ST.

JOHN PAUL II COLLEGE OF DAVAO

COLLEGE OF BUSINESS ADMINISTRATION

Physically Detached Yet Academically Attached

SCP-TOPICS: PRELIM PERIOD TOPICS

Week 5
Lesson Title/s Entrepreneur Manages Risks
1.8 Understand kinds of risk
1.9 Recognize risk management strategies on
environmental decision making
Learning Outcome(s) 1.10 Analyze the 8-steps to reduce business risk
1.11 Express the strategy for dealing with risk and
uncertainty
1.12 Discuss venturing into problematic situations

At SJPIICD, I Matter!
I
LEARNING NTENT!
Terms to Ponder
This section provides meaning and definition of the terminologies that
are significant for a better understanding of the terms used throughout the
simplified course pack of the Entrepreneurial Mind (GENELECT3). As you go
through the labyrinth of learning, in case you will be confronted with the
difficulty of the terms, refer to the defined terms to have a clear picture of the
learning concepts.

An entrepreneurial leadership defines as "organizing a group of people

to achieve a common goal using proactive entrepreneurial behavior by
optimizing risk, innovating to take advantage of opportunities, taking personal
responsibility and managing change within a dynamic environment for the
benefit of [an] organization." (Roebuck, 2011)

Uncertainty shocks are defined as changes in beliefs about

probabilities. They are perhaps the most powerful driver of financial markets.
Uncertainty comes in various forms, such as macro uncertainty, firm-specific
uncertainty, and uncertainty

about others' beliefs. (e.g., Cuban Missile crisis, the assassination of

JFK, the OPEC I oil-price shock, and the 9/11 terrorist attack)
 ST. JOHN PAUL II COLLEGE OF DAVAO

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Essential Content

Entrepreneur Manages Risk

TYPES OF RISK

Risk is an inevitable
component of the
entrepreneurial process.
Entrepreneurs must endure
challenging conditions and
unique challenges while
starting a new firm and
attaining success.
Entrepreneurs must take risks
that might threaten their
money, health, and stability
from the start. Risk-taking is
an essential component of the
entrepreneurial process. (Witt,
D., 2019).

Risk Types
On the other hand, Witt, D. (2019) stressed that entrepreneurs could assume a wide
range of risks. One of the most prevalent forms of risk is market risk, which refers to
an investor's risk due to market volatility. When launching a new firm, both the
entrepreneur and early investors should prepare to take risks. Technology,
credibility, and competitiveness are examples of other types of risk.

Incorporating new technology into your company practice carries a particular risk,
such as the expense of the programs or gadgets outweighing the profit potential of
their use. Another type of technological risk is the possibility of technology failure,
which can lead to data breaches, website failures, and data theft.

Another type of risk is the volatility and disruption of competitors' pricing and
marketing strategies. Credibility is typically low when starting a new business, and
many customers prefer to buy from a known and trusted brand. For entrepreneurs,
taking risks in these areas is frequent and often required.
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RISK MANAGEMENT STRATEGIES ON ENVIRONMENTAL

DECISION MAKING

The following are the key risk categories to consider according to GOV.UK/Business
(2009) :
 strategic, such as a new competition entering the market

