Chapter Name: Analyse a range of risks associated with a new venture
Description:Identifies financial, operational, and market risks.
Purpuse:To prepare for and mitigate potential challenges.
Rational:Risk management is crucial for business longevity.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Analyse a range of risks associated with a new venture
Learners should identify and assess various risks (financial, operational, market, etc.) that could impact the success of the venture.
Assessment Questions
Assessment 1 : The concept of risk management is explained with examples.
Learners must explain risk management strategies and how they apply to managing potential threats to the business.
Assessment 2 : The potential risks and factors that may threaten the new venture are identified and analysed with a view to eliminating and/or minimising them.
Learners must describe how to identify potential risks and analyze them in terms of their potential impact on the business.
Assessment 3 : The risks associated with being an employer are explained.
Learners must describe the risks involved in hiring employees, such as legal compliance, labor relations, and employee performance.
Assessment 4 : The possible measures to reduce risk are explained with examples from a real or simulated new venture.
Learners must explain strategies and actions they will take to reduce risks in their new business.
Assessment 5 : The insurance and security needs associated to risks in the new venture are investigated.
Learners must describe how they would assess the insurance and security requirements necessary to protect the business from risks.