During this Covid-19 some people have had the chance to take a break in life and realize what really matters. A thorough reality check. In the business world, we know that businesses will never be the same again but we also know that there is light down the tunnel and now is the optimum time to constructively move forward. COVID-19 is proof that business can swift and adapt to changing environments during adversity. Production lines are changing, social distancing is adopted, deliveries are becoming contactless, and a high volume of people working from home. These are all signs of the new virtual business environment. A newly defined and deeply emphasized risk appetite and risk attitude and hence the new " Risk-Conscious Entrepreneurship " Risk appetite in risk analysis is an internal tendency to take a risk in a given situation and it reflects on organizational risk culture and the individual risk
propensities of key stakeholders. But unmanaged risk appetite could lead to the wrong outcome. Risk attitude in risk analysis, on the other hand, is a chosen response to risk, driven by perception, and it can act as a control point to ensure the right amount of risk is taken so the achievements of objectives are optimized. This new risk-conscious entrepreneur would give so much more emphasis on formerly undeciphered questions to drive realistic answers before setting up like : How much risk do we face? How much risk can we take? How much risk should we take? How much risk do we want to take? How much risk will we take? How much risk are we already taking? Each of these questions are important, and a variety of answers would normally pop up. including risk appetite, risk attitude, risk capacity, risk culture, risk exposure, risk perception, risk preference, risk profile, risk propensity, risk threshold, etc. eg:- with this new digital online era, if you want to start an online store or a product idea, there are a few many things you need to evaluate with your new product idea. Such as a) Do I need an office/warehouse? b) Is drop shopping an option? c) How should the optimal packaging look like? d) Do I need a special license on approval?
e) How much would E-Commerce cost?
So it's only a matter of time before we see more entrepreneurs start creating new ideas due to the way we are all adapting to change. These new entrepreneurs will be the change-makers of today and will hopefully have more of a socially responsible intellect. These entrepreneurs would have witnessed the concept of Pivot Product Management in their strategic operations and be at the forefront of new
innovations on how we will operate in this new world. Good luck to them Report this!