Question

BUSINESS HIGHLIGHTS

Name & Address of the Project:                SV Auditorium

Kollam,Chinnakkada

Nature of Project:                                       Auditorium & Marriage Hall

Promoter:                                                    Mr.Siju Varghes

Kollam,Chinnakkada

Kollam-690547

Constitution: Proprietorship

Location:                                                     Kollam,Chinnakkada

The above stated information is about my business fiction.

so, please answer the following question based on the above business details.

Thanks in advanced

Determine the importance of the risks selected depending on your risk assessment, Develop appropriate responses to the risk selected and then assess the developed risks

Answer 1

Risks and business go side by side in any business; it can be mitigated with advance and good planning methodologies. Some of the potential risks associated with the mentioned project are listed below -

1. Location - choosing the right location can be the ideal thing but if you are going for a risk plot or location, then you must be aware of the consequences which will be helpful for you to take quick steps to mitigate any wrong doing scenario. As a risk management you should be well aware of the business locations, nearby public services availability, easy access to commuters etc
2. Design layout: if you have a similar design or appearance than chances are there you may lose the impact of good design. Try to be different from other; a proper discussion with the architect will help you in this regard.
3. Budget: once things are ready and you are looking to start the business think of budget, always remember a slow and steady wins the race. You can be reasonable at beginning and slowly increase the price. Remember the case of Reliance Jio which was initially free for its customers and once people get used to it the price gets trifold.
4. Facilities - a core factor under the potential risk, try to understand the market and analyse what your opponents are offering, this will give some good insights into the operations.
5. Lack of marketing: if you are good at something or you have definitely started let the people know about it. Failing to do so can cost you a lot. Try to go digital over multiple social media platform, use them for your benefits. Always remember be at that place where your target customers are.

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