 compliance, such as the implementation of new health and safety regulations

 financial, such as a customer's nonpayment or higher interest costs on a

company loan

 operational, such as a significant piece of equipment breaking down or being

stolen
These categories are not rigid, and some parts of your business may fall into more
than one category. The risks attached to data protection, for example, could be
considered when reviewing your operations or your business' compliance.
 environmental risks, including natural disasters
 personnel/employee risk management, such as maintaining enough staff
numbers and coverage,
 employee safety, and up-to-date skills
 political and economic instability in any foreign markets to which you export
goods, and
 health and safety hazards
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Strategic Risk
The process of identifying, measuring, and reducing any risk that impacts or is
inherent in a company's business strategy, strategic objectives, and strategy
execution are known as strategic risk management (Rost, M., 2020). These
dangers might include:
 Shifts in consumer demand and
preferences
 Legal and regulatory change
 Competitive pressure
 Merger integration
 Technological changes
 Senior management turnover
 Stakeholder pressure
What methods do you use to assess
and manage strategic risk?
Rost, M. (2020) expressed that we must first look at how to evaluate strategic risk
before comprehending how to manage it. Measuring risk using the same
yardsticks used to assess results is a fundamental principle of enterprise risk
management (ERM). Companies can evaluate how much inherent risk their
efforts have in this way. This can be measured in two metrics. These are:
1. Economic Capital was based on a defined solvency criterion, the amount
of equity necessary to cover unforeseen losses. The target debt rating of the
firm is generally used as the basis for this criterion. Economic capital is a
standardized unit of measurement that may be used to assess any risk. It
also uses the same methods and assumptions to calculate enterprise value,
making it suitable for strategic risk.

2. Risk-adjusted return on capital (RAROC) is an expected after-tax return

divided by economic capital. The endeavor is viable and will create value if
RAROC surpasses the company's cost of capital. It will destroy value if
RAROC is less than the cost of capital.
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Five steps to becoming effective in risk management

Managing strategic risk involves five steps that must be integrated within the
strategic planning and execution process in order to be effective:
 Define business strategy and objectives. There are several frameworks
that companies commonly use to plan out a strategy, from simple SWOT
analysis to the more nuanced and holistic balanced scorecard. However,
these frameworks have one thing in common: their failure to address risk.
Then, companies must take additional steps to integrate risk at the
planning stage.
 Establish key performance indicators (KPIs) to measure results. The
best KPIs offer hints about the company's levers to improve them. Thus,
overall sales make a poor KPI, while sales per customer let the company
drill down for answers.
 Identify risks that can drive variability in performance. The unknowns,
such as future customer demand, will determine results.
 Establish key risk indicators (KRIs) and tolerance levels for critical
risks. Whereas KPIs measure historical performance, KRIs are forward-
looking leading indicators intended to anticipate potential roadblocks.
Tolerance levels serve as triggers for action.
 Provide integrated reporting and monitoring. Finally, companies must
continuously monitor results and KRIs to mitigate risks or grasp
unexpected opportunities as they arise.
Strategic risk represents the greatest dangers—and opportunities—your company
faces. Companies can shape their future success while minimizing downside
exposure by taking steps to manage it at the enterprise level.
Eight Steps to Reduce Business Risk and Liability
According to Hassan Mansoor (2020), he stipulated that there were eight ways or
steps to reduce business risk and liability. To wit:

1. Get insurance.
One of the best ways to reduce business risk is by getting insurance. Thanks to
the thriving insurance industry, you can choose from many packages offered by
different companies. Make sure that you research to get the best deal, though,
since some insurance agents might exaggerate their claims to get your attention.
Getting insurance allows you to protect your business when an accident or
natural disaster happens. It also gives you peace of mind because you know you
have something to fall on if your business hangs by a thread.
An excellent insurance plan is something that protects your properties and
employees. It also should have comprehensive coverage.
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2. Diversify your products or services.

Remember the expression – do not put
all of your eggs in one basket?
Whether you offer products, services, or
both, diversifying your business
offerings is a great idea. Not only does
this help you offer more options to your
customers, but it also helps you have
various streams of income as well.
Plus, diversifying your products or
services helps maintain the public’s
interest in your company. It also can
give you an edge over your competitors.
So if your business only depends on one
product or service, then it is time for
you to offer more. In addition, always
make sure that every new product or
service you release is of high quality.

