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    Business Risk Factors: Evaluation and Guidelines for Entrepreneurs
    Business Risk Factors: Evaluation and Guidelines for Entrepreneurs
    Business Risk Factors: Evaluation and Guidelines for Entrepreneurs
    Ebook173 pages1 hour

    Business Risk Factors: Evaluation and Guidelines for Entrepreneurs

    By McDavis Associates

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    About this ebook

    The book, Business Risk Factors Evaluation & Guidelines for Entrepreneurs’ is an essential book that would help Entrepreneurs to carry out effective business engagement practices. Entrepreneurs are in the best position to assess the risk factors facing their businesses. Not only does the book help Entrepreneurs keep an eye on the
    forces affecting any existing investment; the book also show Entrepreneurs where they could be spending more and where less.

    It help Entrepreneurs identify risky people and risky clients and enables them to align their business engagements practices with international Business Engagements Best Practices. The book has further advantages such as mergers and acquisitions or leverage buyout. Every portion shares a common but various business format. This allows Entrepreneurs to obtain, the information they need from their clients very quickly.

    McDavis Associates was established in 1999 with stable Board with men of high Integrity. Apart from being key player in Human Capital, Legal Practitioners and Property Development Consulting, it offers services in Risk Management, Business Reengineering, Investment portfolio management; simple and bureaucracy free
    processing of professional services.

    McDavis Associates enjoys the patronage of clients spanning all the major industries and has honoured its professional practice commitments and has earned its reputation of excellence in consultancy.
    LanguageEnglish
    PublisherBookBaby
    Release dateJul 1, 1995
    ISBN9781483533650
    Business Risk Factors: Evaluation and Guidelines for Entrepreneurs

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      Book preview

      Business Risk Factors - McDavis Associates

      BUSINESS RISK FACTORS:

      EVALUATION

      AND

      GUIDE LINES

      FOR ENTREPRENEURS

      (A Practical Approach)

      McDAVIS ASSOCIATES

      All rights reserved. No part of this book may be reproduced, store in a retrieval system or transmitted in any form or any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of the Firm.

      First Printed 2014

      by

      McDavis Associates

      ABOUT THE BOOK

      The book, Business Risk Factors Evaluation & Guidelines for Entrepreneurs’ is an essential book that would help Entrepreneurs to carry out effective business engagement practices. Entrepreneurs are in the best position to assess the risk factors facing their businesses. Not only does the book help Entrepreneurs keep an eye on the

      forces affecting any existing investment; the book also show Entrepreneurs where they could be spending more and where less.

      It help Entrepreneurs identify risky people and risky clients and enables them to align their business engagements practices with international Business Engagements Best Practices. The book has further advantages such as mergers and acquisitions or leverage buyout. Every portion shares a common but various business format. This allows Entrepreneurs to obtain, the information they need from their clients very quickly.

      McDavis Associates was established in 1999 with stable Board with men of high Integrity. Apart from being key player in Human Capital, Legal Practitioners and Property Development Consulting, it offers services in Risk Management, Business Reengineering, Investment portfolio management; simple and bureaucracy free processing of professional services.

      McDavis Associates enjoys the patronage of clients spanning all the major industries

      and has honoured its professional practice commitments and has earned its

      reputation of excellence in consultancy.

      CONTENTS

      Preface………………………………………………………………………vi

      Introduction………………………………………………………………..vii

      PART ONE…………………………………………………………………..1

      Why Entrepreneurs Fail

      PART TWO…………………………………………………………………11

      Product and Service Delivery

      PART THREE………………………………………………………………22

      Business Acceptance and Continuance

      PART IV……………………………………………………………………68

      Business Engagement Terms

      PART V……………………………………………………………………..90

      Quality Performance Reviews

      PART VI……………………………………………………………………92

      Human Resources

      PART VII…………………………………………………………………..94

      Laws and Regulations

      PART VIII………………………………………………………………….95

      Implementation

      PART IX…………………………………………………………………….97

      Conclusion………………………………………………………………….

      PREFACE

      We have available today the knowledge and experience needed for the successful practice of business risk factors analysis. But there is probably no field of human endeavor where there is always tremendous gap between the knowledge and performance of the Entrepreneurs and the knowledge and performance of the average

      is wider or more intractable. This book does not exclude from its aims the advancement of the frontier of knowledge; it hopes, indeed, to make some contribution to it. But its first aim is to narrow the gap between what can be done and what is being done, between the Entrepreneurs of companies.

      Though not concerned with techniques, this is a practical material. It is written out of many years of experience in consulting with entrepreneurs of small businesses as well as entrepreneurs of large and very large businesses, and it aims at being evaluation and guide for entrepreneurs who carries out various business practices, enabling them to examine their own work and performance, to diagnose their weaknesses and to improve their own effectiveness as well as the results of the enterprise they own or responsible about.   Acknowledgements and references have been avoided throughout this book as the test utilize a behavioral science point of view that will help in widely applying the book in various business engagements. Entrepreneurs have generously allowed us to seek their views in this subject and what their expectations are in every business engagements. The objectives of this book should therefore be set by fixing the Entrepreneurs sights at the desirable. Only then should the question be raised what concessions to the possible have to be made. This requires entrepreneurs to decide what business it should be engaged in. The articles brought together in this book give information about a very wide number of topics and we have very skillfully arranged them in a logical sequence that will assist entrepreneurs to carry out various business engagements best Practices.

      INTRODUCTION

      NATURE OF RISK FACTORS

      NATURE OF RISK FACTORS

      In recent years, the spate of litigation against corporate bodies globally has reached alarming proportion and a number of these have resulted in the payment of huge sums of money as damages for negligence either as a result of court judgments or settlements out of court.

      While the relevant insurance companies, which provide the entrepreneurs with  indemnity cover, have met these payments the burden of which the premium charged has eaten noticeable and deeply into what remains for distribution amongst participating partners or directors. This unpleasant situation, which has become unpalatable could be said to have arisen as a result of two major factors:

      1.         Business engagement failure by a corporate body and, or business failure by a branch of the body and the ensuing ramifications;

      2.         A misunderstanding between the providers of products or services and their users, the role which the entrepreneurs are expected to fulfill. This could result from misinterpretation of the rules and regulations governing the practice of the business.

      The consequences of unmitigated business risk factors on business are many and

      varied. They may include but are not limited to the following:

      -           Time cost of litigation

      -           Financial cost of litigation

      -           Damages to reputation

      -           Embarrassment

      -           Loss of future revenue

      -           Cost of rework

      -           Inconvenience

      These are dealt with in more detail as follows:-

      TIME LOSS

      In the event of litigation, considerable loss of valuable time would be experienced in preparing defense against allegations and in giving audience to legal counsel. Several sessions would need to be held and a number of draft documents, statements of defense and counter claims will need to be prepared. Lawsuits are never concluded in one session. Sometimes, the sessions extends over a number of years during which it would be inevitable to be in court several times. Loss of time may become uncontrollable and the possibility of appeal would only aggravate the situation.

      FINANCIAL LOSS

      The financial loss of litigation cannot be accurately estimated but is known for certain

      that is enormous. Apart from court filling fees, Legal representatives would need to be

      engaged and paid. Cost of documentation would be additional and inevitable. Heavy

      penalty may become payable if the allegation is proven and the amount involved may

      be high enough as to cause financial embarrassment or even liquidation. The thought

      of this is worrying.

      DAMAGES TO REPUTATION

      The provision of business or personal services thrives on goodwill, which takes a very

      long time to build. It is this asset that accords an organization the right of first choice or

      selection amongst its competitors for the award

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