TOPIC III: Risk Management and Entrepreneurship

Risk Management 
Alief Rama
12/4/2024

    The concept of risk management in regards to the field of entrepreneurship is quite the hefty one as most successful entrepreneur would be required to take a degree of risk to "level up" their business. This brings me to the topic of risk management and how a good understanding of it would aid in managing risks as a future entrepreneur.

        With every opportunity comes risk. The idea is that in summary, Risk is simply opportunity in the face of entrepreneurship. Without the risks taken, a company might as well halt it's grow or would do so at an extremely slow pace. Recognizing the numerous benefits that come with establishing an awareness of market demands can make a significant difference for new entrepreneurs. On the other end of the scale, attempting to uncover possibilities without risk can provide less-than-ideal results. If you want to be a category king, you have to go where no one has gone before, as they say in Star Trek for instance (Karch, 2023).

    Just as one should avoid business possibilities that appear to be risk-free, one should continue to look for methods to grow within a firm even after it has achieved success. While this does not imply taking on risk for the sake of it, it does require striking a balance between organic growth and irresponsible expansion. (Brachert, 2014). The organic model may never move a business ahead, whereas the latter may result in its complete failure. 

    



Useful Videos:

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Sources utilized:

- Marker, A. Enterprise risk management examples L smartsheet. Smartsheet. 12 Sept. 2024, https://www.smartsheet.com/content/enterprise-risk-management-examples

- Krach, Keith. “4 Ways Entrepreneurs Can Manage Risk.” Forbes, 27 Mar. 2023, www.forbes.com/sites/keithkrach/2023/03/24/4-ways-entrepreneurs-can-manage-risk/?sh=41912917512e.

- Brachert, Matthias, and Walter Hyll. “On The Stability of Preferences: Repercussions of Entrepreneurship on Risk Attitudes.” 9 Jul. 2014, Social Science Research Network, Jan. 2014, https://doi.org/10.2139/ssrn.2463218.


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