3. Limit your business loan.

Business loans are just so attractive that many businesses always take them.
They may provide you with enough capital to launch or expand a business, but
they pose risks to your business as well.
If you cannot avoid getting a business loan, make sure that the one you are
getting is manageable and has the slightest interest. Compare plans from
different banks beforehand, and make sure you can afford the monthly payments.
Moreover, do not forget, only apply for a loan if you need it. Otherwise, just focus
on marketing your business. You can eliminate one financial risk and increase
your sales by doing this.
4. Know the law.
Business regulations may vary from one state to another. Some states implement
the Personal Property Securities (PPS) Act. The PPS Act protects personal
properties by creating the Personal Property Securities Register (PPSR). These
personal properties include vehicles, equipment, patents, and shares.
If you buy, sell, or lease products or services, you must use the PPSR to record
your transactions. Registering your properties under the PPSR allows you to
reduce business risk by protecting your secured interest.
Using the PPSR also lets you check if the business equipment you are about to
buy is stolen or has an outstanding balance.
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5. Document everything necessary.

Always document important transactions in your business, such as sales, tax
payments, and operations costs. It is also vital to ensure that your employees
document everything properly, from signing cheques to balancing the sheets. On
top of that, managing your documents with minimal errors is a must.
Doing so minimizes the risk of theft and fraud. It is because documenting helps
you track where your finances go. It also helps you identify whether your
spending is appropriate or not. While it is true that many companies sometimes
do not spend money wisely, you can still avoid it.
6. Hire significant employees.
You know what they say – employees are the backbone of a business. Without
them, your business is going nowhere. However, many employees are out there
whose skills do not match their jobs. We know you have heard at least one
person whose degree is not related to his or her job.
While some employees do just fine with mismatched skill sets, many do not. As a
result, these employees hate their jobs. This affects their job performance. Ensure
that your employees’ skills match their jobs to avoid this. If not, then you can give
them other roles.

7. Build your reputation.

While achieving short-term success is great for your business, it is more crucial
to keep it running for a long time. You can do this by building your reputation.
Having an
excellent reputation lets consumers trust your company. Consequently,
maintaining your business becomes more manageable.
As Harvard Business Review states, reputation is a perception that leads to
various positive effects. Businesses with an excellent reputation are seen as
having more value. Their customers are more loyal, and the industry believes that
these companies can deliver sustained earnings.
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8. Protect your data.

Cyberattacks are on the rise, destroying many
businesses worldwide. According to Harvard
Business Review, these attacks do not only
affect one business, but they also affect
businesses in the same industry too.
Protecting your company’s data can save you
much money in the long run. It can also
protect your consumer’s data, which many
states now require businesses to do. It is like
hitting two birds with one stone― one bird is
the legislation, and the other is your
customers’ trust.
Thanks to technology, protecting your data is now easy. You can hire a technician
to secure your computers and set up a system that allows you to do online
transactions safely. An ironclad privacy policy must be followed by your
employees as well.
Reducing business risk should be one of your company’s top priorities. After all,
you might not want to get out of business simply because you did not reduce the
risks.
Furthermore, there are no guarantees, but there are sensible ways in which
entrepreneurs can avoid losses like the ones listed below. Wroblewski, M.T.
(2020) recommends entrepreneurs the following:
 Produce a robust business plan. Researching and writing this company
road map may be arduous, but it is worth every bead of sweat.
 Keep accurate business records and store financial information on a
private server and the rest in the cloud. If you do not have a full-time IT
person, bring one on at least part-time to protect your assets.
 Maintain a low threshold for accounts receivable. Most customers
should pay on time to keep cash flow steady and consistent.
 Limit (or eliminate) loans. Making a business investment can make
sense, but your accountant can provide an intelligent payoff schedule so
that you do not overextend the business.
 Diversify income streams not overly dependent on one or two customers
to keep your business financially solvent. Finding time to generate new
business can be a monumental challenge, which is why many small-
business owners bring on a business development manager as an employee
or independent contractor. It is one of the most sensible ways
entrepreneurs can avoid losses.
 Buy insurance, an expense that understandably gives many small-
business owners fits. However, insurance brings peace of mind.
 Build a financial reserve. SCORE says that some experts recommend a
cushion covering three and six months of operating expenses. This amount
may not be enough for your particular situation, so consult your
accountant.
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 Perform regular quality control tests on everything your small

business relies on. It is tempting to assume there are no problems in the
absence of problems, but they often start brewing.
Even a cursory reading of this list points up a truism about the wisdom of hiring
talented, hard-working, and dedicated people who have your back. It is one of the
best ways entrepreneurs can avoid losses – and keep those beads of sweat to a
minimum.

