What do you understand the good concept and tools for risk management? How to manage risk as an entrepreneur? - Chong Jess Wynn (TP077821)

 


In order to protect company goals and operations, entrepreneurs must identify, evaluate, and mitigate potential risks. There are a few important ideas such as identifying hazards thoroughly, assessing their impact and likelihood, and creating mitigation plans. Prioritizing risks connected to money, law, compliance, and technology is something that entrepreneurs should do while cultivating a risk-aware culture in their companies. Risk matrices, scenario analysis, and key performance indicators are a few of the tools that help with ongoing risk assessment and monitoring. Managing financial risk involves keeping reserves, using sound financial judgment, and looking into hedging techniques. Maintaining current knowledge of pertinent rules and putting compliance plans into place are vital due to legal and compliance risks. In order to safeguard against threats associated with technology, cybersecurity precautions are essential. Employee participation in risk management initiatives is encouraged via open lines of communication. Entrepreneurs can improve their company's long-term performance and resilience in a constantly changing environment by incorporating these practices.

References:

·       “Effective Risk Management Strategies for Entrepreneurs" by KPMG: https://www.kpmg.us/insights/2017/risk-management-strategies-for-entrepreneurs.html

·       “Entrepreneurial Risk Management” by Darden Business Publishing: https://store.darden.virginia.edu/entrepreneurial-risk-management

 

Top of Form

 

Comments

Post a Comment

Popular posts from this blog

How to adapt Society 5.0 and its development, include learning and developing some essential entrepreneurial skills? by YAP HUEY SHIN

Image
  The concept of a super-smart society, Society 5.0 is a novel approach to applying these advances, in which humans contribute to adapting technologies to daily activities in their society and making Society 5.0 ideas applicable to various aspects of everyone’s life (Çipi et al., 2023). Collaboration and networking are fundamental to the entrepreneurial process in Society 5.0. Individuals should establish a varied network of collaborators, mentors, and advisers that can offer support, direction, and resources. Collaborative problem-solving allows us to use their pooled skills and resources to address complicated situations more effectively (Ćoćkalo et al., 2023). Moreover, Society 5.0 emphasizes the necessity of tackling societal concerns while also encouraging sustainable development and social responsibility. Entrepreneurs should think about the social and environmental implications of their businesses and seek to make a good difference that helps society. Adopting a triple-b...
Read more

How to adapt the Society 5.0 and its development include learning and developing some essential entrepreneurial skills? By Valerie Annabella (TP071725)

To adapt to Society 5.0, you would need to identify opportunities for innovation, foster collaboration, and embrace lifelong learning and also and hone entrepreneurial skills, which entails understanding its principles and leveraging emerging technologies to address societal challenges. Entrepreneurial skills such as creativity, critical thinking, and adaptability are essential for turning ideas into viable solutions. Cultivating a growth mindset, learning from failures, and considering ethical implications are crucial aspects of this journey. By embracing Society 5.0's vision of integrating digital technologies with physical systems to enhance quality of life, individuals can contribute to a more sustainable and inclusive society. This involves recognizing the importance of collaboration among diverse stakeholders and prioritizing principles such as fairness, transparency, and sustainability in entrepreneurial endeavors. Ultimately, adapting to Society 5.0 and developing entrepren...
Read more