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Understanding Risk in Business Ventures

Explore the concept of risk, its importance in bringing new ideas to the market, and strategies to minimize risk. Learn about calculated risks, downsides, and upsides in business planning. Watch a Dragons’ Den video and analyze risks highlighted in entrepreneurial pitches.

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Understanding Risk in Business Ventures

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  1. Learning Objectives • Explore what is meant by ‘risk’ • Investigate what is needed in order to bring a new idea into the market. Success Criteria • Explain what a calculated risk is using an example • Identify and explain what the dragons would define as a ‘Risk’ C and above • Explain how we could minimise risk in order to bring a new idea into the market. B and above • Discuss how we could minimise risk in order to bring a new idea into the market.

  2. Starter If you were starting up your own fast food restaurant what would the risks be?

  3. Title - RISK • Calculated Risk– the probability of a negative event occurring e.g. the risk of an employee getting burnt from cooking, the risk is moderate, 30 % • Downsides-the disadvantages of a course of action, including what can go wrong • Upsides – the advantages of a course of action, including what can go right In a business plan you should weigh up the downsides as well as the upsides

  4. Dragons Den - Video http://www.youtube.com/watch?v=0uX0DWjyGOE

  5. Dragons Den Questions • What skills you think each applicant possesses? • What has been highlighted as a risk and why? • How could the risk/s be minimised?

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