The Strategy for Dealing with Risk & Uncertainty

We may schematically think of firms operating in markets marked by different
levels of risk and uncertainty in the Risk-Uncertainty Matrix (RUM) below.
An example of a situation with low risk and low uncertainty would thus be a
service firm with many small customers, stable input prices, and little potential for
competition or
regulatory changes,
such as a local ski
area with a stable
snow cover. A gold
mine would be a
typical example of a
situation

characterized by low uncertainty and high risk. A firm competing in a market with
rapidly changing technology and strategic alliances would be an example of high
uncertainty and low risk. Finally, competition in airline markets would be an
example of a situation with high uncertainty (entry/exit of competitors matter
much, sensitive to regulatory changes) and high risk (affected by exchange rates
and prices of jet fuel). The position in the matrix can change with conditions. A
mid-1900s telephone operator was the epitome of stability—a far cry from today’s
intense competition with ever new ways of transmitting information and the
critical importance of winning license auctions.
Friberg, R. (2021) expressed four strategies in dealing with risk and uncertainty.
These were:
Benchmark Strategy
The first strategy follows the strategy that would be optimal if risky variables
were close to their expected values and uncertainty shocks do not present a
threat to firm survival. The better access to capital that the firm has, the greater
the firm's shocks on the chin. A firm following this strategy would be doing
sensitivity tests, but if the firm, in the end, does not let risk and uncertainty
considerations affect fundamental decisions of what it produces and sells, the
firm follows the benchmark strategy.
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Financial Hedging Strategy

The essence of financial hedging is that it makes the firm's value less sensitive to
changes in risk factors. For an airline, we may think of an idealized situation
where the firm is perfectly hedged against the effects of jet fuel prices on
profits. On the other hand, uncertainty remains, and ash clouds, terrorists
crashing into the World Trade Center, or the appearance of a new competitor
are not easily hedged on financial markets. The potential for adverse

Uncertainty shocks are, therefore, the same as in the benchmark. We assume a

small cost of setting up the ability to engage in a financial hedging strategy. If
risk factors hover around their expected value, the profits are thus lower under
the financial strategy; but if lower tail outcomes triggered by risk factors are a
concern, the financial hedging strategy will be preferred.

Note that it may also be helpful to distinguish between two reasons for
derivatives use. What concerns us in this strategy is to avoid costly lower tail
outcomes that have a significant impact on firm value, and these are the
motivations that have been explored mainly in the academic literature. Another
motivation for using derivatives is to make it easier to determine the need for
liquid funds in a firm in short to medium run. While the latter explanation has
not been the focus of the academic literature, the empirical evidence is broadly
consistent, with this being an essential motivation for derivatives use.

Flexible Strategy
Consider now the strategy that we term “flexible.” It is a strategy that explicitly
considers how risk factors can take on different values and that there will be
shocks due to uncertainty. A firm that follows this strategy tailors operations
and processes in a way to be able to respond and make the best of the
conditions quickly—it strives to make profits more responsive to positive
shocks and less so to adverse shocks; using a technical term, we would say
that it strives to make profits into a convex function of the risk factor. This
implies that expected profits for a firm increase as conditions become more
variable—by adjusting and making the most of favorable conditions, profits
increase in good times, and in bad times the flexible firm will cut back and
thereby limit the harm. Such flexibility can, for instance, come about via
production possibilities (such as adjusting volumes or input sourcing rapidly)
or via marketing-related strategies (such as an ability to set different prices to
different consumer groups).
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The strategy can be seen as a simple way to capture real options—the essence is
that they become more valuable as risk increases. The flexibility can also be
generated by choosing to organize control lines in the firm to be more flexible. In
keeping with standard assumptions in economics, all good things come at a
cost—and we assume that there is a fixed cost of building up the capacity to be
flexible. In the airline setting, flexibility can, for instance, be associated with
leasing rather than owning planes or having a large share of personnel that is
on short-term contracts. Having a diverse fleet of airplanes is another way to
gain flexibility, enabling a better fit between local market conditions and the
size of planes. Such flexibility would be associated with higher maintenance
costs. The figure below illustrates such a convexity of profits relative to the
benchmark. We consider a case where a “passive” strategy would lead to profits
improving one-for-one with the risk factor and where a flexible strategy implies
adjustment—the more risk factors deviate from their expected values, the more
significant the difference.

