27 Jul Imagine ?you are considering opening a business. Share the type of business you ?would open. Then, create a list of the five most significant risks that ?you must address prior to makin
Week 4 Discussion – Identify Risks
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Please respond to the following:
- Imagine you are considering opening a business. Share the type of business you would open. Then, create a list of the five most significant risks that you must address prior to making your decision regarding the viability of your venture. Justify the risks.
Be sure to respond to at least one of your classmates' posts.
Angel Thyagarajan
Monday Jul 24 at 11:25am
I would be interested in opening an IT consulting firm as a business. I would need to do some market research looking for the competition in my area and understanding the market needs and the technology used. I need to make sure whether this business is affordable, whether I have more technical and knowledgeable skills to run an IT consulting firm or not.
Top 5 risks that I must address are as below:
1. Scope Creep – This is one of the problems that that consulting firm faces. Some clients ask the firm to put in extra time to deliver a task or a project. In one way this might be good to build experience and connection with the client, but the results might not be good. There could be potential loss of money and time to please the client.
2. Resource finding – In the consulting business, it can be challenged to find the correct resource for the task needed by the clients. If we can’t find the correct skilled resource, it can lead to the potential issue of additional training for the resource and the that may delay the project timeline and deliverable.
3. Compensation – It is the consulting business’s responsibility to make sure the employees are compensated properly and on time.
4. Quality service – It is very important to provide a quality service for the clients with quality products and ability to meet the deadline.
5. Errors – Minimal errors are expected in every business, but it should not lead to unnecessary expenses for the job in redesign, work needing to be redone and overtime rates etc.
Sources:
1. “IT Risks”, NA. Top 6 Risks for Consulting Firms. https://www.nycbusinessgroup.com/insurance/blog-post/top-6-risks-for-consulting-firms/
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