How To Manage Risk As An Entrepreneur

Alfiansyah Clark - TP075566 Figure 1 : Root Cause Analysis Representation (Visual Paradigm, n.d.) Risk management is a critical skill for entrepreneurs, allowing them to navigate the uncertainties of business ventures effectively. In the digital world especially, with digital threats like cyberattacks, digital breaches and system vulnerabilities, being able to constantly test, assess and evolve their businesses and products is essential to try an assess the various types of risks such as: Cybersecurity, Legal, Operational, Data, strategic and third party. (Kost, 2024) One of the tools that can be deployed is Root Cause Analysis. This is a structured problem-solving approach that aims to identify the fundamental reasons behind an issue or problem by breaking down the system to address the causes of an issue as opposed to finding a solution to an issue. (Brown, 2023) In order to do this first the user must identify and understand the problem, knowing ...