.

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