Risk management and innovation are the skills that should be possessed by the entrepreneur. The process of generation of the new ideas is referred to as innovation. Risk management on the other hand implies that there is prioritizing and assessing of risk in business. The module of innovation and risk management has benefitted me as skills and the knowledge helped in the managing of risk in the environment of business and coming up with innovation for the business world.
Benefits of the Module:
With the completion of the module, I was instilled with the knowledge on the pervasive issues like sustainability. This has helped in the continuation of the business. Second issue was that of diversity and globalization. This has enabled me to understand there is a wider outlook enjoyed by the business entrepreneur. Thirdly, creativity and innovation in business is essential. I have learnt that an entrepreneur to be successful must come up with brilliant ideas that do not exist. Finally, t
he development of the enterprise is an important concern. I could understand that with the continuous development there would be systematic development of the enterprise.
Through the module, I have acquired risk and intellectual skills management. This means I was able to think creatively and critically. This creative process as a learner can be managed for me and for the others. This will help in proving a false logic. I would be able to evaluate the risk based on the evidence rather than assumptions. With the analyzing of way risk is managed in an organization, I was able to gather skills on management, measurement and identification of risk like financial risks. The skills developed by me helped me to work as team, which is a very important aspect in the business environment. The individual strengths in the team are recognized with the contribution. I was able to develop high personal effectiveness. For the management of the business, there is a need for self-awareness, which I learnt from the course of the study.
Challenges of the Module:
The challenge that I faced was that it was a wide module. There were some important and crucial concepts on the CSR, expectation of the consumer, management of risk, sustainability, enterprise development and globalization. There was over boarding of knowledge so acquired very little, and mostly concentrated on reading which after a while was lost from memory.
There were some skills taught which are based on the personal trait of the individuals and these are difficult to be taught. Creativity is such a trait that mainly concentrates on the individuals traits. The type of risk that is faced in the real life scenario is of the different forms and there is no clear demarcation of the risk. The management of the risk has different procedure for the different type of risks. This is the reason I need to be sharp so that I can apply the risk management skills taught in the module to the real life scenario.