Chapter Name: Identify the risks associated with the new venture
Description:This chapter introduces risk management processes, identifying internal and external risks, and creating mitigation strategies.
Purpuse:To prepare the entrepreneur to foresee and minimize potential threats to the venture.
Rational:Risk identification and management protect the venture from disruptions and enhance its resilience.
Chapter Assessment
Expected Supporting Evidence:
Portfolio of Evidence 1: A security system is established according to the identified financial risks. - Indicates proactive risk management and security planning.
Portfolio of Evidence 2: Emergency procedures are established according to the evaluated safety and security risk. - Ensures business continuity and employee safety in emergencies.
Portfolio of Evidence 3: The most suitable insurance scheme is selected based on investigated needs. - Demonstrates knowledge of insurance options and strategic financial protection.
Portfolio of Evidence 4: A stock and business assets loss plan is developed according to the identified risk. - Shows contingency planning and inventory risk mitigation.
Workplace Activities
Activity 1: Install security systems
Procure and implement safety measures
Activity 2: Develop emergency procedures
Draft and circulate emergency response plan
Activity 3: Select insurance scheme
Evaluate and select appropriate insurance cover
Activity 4: Develop loss plan
Create stock and asset risk mitigation strategy