BM2217

Members: Tiuhuan, Sumalpong, Templado, Laeno Section: BSIT-202B Date: March 7, 2024 Score:________

PERFORMANCE TASK

Instructions: Read the passages below. Together with your group, identify the risks involved in your technopreneurial enterprise. Print and fill out
the table to plan your action when these risks appear. Remember, one (1) table for one risk. You can have the table photocopied.

We all know that risks can come in different forms and could come internally or externally. A risk management plan or protocol is typically included
as part of a larger project plan, like a business plan, and is initiated early in the project lifecycle; the risk plan then evolves as the project progresses.
The overall goal of a risk management protocol or plan is to control risks so that these risks would not endanger the life of the enterprise. The
planning process enables technopreneurs to identify risks and create and document risk mitigation strategies and contingency plans. Once
completed, the plan will serve as a guide for everyone involved in the enterprise.

The table below will serve as a plan for your technopreneurial business idea. It contains the following areas:

1. Identified Risks - What are the risks involved in your enterprise?

2. Probable Impact - How would these risks affect your business?

3. Mitigation Response - How would your group lessen the impact of the risks?

4. Planned Actions - What are the steps you need to take to curb, halt, slow down, or avoid the effects of the risks identified?

5. Required Resources - To address the risks identified, do you need money, workforce, or help from external service providers?

6. Parties Responsible - Who will be responsible for addressing the risks? Will it be the whole enterprise? Will it only be the general manager?
Will it be the marketing manager?

7. Proposed Timeline - How long will you address the issues of your identified risk (it will all boil down to the weight of the risk)?

8. Monitoring Process - How will your group monitor the risks from not occurring again, or how will you be ready if these risks swing by
again?

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RISK MANAGEMENT PLAN

Benefit corporation (Benefit Corp) with a focus on developing and selling sustainable and socially responsible
technology products.
TECHNOPRENEURIAL
IDEA

Tech Connect's business plan, focusing on developing sustainable and socially responsible tech products,
faces several risks including slow market adoption, operational challenges in sustainable sourcing and
technology development, and financial uncertainties in funding and pricing. The highly competitive tech
IDENTIFIED RISK industry and regulatory compliance for environmental and data protection standards also pose significant
risks.

Tech Connect aims to significantly reduce environmental impact through sustainable tech products, such as
smart water management systems, promoting conservation and sustainability efforts. Their educational app
targets underprivileged communities, potentially improving access to education, literacy rates, and socio-
PROBABLE IMPACT economic mobility. The company's focus on green technology can stimulate job creation in the sector and
encourage economic activities through savings in resources.

The company can form strategic partnerships with NGOs, educational institutions, and supply chain
partners to gain market access, credibility, and sustainability. Diversifying funding sources and
implementing robust financial planning will address financial risks, while adhering to regulatory
MITIGATION RESPONSE
standards and implementing strong data security measures will ensure compliance and build trust.
Developing a framework for measuring and reporting the social and environmental impact of their
products will maintain transparency and public trust.

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A comprehensive financial strategy will be developed, including presenting to investors and utilizing
crowdfunding to secure necessary capital, while also establishing strict compliance and cybersecurity
PLANNED measures to adhere to regulations and protect user data. Tech Connect intends to develop a clear impact
ACTIONS measurement framework and communicate these impacts transparently to stakeholders to maintain trust
and support.

Tech Connect needs a mix of talented people, including tech experts and marketing pros, to create and sell
its products. It also needs money to start up, make its products, and protect its inventions. The company
REQUIRED requires the latest tech tools for building apps and systems, and eco-friendly materials for making its tech
RESOURCES products. Connections with groups, schools, and businesses, plus good research on what customers want and
the rules to follow, are key for success.

In Tech Connect, risk management is a shared responsibility across the entire organization, ensuring a broad
and proactive approach to identifying and addressing potential issues. The General Manager or CEO oversees
PARTIES the overall risk strategy, embedding it into the company's culture and decision-making processes. Specific
RESPONSIBLE roles, such as the CFO and CTO, manage financial and technological risks respectively, focusing on areas like
budgeting and cybersecurity.

In Tech Connect's proposed timeline for addressing identified risks, a thorough risk assessment will be
conducted in the first two months to evaluate potential threats to the business. Mitigation strategies will be
PROPOSED developed and prioritized over the next two months, focusing on high-priority risks first. Implementation of
TIMELINE mitigation measures will take place from months five to eight, with close monitoring of progress and
adjustments as needed. Ongoing monitoring and evaluation will occur from months nine to twelve to ensure
the effectiveness of implemented measures. Continuous adaptation and improvement of risk management
processes will be pursued indefinitely to maintain resilience and address emerging threats.
Tech Connect's monitoring process for risk management involves regular assessments of the risk landscape
and identification of new threats through engagement with key stakeholders. Key risk indicators are defined
and tracked to provide early warning signals, while continuous monitoring activities, including performance
MONITORING PROCESS reviews and compliance audits, detect vulnerabilities. An incident response plan is established to ensure swift
and coordinated action in case of risk materialization, with a focus on learning and improvement through
post-incident reviews. Contingency plans and scenario analyses are developed to mitigate the effects of high-
impact risks, and clear communication channels facilitate reporting and updates on risk management
activities to senior management and stakeholders.

