Module 7. Risk Management
The main contents of the module are:
- Definitions of Risk
- Risk Management Process
- Risk Analysis prior to Entrepreneurship
- Management of Financial Risks
- Management of Operational Risks
- Management of Strategic Risks
- Management of External Environment Risks
Overview: This module is important in order to learn the main risks to be able to meet during and after the establishment of a business. Firstly, the risk will be defined, and then how a risk can be managed will be informed. Besides, the most important point is “to analyze the risks prior to Entrepreneurship”. This section is most crucial than the others. In addition to these, management of financial, operational, strategical and external environment risks are mentioned in details.
Duration: This module is designed to be completed in approximately 120 minutes (2 hours).
Learning outcomes: By the end of this module, young entrepreneurs will be able to analyze the risks which may occur during and after the establishment a business. The main outcomes will be to understand the importance of making risk analysis depending on Sector Analysis [Market Access Barriers Analysis, Bargaining Power Analysis of Suppliers, Bargaining Power Analysis of Customers, Replacement Product Analysis, Competitive State Analysis in Existing Market] and Location Analysis.
Structure of the module: Entrepreneurs should be encouraged to read the information of the module from the Handbook before the lesson.
Entrepreneurs will read the material and you will have 2 hours to theoretically cover the concepts of the module. After covering the content of the module, it will be asked to entrepreneurs to make their own risk analysis. Module will conclude with a discussion about their work results and case studies.
Keep in mind…
When studying with entrepreneurs in order to make their own risk analysis, you can print out blank templates and distribute them out to entrepreneurs, together with colourful post it notes, so they can follow the case and learn how to implement this methodology for their business. Especially, it is important to lay emphasis on “the risks prior to Entrepreneurship”. Hence, the following analysis should be made step-by-step depending on the business idea:
Sector Analysis [Market Access Barriers Analysis, Bargaining Power Analysis of Suppliers, Bargaining Power Analysis of Customers, Replacement Product Analysis, Competitive State Analysis in Existing Market]
After these risks are revealed, priorities and impact criteria are detailed depending on the importance of each risk. It means that firstly, prioritization of the risks will be done, and then if the risk occurs, the effect is estimated. Besides, the likelihood of the risk in a certain time period is also revealed.
- Lectures 22
- Quizzes 0
- Skill level All levels
- Language English
- Students 1
- Certificate No
- Assessments Yes