This unit is divided into two components. The first component deals with finance – the sourcing and management of funds as well as the valuation of your venture. The second component deals with risk – the understanding of what risk is and how to manage it in a business venture.
As an entrepreneur, you are driven by the product or service you offer, finding your customers and ensuring you outpace your competitors. This unit is designed to help you know the options for funding your new venture and to ensure that you have the funds necessary to see you through the various stages of growth and development in the business cycle. We will also look at the tools that will help you in making investing decisions for your business. An integral part of the financing and investing decisions for your business is an understanding of what your venture is worth in financial terms. We will explore how valuation of a venture assists in sourcing funds as well as harvesting that value to provide you with a return for your entrepreneurship.
Whether we recognise it or not, risk is a constant part of our lives. As entrepreneurs you are choosing to engage in risky behaviours. However, this should not be seen as a negative but rather an opportunity. This part of the unit will help you to identify, manage, and mitigate the major risks that your venture may face. We will cover principles of risk management, risk management tools, and the development of action plans that will help you get a head start on managing risks – a necessary part of ensuring the success and growth of your venture. By studying risk management, you will be better able to make informed choices when choosing amongst competing courses of action.
The right financial capabilities remain vital throughout the life of your business, whether you are just starting out, have an established business or are looking to sell your business. Your finance and risk management needs will continually develop as your business grows and circumstances change.
|Unit name||Resource and Risk Management|
|Faculty/School||College of Business & Economics
Tasmanian School of Business and Economics
|Discipline||Accounting and Corporate Governance|
|Available as student elective?||Yes|
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