I love to Fly
Issue #27
October 8, 2007
At the age of thirteen, I pedaled my bicycle from downtown to the Napa County Airport and placed fourteen dollars on the flying schools counter. I wanted to learn to fly, and the hourly rate at that time was nine dollars for the airplane rental and five dollars for the instructor. My sole source of income was from a paper route which provided enough to take one lesson per month.
The flying school advised me of the minimum age requirements: 16 to solo, 17 for a private pilot’s license, and 18 for a commercial license (which I needed if I ever wanted to earn money as a pilot). Not to be deterred, I took my first lesson that day, soloed on my 16th birthday, received my private pilot’s license on my 17th birthday, and earned my commercial rating on my 18th birthday. Five thousand hours later, I still love to fly.
While flying is a passion, it also has its risks. Things like weather, navigation, and emergency procedures must all be managed in order to get the desired outcome. I still spend many hours a year in training to remain proficient, and regularly read accident investigation reports in an effort to learn from and avoid making the mistakes of others. As the saying goes, “There are old pilots, and there are bold pilots, but there are no old bold pilots”.
Business is my other passion (and I need it, in order to pay for my flying habit), and it certainly has its own risks. As an insurance broker with 35 years of experience in working with clients in many industries and of various sizes, I have been given the unique opportunity to learn from others. When it comes to managing risk, I have seen both those that do it successfully, and those that do not.
There are numerous analogies between risk management when flying an airplane and when running a business. Flying requires planning – so does business. Flying requires understanding the rules – so does business. Flying necessitates following policies and procedures – so does business. When flying, we need to refer to certain instruments to monitor our progress to the destination – in business we need to refer to the appropriate reports to monitor our progress in reaching our goals.
I am sure you would not want to fly with me if you felt the outcome would be based solely upon luck. My goal is to is to help you minimize the reliance upon luck in managing the risk associated with your business by providing practical ideas and tools for your success.
These weekly editions of risKey and our regular seminars are some of the ways we try to educate on risk management. If you would like a specific subject addressed, please feel free to send your request to ed@kempkey.com. You may also contact me at 888-536-7539 extension 2188. I would look forward to hearing from you.