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Management in organizations has a common focus on achieving goals in the most productive, efficient way. Many managers use teams as powerful tools in focusing on and achieving goals. It has been claimed that everyone in an organization belongs to one or more teams. In parallel to the development of business teams, the US military has developed high‐performance teams to achieve discreet goals in ultra‐stressful, dangerous circumstances. Teams in business and the military are focused on goals that require in‐depth training, high personal investment by team members, deep commitment to the team, complementary skills, and high performance under pressure. Can business leaders learn from military teams who have lives depending on their performance? The research and analysis points to the conclusion that some lessons from military teams can be valuable for managers in business organizations, but also suggests that high performance may not be as desirable as it seems.

The purpose of this paper is exploratory. The author seeks to put forward propositions on how firms may best conceive business risks in an environment characterised by constant change and uncertainty. To construct such a reality, the author examines how the military manages its engagement with strategic risk and uncertainty.

The paper presents a summated examination of literature published over the last four decades covering three major areas of management literature; risk management, competitive strategy and military tactics are conducted.

The propositions which are put forward provide the foundation for the empirical development of an appropriate framework for strategic risk management.

The major contribution of the study is that it has focused readers on not only strategic risk and competition, but on how lessons can be drawn from the military's experience of dealing with irregular forms of competition.