Page 7 - IO3_Career Kit_Modules Summary_FINAL_EN

determined depending on various factors, namely the available resources, the services provided,
the customers, the financial data, and the communication channels.

USEFUL LINKS:
https://www.investopedia.com/terms/b/businessmodel.asp – What is a Business Model
https://www.youtube.com/watch?v=s-TWYN6F6LU - Making of a Business Model Canvas

How to avoid failure and how to handle risks effectively

At first, this module refers to risk management, the process of identifying and monitoring risks in
order to achieve stable financial results and to set the conditions for further business growth, which
should be known to those who make business decisions, resulting in the right outcome for the
business and in minimizing the risk of failure.
This module also sets out a number of steps whose adoption contributes to effective risk
management. In particular, these steps are general planning, risk identification and analysis, design
of risk management actions, and, finally, risk monitoring and control.
Techniques and tools that facilitate risk management are also mentioned. The resulting benefits
include a greater probability of achieving the desired objectives, greater control in identifying
business opportunities and threats, minimizing losses, increased effectiveness and efficiency of
business activities, more proactive business management, cost reduction, profit maximization,
reduction of uncertainty, the ability to achieve long-term objectives and increased safety.
Finally, tips on how to avoid failure are provided. In particular, the need for entrepreneurs to be
empathetic to the customers' needs when creating a business plan, to defend their personal vision
through proper analysis of the business idea, resilience while facing criticism, and ridding to bad
habits that hinder business success are mentioned.

This project has been funded with support from the European Commission. This communication reflects the views only of the author, and
the Commission cannot be held responsible for any use which may be made of the information contained therein.