12.6.1 Risks

For this activity:

You will need to write down your answers in your Mahara e-portfolio.

In this theme we have learnt that all business involves risk and predicting risks and taking early action can prevent them becoming issues.

Typical Business Risks:

·       Physical Risk

·       Strategic Risk

·       Compliance Risk

·       Operational / Human Risk

·       Technology Risk

·       Financial Risk

Tasks:

1.       Look at each category of typical business risk in the list above and research and write about how those risks could impact on the business chosen for your assessment project earlier in the course. If you prefer, you could select another business that you have knowledge of. You may want to use a risk matrix to assess the impact. 

2.       Research methods of how you as an entrepreneur can reduce / manage the risks highlighted in task 1. Present your research and the conclusions from your research in an appropriate format.