Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

How can you begin to assess the risks of starting your own business?

user-image
Question added by Deleted user
Date Posted: 2017/04/18
Usman Islam
by Usman Islam , Logistics And Warehouse Manager , Kirtanlal Scaffolding & Formwork

When starting your own business a number of risk factor arises. Initially the type of business you choose with respect to your finance and threshold level. To do this, one should start with feasibility analysis, such as SWOT analysis, PESTLE analysis, PORTER five forces analysis, these are some of the tools which could help the investor to make a strategic decision.

Once you get positive numbers the second step is to create boundry of your business operation at broader level and moving down to top-bottom approach and apply risk assessment at each level to identify risk and apply response strategies on those risk.

hope it will help 

 

Muwaffaq NoufaL
by Muwaffaq NoufaL , Business Executive Manager , CBU Indu. &trade Co

Risk assessment is a prerequisite to risk management. Risk management involves the ability to predict risks, identify risks and develop strategies to effectively counter these risks that threaten the success or survival of your business. The risk management plan is an integral part of any startup business plan. Understanding the potential risks of the business and figuring out ways in which one can reduce the impact of these risks is essential to maximizing the chances of succeeding in the world of business.

The answer for question "How can you begin to assess the risks of starting your own business?" is by  Identifying Major Risks. This requires the entrepreneur to research the industry and study risk patterns. In other words, you need to learn from the mistakes of the businesses that you will be competing with soon. The major risks may be all or most of the followings: 1) Financial Risks, 2) Legal Risks,3) Operational Risks and/or Environmental Risks,4) Strategic Risks.

After that owner should start the process of risk evaluation by scaling the risks according to a) The Chances of the Risk Occurring, b) The Major Consequences of the Risk.Then by grading the risks, one will be able to prioritize the ones that are a bigger threat to the business.

 

 

 

 

 

 

Abdul Jaleel Ahamed Ibrahim Abdul Jaleel Ahamed Ibrahim
by Abdul Jaleel Ahamed Ibrahim Abdul Jaleel Ahamed Ibrahim , OHSE Practitioner , CDM Smith lnc

+ Risk Assessment is formal procedure to indentify and understand the overall critical process / function of the organization.

+ Risk Assessment procedure will guide us to prepare step by step / stage by stage process and each stage and resources may used to do the process.

+ Resources like Manual, Machanical ,Electrical & Chemical used for which severity of the hidden risk involved to be identifed and it evaluvated accordingly to reduce the risk level by desire what are risk matigation control method Administration and Enegineering to be adopted.

Gary Wyngaardt
by Gary Wyngaardt , QUALITY MANAGER , Dynamic Instruments (PTY) LTD

SWOT Analysis

PEST Analysis

Market study

Nikhilesh Chavan
by Nikhilesh Chavan , Chartered Accountant , Vipin Batavia & CO

acknowledging and embracing risk is a fundamental aspect of starting a new business. There will always be a certain level of uncertainty that you will have to prepare for and deal with when you work on establishing a startup business.

Anticipating Failure

Identifying Major Risks

Financial Risks

 

Deleted user
by Deleted user

An as Industrialist, I must begin to assess risks that might affects critical areas in5 M's of my own business. Identify and eliminate/mitigate future challenges in business such as Financial, Fire, HSE and Quality Risks. 

 

Fayaz Mohammed
by Fayaz Mohammed , HSE & Sustainability Manager , CEMEX (MNC)

Best preferred way to assess the business rsik to carryout SWOT Analysis, list out bsuiness process, identiy hazard / risk and then anlysis oppurtunities for managing risk.

Deleted user
by Deleted user

Product risk

Market risk

Financial risk

Tsakani Nghonyama
by Tsakani Nghonyama , Social worker , National dept of health

Researching the area i want to start a business in so that i become aware of the pros and cons of such businesses. I will draw a business plan so that i can sort funding. Getting a mentor who has been in business would also be key. Be prepared to go the extramile in order to succeed.

VISHAL MODI
by VISHAL MODI , Maintenance Engineer , SABTANK

During the stating of own business, risk factor will be calculated based on Market review.

Mukaila Bakare
by Mukaila Bakare , Admin/HR. Assistant , SUMACO MANPOWER RECRUITMENT

Firstly i need to carry a Risk Assessment by identifying some of the major risks that are likely to impact the startup and study risk patterns. In other, you need to learn from the mistakes of the businesses that you will be competing with soon.

Risk Assessment is formal procedure to indentify and understand the overall critical process / function of the organization.

Risk Assessment procedure will guide us to prepare step by step / stage by stage process and each stage and resources may used to do the process.

 

 

More Questions Like This