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Bismillah, Praise be to Allah the creator of all the creations, who is eternal and exists without a place, we ask Allah to raise the rank of Prophet Muhammad and his kind Aal and companions, thereafter
If you’ve got an idea and you think it could turn out to be The Next Big Thing, but if it doesn’t meet a few key conditions, you could just be putting your small business in danger.
Here are a few things to think about before taking the action
Start by asking yourself if the idea fits in the context of your current business. If it’s not compatible with your current offerings, it’s at greater risk for becoming a failure.
Does the idea fill a want or need? Market research should help you here. A product or service for which there is no demand could be destined to fail, unless you’ve got the rare invention that people didn’t know they needed. Ask yourself these questions:
Are there competitors offering the same product or service?
Do these competitors have a weakness you can exploit?
Is there an underserved customer base or geographic region that could benefit from your idea?
Finally, make sure you can afford to take the risk by looking at your financials
I ask Allah to make us among those who listen to the good and beneficial words, and follow them
Ramadhaan kareem.
risk assessment and mitigation.
WHY TO TAKE RISK? WHEN TO TAKE RISK ? HOW TO TAKE RISK ? WHAT WILL HAPPEN IF TAKEN THE RISK======= HAVE ALL THE POSSIBLE ANSWERS OF THESE KEY QUESTION THEN MOVE ON WITH FULL HEART=== GOOD LUCK WORLD IS RULED BY BRAVES NOT BY EXTREME THINKERS.
I think three steps must be performed before taking risk
1.Understand nature of risk
2.Access significance of risk
3.Identify best available and practiceable ways to elimaminate or reduce its bad impact
Identify the risks and asses what should be the acceptable level and then dovelop risk mitigation stretegies.
Before taking any Risk, Risk Managment is most important.
To mitigate the risk and evaluate the expected return
Taking risk means you accept the risk, the acceptance of risk is one of risk management response strategies (accept, share, avoid, and mitigate). the phase comes after you analyze and assess risk, and that mean you look at many aspects which include but not limited to: the impact of the risk, its probability or likelihood of occurence, you may conduct cost-benefit analysis, what are the costs which might arise if we accept the risk, what are the benefits, cost savings .......etc