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SWOT Analysis
Directions: Analyze your business and look for its strengths, weaknesses, opportunities, and threats. Fill out the SWOT analysis table.
STRENGTHS
Innovative Products: Tech Connect offers unique and
innovative technology products focusing on sustainability and
social impact, which can differentiate it in the market.
Strong Mission and Values: The company's commitment to
empowering communities and addressing environmental
challenges aligns with growing consumer preferences for
socially responsible businesses.
SWOT
OPPORTUNITIES
Strategic Partnerships: Forming strategic partnerships with
organizations working on environmental and social issues can
provide access to new markets, resources, and expertise.
Growing Demand for Sustainable Solutions: Increasing
consumer awareness and government regulations around
sustainability present a significant opportunity for Tech
Connect to capitalize on the growing demand for eco-friendly
technology products.
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WEAKNESSES
Limited Market Awareness: Building awareness and market
acceptance for sustainable technology products may be
challenging, especially in regions with lower technological
literacy or awareness about sustainability issues.
Financial Constraints: Securing initial funding for R&D,
marketing, and operations may be difficult, particularly given
the higher costs associated with sustainable materials and
components.
THREATS
Intense Competition: The tech industry is highly competitive,
with numerous companies working on similar sustainability-
focused technologies, posing a threat to market share and
profitability.
Regulatory Risks: Changes in environmental regulations, data
protection laws, or other regulatory requirements could
impact Tech Connect's operations and increase compliance
costs.
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Directions: Fill out the TOWS analysis table. Formulate strategies by referring to your SWOT.
Internal Factors
External Factors
Opportunities (O)
Strategic Partnerships: Collaboration with
organizations focused on environmental and
social issues can open doors to new markets,
resources, and expertise.
Growing Demand for Sustainable Solutions:
Increasing consumer awareness and
government regulations around sustainability
present a significant opportunity for Tech
Connect to capitalize on the eco-friendly tech
market.
Threats (T)
Intense Competition: The tech industry is
highly competitive, with numerous companies
developing similar sustainable technologies,
posing a threat to market share and
profitability. Regulatory Risks: Changes in
environmental regulations, data protection
laws, or other regulatory requirements could
impact Tech Connect's operations and
increase compliance costs.
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TOWS Analysis
Strengths (S)
Innovative Products: Tech Connect offers
unique and differentiated technology products
with a focus on sustainability and social
impact.
Strong Mission and Values: The company's
commitment to empowering communities and
environmental responsibility aligns with
growing consumer preferences.
S-O Strategies
Leverage Innovation & Mission: Emphasize
the unique features and social impact of Tech
Connect's products to attract customers who
prioritize sustainability and social
responsibility.
Partnerships for Market Access: Partner with
established organizations in the sustainability
or education sectors to leverage their existing
audience and distribution channels.
S-T Strategies
Stay Ahead of Regulations: Proactively
monitor and adapt to changing environmental
and data protection regulations to maintain
compliance and minimize disruption.
Develop Strong Compliance Framework:
Implement a robust compliance program to
ensure Tech Connect meets all regulatory
requirements and minimizes risks associated
with non-compliance.
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Weaknesses (W)
Limited Market Awareness: Building brand
awareness and market acceptance for
sustainable technology, especially in less
tech-savvy or sustainability-conscious
regions.
Financial Constraints: Securing initial funding
for research and development (R&D),
marketing, and operations can be
challenging, especially with potentially higher
costs for eco-friendly materials.
W-O Strategies
Targeted Marketing & Awareness
Campaigns: Develop targeted marketing
campaigns that educate potential customers
about the benefits of sustainable technology
and Tech Connect's specific solutions.
Cost-Effective Sustainable Solutions: Focus
on R&D to create innovative, sustainable
products with competitive pricing, potentially
utilizing recycled or readily available
materials.
W-T Strategies
Seek Grant Funding & Investors: Research
and apply for grants or attract investors
specifically interested in sustainable
technology ventures to overcome initial
funding hurdles. Focus on Niche Markets:
Identify and target niche markets with a
higher concentration of environmentally
conscious or socially responsible consumers,
potentially with less competition.
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