Operational Hedging
Strategy
We finally consider the
strategy of “operational
hedging.” This refers to
adjusting operations or
management processes to
make the firm's profits
less sensitive to changes
in risk factors and
uncertainty shocks. One
example of an
operational hedging
strategy would be to
diversify—for an airline
to own another business
that is less sensitive to
those risks. An airline
that also owned a soft
drink business could thus be an example of operational hedging. Buying more
fuel-efficient planes would be another way of engaging in operational hedging—
if they are costlier to purchase, they might be less profitable when fuel prices
are around average, but they make profits less sensitive to swings in the fuel
price. In a very schematic way, one might then suggest that strategies are
especially worth pondering for firms in the following way (See Figure 2.2).
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In his book, Million Dollar Blinds Spots: 20/20 Vision for Financial Growth, Gary
Patterson (2012) expressed that the best practices in traditional risk
management are vital, but they are not enough to protect a company from
economic risk. So here is an explanation of risk, uncertainty, and business
strategy according to Patterson, G. (2012): “Enterprise risk management starts
with Identify risk . . . and manage it according to the company’s risk appetite,”
Thus he pointed out strategies for firm’s success. These were:
 Identify risk events
 Assess the probability of each event
 Make a cost-benefit analysis of response alternatives
 Choose a response
 Re-assess probability and impact with company response
 On-going monitoring of risk events
Business response to risky events can be categorized as avoidance (do not do the
act which brings forth the risk), reduction (reduce the probability of the event or
the damage of the event), sharing (spread the risk, such as through insurance),
and acceptance (live with it).
Venturing into Stormy Seas
If you have your own business, you are in a lifeboat. There is only room for one
person -- you. One hand is on the tiller. The other is on the sail. You have an idea
and a vision for your business, but it is beyond sight, a great distance away on
the other shore. While it would be convenient just to set the boat to autopilot and
arrive smoothly at your destination, everything is guaranteed to change along the
way. There is no way to predict
what those changes will look like, from weather events in your industry to other
boats that might crowd your course. Even your destination might look vastly
different than what you envision. With so many unknowns involved in running
your own business, it is essential to prepare for the unpredictable.
Here are five principles that can help us prepare for whatever unknowns come
our way as we steer our business towards that distant shore, as pointed by
Michael Mamas (2021).
1. Keep your eyes toward the distant shore.
You need to remain steadfastly fixed and dedicated to your larger goal, even as it
may change direction mid-course. As with any sailboat, you will need to be able to
tack. You will shift the rudder and the sail one way and then the next, while at
the same time, you remain dedicated to reaching the other shore. The course
between two points is rarely a straight line, especially when launching and
steering a business in today’s competitive market. Pivot on the fly is extremely
valuable to your long-term success.
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2. Stay flexible and resilient.

Adapting to whatever comes your way is paramount to your success. You might
not even arrive at the stretch of shore you first intended because your course
inevitably shifts due to the circumstances described above. This might seem like
a paradox -- don’t you launch a business, like a boat, with a specific destination
in mind? However, if you are going to accomplish this mission and reach the
other shore, you need to get comfortable with the paradox. Never lose sight of the
great paradox of business: it requires you to remain simultaneously flexible and
rigid. Do not turn back at the first signs of stormy seas, but do consider changing
your course to minimize damages along the way.
You are the ship's captain, steadfast, focused, and one-pointedly determined.
However, everything is swirling around you. Even the slightest breeze has an
influence that must be taken into account. However, if you are not flexible, the
sail will tear, the mast will crack, and the boat capsizes. You are living the
paradox of infinite flexibility with infinite rigidity.

