Aleatory is an adjective that means something is dependable on a fifty-fifty chance or certain stakes in an outcome. It shows that something isn’t assured to happen since it depends on total luck, like in the case of a roll of dice. Something that is supposed to happen by chance or by sheer luck can refer to aleatory.
Some situations occur in our lives, and we are never sure of the outcome until it happens. Other situations we go into by faith and depend on our luck to manage to push through since the results are usually very unforeseeable. For example, when you decide to gamble in a casino or place an online bet on a specific match, you risk losing your money with the hope of winning a bigger prize. We can say that you depend on luck to win the award in such a situation, so your outcome can be said to be aleatory.
Apart from gambling situations, there are also other situations in which we are not assured of solid results, but we still take the step to take part in them. These situations could either go terribly for us or bear substantial fruits, even exceeding the expectations we might have had earlier on. It all depends on the degree of risk we are putting ourselves in meanwhile pursuing such unpredictable affairs. Although the wise men said, “the bigger the risk, the bigger the prize,” sometimes it is wise to judge the type of situations we put ourselves in to avoid dire consequences.
In some cases, you might see a business idea to be an aleatory concept even if it has a full-proof entry and growth plan. A business is always a risk because sometimes you aren’t in control of the outcomes that follow after you invest. External factors like the market, availability of raw material, and political stability always affect business operations no matter how stable our businesses might be. It shows that you aren’t in control of such a situation. In this case, the outcome of your business depends on fate.
Example of Aleatory
Let’s say that your friend owns a small retail store around your area, and you are part of the team that invested in the capital that started it off. The business isn’t guaranteed to succeed even after you help him devise a solid entry and growth strategy. However, after one year of operation, the business raises a lot of profit, even more than you had expected to gain in that particular time. It shows that you were unsure how the company would do in the beginning, but you still moved forward with your aspirations; your business was aleatory in the beginning.
Now that your friend’s business has started to gain local popularity from shoppers and also other smaller-scale retailers, a potential big investor wants to give you capital to expand your business. This deal puts your friend in a dilemma because he’s not sure if other branches will be able to do as well as your only branch. Your friend calls up a board meeting of all the store shareholders to discuss this matter and come up with a decision. The meeting is to decide whether you should take the deal of the potential investor or go at your own pace and raise the capital you need to open up more branches even though it will take a significant amount of time.
The board, which you are part of as a shareholder, decides to take the deal even though you’re unsure about the expansion plan. You all hope that the expansion plan will work to your advantage. It is a typical example of an aleatory decision where you leave it all to fate, even though you still put in the work to make sure it works out. It is a considerable risk, but it is also a potentially smart move that can accelerate the expansion plans you had in mind.
Significance of Aleatory
Aleatory is the situation whereby you hope that fate will work to your advantage. We have all been in such situations before in our lives, and it is usually a nerve-wracking experience. Any risk you take means that you’re not sure of the outcome, but you still move forward with your instincts. It shows that aleatory means any situation whereby we take risks.
As much as risks are usually a nervous experience, we shouldn’t shy off from taking them. They might well work out in our favor and bear substantial fruit for our plans. Aleatory situations allow us to trust our instincts and move on with the way our hearts feel about them. Most of the time, they work out to your expectations, especially in business, but sometimes they don’t, but this shouldn’t discourage us from taking more risks.