In this first section we look at how to start smart with risk management.
In the first video I discuss how your business objectives shape everything that is relevant to your risk management process. Until you know where you are going and what you want to achieve, you can't be sure which risks you should be paying most attention to. Hint: it's the risks that are most likely to affect whether you can achieve your business objectives!
If you don't yet have your business objectives clear, the next video quickly steps you through an activity to help you set them, so that all the risk work you do going forward can be geared towards protecting those objectives.
With your business objectives top-of-mind, you are ready to review the 7 key considerations before you start. This PDF suggests you decide on your risk horizon, your risk timeframe and who you can involve in risk discussions before moving forward.
Consideration 7 is being aware of your risk tolerance, as this will drive your entire risk management strategy. If you know you tend to avoid risky situations, or find it difficult to stretch yourself to new but untested opportunities that carry risk, then the final video in this section on 'How Entrepreneurs Manage Risk' will explore strategies that successful entrepreneurs use to get them to push through on 'risky-risks' and achieve their business objectives.