Risk Assessment & Strategiesw Growth

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Business Plan Part 5: Risk Assessment and Strategies for Growth

Business Plan Part 5: Risk Assessment and Strategies for Growth Business Plan Part 5: Risk Assessment and Strategies for Growth Business Plan Part 5: Risk Assessment and Strategies for Growth
BUS521002VA016-1126-001 Entrepreneurship & Innovation
MANNERS, AMANDA
9/8/2012
Jasmeih Green
BUS521002VA016-1126-001 Entrepreneurship & Innovation
MANNERS, AMANDA
9/8/2012
Assess risk for your business.
1. Identify and evaluate the main sources of risk for your business. 2. Explain your plan for dealing with risk by developing a contingency plan. It is stated that risk assessment is third step in a basic risk management process. Risk assessments measure two components: severeness of expected loss and the probability that loss will occur. The aim is to determine the quantitative and qualitative values of risk associated with a potentially hazardous circumstance. Risk assessment is different for individual businesses, there is a general checklist to consider when assessing and managing risks. It should be able to identify potential endangerment to your assets when using the risk assessment. The primary assets that are subject to risk, as well as the secondary assets that might be affected can be determined. My company will have to be able to identify the threat community by deciding whether the threat is internal or external, human ware of malware. In this case we have to be specific in determining the threat. Sometimes you have referred to a broad-spectrum analysis. There is several risk assessment that do exist however I feel that these will be the ones that I have to pay very close attention to when I start my business. They are as follows: 1. Product- What is the product that you are selling? Is it unique? What makes it desirable? 2. Human - from illness, death, injury, or other loss of a key individual 3. Operational - from disruption to supplies and operations, loss of access to essential assets, or failures in distribution. 4. Reputational - from loss of customer or employee confidence, or damage to market reputation. 5. Procedural - from failures of accountability, internal systems and controls; or from fraud. 6. Project - from going over budget, taking too long on key tasks, or experiencing issues with product or service quality 7. Technical - from advances in technology, or from technical failure. 8. Political - from changes in tax, public opinion, government policy, or foreign influence. 9. Structural - from dangerous chemicals, poor lighting, falling boxes, or any situation where staff, products, or technology can be harmed. 10. Market-Consider the market your product will be catering to. How will you reach them? What will make them want to purchase your product? 11. Business-How will you balance production with demand?

12. Finance-How will you fund the overhead production costs? 13. Execution- How will you execute your business plan? How many hours are you willing to invest in the success of your business? Additionally, do you have a business partner? It is stated that a contingency plan is like having a game plan or a specific set of instructions that outlines the steps that should be taken before, during, and after an emergency. A contingency plan looks at all the possibilities of what could go wrong and, contingent upon actual events has the contacts, resources lists, and strategies to assist in response to an error within the company. Some approaches that I would use to approach anyone of these issues would be to run through a list such as the ones that I listed to see if there are any relevant ones. I would also take time to review the systems, processes, or structures and analyze risks to any part of them. Then, I would see if I can spot any vulnerability within them. I would then look to someone else who could possibly provide a different perspective. Some helpful tools that can help uncover threats would be the...
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