TOPIC 3 - What do you understand the good concept and tools for risk management? How to manage risk as an entrepreneur? (TP070991)



Before we dive deeper, we need to have clear understanding of what risk is. Risk is defined as a possibility where the things is deviating from your expectation. Thus, finding ways to prevent it happen is essential and that is what we need to figure out now, the risk management. However, what kind of risk management is considered as effective and useful?

A good concept and tools for risk management must able to do identification, mitigation, action planning and performance Metrics. (Andy Marker, 2021) It must also beginneer friendly and easy to use, especially for newcomers in business world to ease them in understanding the necessary process of risk management. Therefore, I will suggest Monday.com and SWOT concept as they are effective in handling complexity of risk management and more approachable for newbies.

As a successful risk manager or entrepreneur, we need to suspend risk and avoid it. The only way we can predict risks is study the current trends and changes to gain new insight about the new fraud or challenges in the market (Managementorship ,2023). For instance, while everyone else has moved on to using smartphones with touch screens, your company should follow the changes and stop releasing phones that have buttons. This can lead your company remain competitive in the market. Therefore, the dynamic changes of the company's plan or structure over time are necessary to ensure we always in the right track.

Furthermore, we also need to always be objectively and skepticism. (Gajapathy, 2017) A clear objective ensure us know what we need to do, while often questioning to yourself about the project will help you to find out the hidden threat in your system. For example, you should ensure the progress align with the values, check the resource risks, provide a proactive backup plan and upgrade your entire internal working flow. (Andy Marker, 2021) This is because consistently reviewing your business operation is crucial for an entrepreneur to manage risk effectively. As a result, we should set a proper mission and vision for the project as a guideline and frequently spot check the progress of the assignment.

In the nutshell, the most important factor is still the mindset of an entrepreneur whether you want to do risk management or not, because the concept and tools are merely serve as a supportive solution to aid us in navigating the challenges.


REFERENCES

Andy Marker. (2021, April 7). Enterprise risk management case studies: Heroes and zeros. Smartsheet. https://www.smartsheet.com/content/enterprise-risk-management-examples

Managementorship. (2023, July 19). Top 12 – characteristics of risk management. https://managementorship.com/characteristics-risk-management/#Risk_Management_Must_Be_Proactive

Gajapathy, D. (2017, October 2). 5 Crucial characteristics of risk management. Trdinoo. https://trdinoo.com/2017/crucial-characteristics-risk-management/

Made by Tan Wai Ken


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