Risk Management - Tea Shop Report - 1204 Words

I am going to establish a new tea shop business. There are five types of business risk that I might face. * Strategic Risks Are thoes risk associated with operating in my tea shop. They include risks arsing from: * Acquisition activity * Changes a mong customers or in demand * Research and development * Compliance Risk Compliance risk are those associated with the need to comply with laws and regulations. * Financial Risk Financial risk are associated with the financial structure of the business. The transactions the business makes, and the financial systems that already have in place. * Examining daily financial operation. * Watching the cashflow * Employee risk management,†¦show more content†¦Ã¢â‚¬ ¢ Mergers, joint ventures or strategic alliances. †¢ Moving into new market segments that offer improved profits. †¢ A new international market. †¢ A market vacated by an ineffective competitor. A threat could be: †¢ A new competitor in your home market. †¢ Price wars with competitors. †¢ A competitor has a new, innovative product or service. †¢ Competitors have superior access to channels of distribution. †¢ Taxation is introduced on your product or service. How much risk is acceptable in your business? Justify your answer. A business owner is thoroughly responsible for their own financial survival and possibly the financial survival of their employees. Business owners, for the most part, seem to be risk takers, who really don t easily go with the flow. They are inventive and somewhat confident, as just having their own business does mandate that they possess these qualities. However, the ability to live with risk is very much a personal issue. Some business owners can live with more risk than others and some can manage the risk better than others. While all businesses must grow and change continually in order to survive, every time I makes a decision to expand or increase its offerings, a modicum of risk does exist. The tea shop face risks when it incorporate new offerings into my current ones, take on new employees, when change marketing techniques sufficiently, or when I expand into new areas of business above and beyond theShow MoreRelatedEssay on Starbucks Risk Management1233 Words   |  5 Pagesnationalistic orientation. A risk to the Starbucks is any event or action that could have a negative impact on the company. This includes events that could lead to: uncertainty and risk rise from legal, logistics, cultural and currencies stand point. * Cultural risk: The nature of a society attacking their culture of drinking tea-they positioned stores in high-traffic and high visibility locations. 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