Business Venture

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Business Venture
The business venture definition is a new business that is formed with a plan and expectation that financial gain will follow. Often, this kind of business is referred to as a small business, as it typically begins with a small amount of financial resources.
Risk in business venture
Financial Risk
There are a number of different ways that a business can face financial risk. Some may be internal and others may be driven by external factors such as fluctuations in the financial markets or exchange rates. Non-payment from clients creates financial risk, as does poor financial planning and projection. These risks can lead to loss of income and to a negative cash flow, which if serious enough, can mean an end to your business.
Technology Risk
Technology may be the cause of some of the most common risks we face in business. These risks can range from anything as basic as a power outage through to hardware and software failure, malware and cyber-attacks. Such risks can lead to loss of time through systems and equipment not being in working order, loss or corruption of data and in some cases data breach.
Human Risk
Your employees themselves can create risk to your business through a number of ways.  Their behaviour in the work place can create risk if they are incompetent or non-compliant, while their behaviour outside the workplace can also impact, for example, if they are misusing drugs or alcohol. Businesses must also protect themselves against the risk of fraud or embezzlement.
Strategic Risk
Every business decision holds some strategic risk. You make decisions which are designed to lead you closer to your business objectives, but there’s always a risk that they won’t. This might be because the decision itself was the wrong one but could also be due to poor execution, lack of resource or changes in the business environment. This in turn can lead to a number of things such as loss of profit, poor cash flow, missed deadlines or low sales.

Risk Management
Risk management is the process of identifying any potential threats that may occur during the investment process and doing anything possible to mitigate or eliminate those dangers.
Step 1: Identify Potential Risks
Spend time identifying the specific risks faced by your own business. While some risks are universal, others may only apply to certain sectors or demographics. Involve key stakeholders from each area of your business to ensure that every aspect is covered.
Step 2: Conduct Risk Analysis
Once you have identified your business risks, you will need to analyse their potential impact and their likelihood of occurring. This will help you to classify and prioritise which risks to treat as urgent when it comes to planning any preventative measures.
Step 3: Identify Warning Signs & Agree KRI’s
A key part of preventing risks from occurring is to be able to spot when they’re about to happen. Identify any triggers or warning signs for each risk and ensure that these are documented too. At this point, you should also agree the stage at which further action is required once these warning signs have been identified.
Step 4: Identify Preventative Measures
Of course, no risk management plan would be complete without identifying measures that you and your business will take in order to prevent the risks that you’ve highlighted. Using the analysis that you’ve completed and the KRI’s you’ve agreed, now it’s time to actually plan how and when you will put preventative measures in place.
Step 5: Assign Responsibility Lastly, each risk that you have identified should be assigned an owner. Usually, the owner will work in whichever area the risk most relates to and they will be accountable for ensuring that any processes laid out in the risk management plan are carried out. They will also be responsible for maintaining records and analysis that can be used to regularly review the risk and its priority in the plan.


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