1.Draw up a risk management plan for your small business highlighting all the critical aspects.
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1.Draw up a risk management plan for your small business highlighting all the critical aspects.
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- Mr. Mphathi, a small business owner in your neighbourhood has heard about the importance of a risk management plan for his small business but does not know how to prepare it. Categorise the four major components that must appear in a risk management plan for a small business to assist Mr. Mphathia. Discuss five (5) early warning signs of risk that are common only to small business start-ups,clearly showing why they are common in small business start-ups. b. Recommend possible solutions that may be implemented to deal with the risks.Discuss five (5) early warning signs of risk that are common only to small business start-ups,clearly showing why they are common in small business start-ups.
- Draw up a risk management plan for small business highlighting all the critical aspectsExplain any three advantages of adopting a risk management approach in a small business.1. WHY IS FINANCIAL PLANNING IMPORTANT IN THE SUCCESS OF AN ORGANIZATION? 2. HOW IS CONTROLLING RELATED TO PLANNING? 3. ENUMERATE THE DIFFERENT STEPS IN BUSINESS FINANCIAL PLANNING AND DISCUSS IT BRIEFLY..
- One can argue that an entrepreneur should have a risk-taking ability. Briefly explaintwo types of risks that you think will affect your business.Tip: You may conduct desktop research on businesses closely related to your own inorder to identify types of risks that will most likely affect your businessIt's a given that expenses impact a business’s profit. How would an entrepreneur navigate business risk by determining the fixed and variable expenses the business will incur?Should you write a business plan even if you do not need outside financing? Why or why not?