3. Keep the boat afloat.

Not only must you keep your boat in
the water, but also the water out of the
boat. When the skies are clear and the
breeze is gentle, you can make great
strides forward. During storms, your
mission is to keep afloat with a steady
hand on the tiller. You do not always
need to have the sail filled with wind.
Choppy business conditions can elicit fear and overreaction. When the market
turns down, irrationality can kick in. Extrapolating that downturn into the
future, you might even be convinced to close your business altogether. When the
water is too choppy, it is easy to lose your direction as the currents of mass
mentality wash into your boat. Once the water gets in, it is easy to over-react.
Successful business people consider the climate and adjust accordingly without
losing sight of the other shore.

4. Steer clear of the Sirens.

In business, the Sirens are everywhere. They speak through the voices of friends
and loved ones. They speak through experts on the news. There will always be
such experts to distract you with fear and greed. Remember that no one knows
your business better than you do, and you are the captain of your ship. Learn to
disregard the Sirens, keep a steady hand on the tiller, and tack as needed.
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5. Beware the serpents.

Beneath the water, serpents loom. In the waters of business, they come in many
forms. Some are friends or associates who turn sour. They may attack, criticize,
abandon, or disrupt you in several ways. While these attacks can hurt, you have
to be ready to adjust accordingly. You cannot let detractors or skeptics get you
down or overwhelm you. As time goes by, you will gain more expertise in avoiding
and not arousing the serpents. It is a process that takes time. In your business,
remember that you alone are steering the boat. Serpents come in many forms:
competitors, bureaucrats, incompetent contractors, misguided experts, friends-
turned-foe, narrow-visioned advisors, etc. Trust your judgment about people.

It is easy to understand the analogy of the little sailboat. However, in the real
world of your business, the lessons that the sailboat teaches are quickly
forgotten. It is all too easy to lose sight of the sea for the slight stretch of water
surrounding you at this moment in your journey, whether it be an unexpected
crisis, a positive wave of income that you expect to go on forever, or a negative
wave of people telling you that you will fail. These ebbs and flows are all part of
business, yet any one of them can capsize your business if you do not apply the
principles of the sailboat. These principles are the common sense of business.
However, they can get overlooked, be it sunny skies or stormy weather. To reach
the distant shore, simply remember the lessons of the sailboat.
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SELF-SUPPORT: You can click the URL Search Indicator below to help you further understand the lessons.

Search Indicator
Witt, D. (2019). The Role of Risk in Entrepreneurship.
https://thriveglobal.com/stories/the-role-of-risk-in-entrepreneurship/.
Retrieved on August 5, 2021.

GOV.UK/Business (2009). Manage risk.

https://www.infoentrepreneurs.org/en/guides/manage-risk/. Retrieved on
August 5, 2021.

Rost, M. (2020). 5 Steps to Effective Strategic Risk Management.

https://www.workiva.com/blog/5-steps-effective-strategic-risk-management.
Retrieved on August 5, 2021.

Mansoor, H. (2020). How to Reduce Business Risk: Eight Simple Ways to Do It.
https://customerthink.com/how-to-reduce-business-risk-eight-simple-ways-
to-do-it/. Retrieved on August 11, 2021.

Wroblewski, M.T. (2020). 8 Steps Every Entrepreneur Can Take to Reduce

Business Risk and Liability. https://smallbusiness.chron.com/8-steps-
entrepreneur-can-reduce-business-risk-liability-52978.html. Retrieved on
August 11, 2021.

Friberg, R. (2020). Strategies for dealing with risk and uncertainty.

https://internationalbanker.com/finance/strategies-for-dealing-with-risk-and-
uncertainty/. Retrieved on August 11, 2021.

Patterson, G. (2012). Million-Dollar Blind Spots: 20/20 Vision for Financial

Growth. Audioink Publishing.

Mamas, M. (2012). 5 Principles to Weather the Stormy Seas of Your Own

Business. https://www.entrepreneur.com/article/271806. Retrieved on
August 11, 2021.