Today we will look at the notion of RISK What is risk in business, why do we take it and how do entrepreneurs try to manage the risks that they take:
- Every business should be born from a well thoght out business plan. Describe what this is and how it will help you to reduce and manage the risk of starting a business.
- 9/10 businesses fail due to poor financial control - budget, forecast and cashflows and not enough start up capital - use examples to make this point
- Providing a gap in the market to meet wants and needs of consumers - market reseach - add examples of businesses that have failed by not doing so
- Successful serial entrepreneurs recruit high calibre people to run their businesses. Give examples of those that may have hundreds of companies i.e who runs Virgin Rail for Richard Branson?
- Quickly learning from mistakes and not repeating them.
Don't forget to include:
- A front page
- An introduction with this work
- The main text
- A conclusion
Deadline date Wednesday 24th September 2014