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?
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Q.2: What controls did the entrepreneur put in place to get desired rewards?
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Q.3.: What kind of forms filling and record keeping does the entrepreneur do to exercise control?
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Q.4.: What lessons do you learn from the entrepreneur?s experience?
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Q.5.: Are there rewards other than non-monetary rewards that the entrepreneur looks for? What are they? How important are they?
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