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Risk-Taking And Risk Management

An entrepreneur ventures into new ideas and new services. Hence risk-taking and risk-management are important aspects of entrepreneurial competencies. Risks are inherent in the following areas:

(a)    Design of the product or service and its acceptability
(b)    Availability of resources.
(c)    Availability of market.
(d)    Variance in consumer expectations.
(e)    Speed of change in the types and patterns of the products and services.
(f)    Demand-supply situation.
(g)    Availability of funds in the market.
(h)    Social and political climate.

There are several other elements which throw a potential challenge to the entrepreneur. Therefore, he has to take crucial risk-prone decisions in the process of discharging his responsibilities. The risk he takes is not a gamble, but a calculated and perceived decision in the light of the facts available at his disposal and the situation faced.

In order to develop the skill of risk-taking and risk management, the entrepreneur has to practice in several areas such as:

•    Analysis of various policies, programs and situations.
•    Identification of roadblocks in the road map of the enterprise.
•    Consideration of alternatives.
•    Plan of action for alternatives.
•    Crisis management.
•    Possibility of the new ideas or services being hijacked by other powerful individuals or organization/

There could be many other areas involving various types of risks. The fear of risk should not deter an entrepreneur form moving towards the winning proposition.

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