L.26 - Risk Taking and Control

One who decides to succeed, One who overcomes failure, One who takes calculated risks, He is an entrepreneur.

UDYAM SHASTRA- Chapter 5,Verse 2

Key Objectives:

Reading this module and doing the student activities will enable the students to:

  • Understand the meaning of risk.

  • Understand the control measures to be taken for risk control.


Enterprise Concepts:

Risk.Entrepreneurs by nature take initiative into the unknown. They thus take a risk or in other words chance, in a calculated manner, for a future reward.

Controls.Entrepreneurs set up controls i.e. checks to minimise adverse effect of risks.

Rewards.Rewards are gains that an entrepreneur seeks. Monetary gains appear as obvious rewards.However, a sense of fulfillment, achievement and self-worth could also be rewards. 

Enterprise Skills:

The student 'Activities' in each lesson are designed to clarify the ENTERPRISE CONCEPTS of the lesson and develop some ENTERPRISE SKILLS (E.SKILLS). The E.SKILLS included in a lesson may not be exhaustive, but are indicative.

E.SKILLS stated in a lesson elsewhere may also get addressed through the activities of a particular lesson.

Some useful E.SKILLS are dealt with below:

Risk Taking.The courage to expose oneself to possible uncertainties and losses. 

Activities:

Activity 1 - THE GUEST SPEAKER

Instruction To Students

  • Students should prepare for receiving a guest speaker on the subject of "Risk Taking and Controls"

  • After the guest has spoken, students should interact with the guest through questions and answers.

  • Students should then fill up the WORKSHEET.

  • After completing the activity, each group should present and share its main discussion points with the rest of the class.

Work Sheet:

Q.1: What risks did the entrepreneur take?
_______________________________________________________________

Q.2: What controls did the entrepreneur put in place to get desired rewards?
_______________________________________________________________

Q.3.: What kind of forms filling and record keeping does the entrepreneur do to exercise control?
_______________________________________________________________

Q.4.: What lessons do you learn from the entrepreneur?s experience?
_______________________________________________________________

Q.5.: Are there rewards other than non-monetary rewards that the entrepreneur looks for? What are they? How important are they?
_______________________________________________________________