"The SWOT analysis effectively characterises the range of requirements as a managementperspective. The SWOT theme does call for a clear understanding of threats, and a riskmanagement to be effectively produced in meeting the set guidelines. 5.2 Risk matrixThe following range of risks that the business will be faced with can be listed out. A riskassessment matrix is propose by Pfeiffer& Reize (2000), Headd (2003) and Lerner(2004) ineffectively managing the requirements. Listing out the risksa) Management failure: Management fails to achieve the goals and failsto work togetherb) Product failure :The product fails in the market place,where the product acceptance in the market place is lower. c) Negative reviews on brands : Negative reviews that are capitalised bybrands. d) Competitors entering into market: It is a niche market product, and a niche marketoperation. Lower profitability and increased competition will harm the entire productand market line up significantly. The above could be characterized as risks that the AIB digital team is very likely to be facedwith. As such, does have a range of impact on the management and operations of theorganisation. It is important for the organisation to clearly understand the risks, and toaccount for the risks. 17 | P a g e ACbdFigure 5: Risk matrixThe above risk management matrix, is important to critically evaluate the factors contributingtowards management. Efficiently understanding the requirements, of the market place –where the delivery of the risk with the right understanding of the risk consequences and therisk planning is important for organisations to effectively deliver on the brand promise. Clearmanagement planning, and assessment of the management environment is most importantand recognized to deliver the brand promise required by organisations. The risk assessments highlighted does provide with a number of challenges to be accountedfor in the development and building on to the planning stage of the project. As per theadvices of Sharma (2014), a monk who sold his Ferrari, it is important for an organisation toeffectively understand the requirements of the market place, and also know the associatedrisks in delivery. 6.0 Common mistakesIn compiling this section, where entrepreneurs go wrong in their venture, a number ofacademic and practical literature are used which are important for the overall developmentand progress made by individuals in their venture. ? Cash management – Spending too much or too littleFirstly, the authors such asJorion(1997), Headd(2003) and Bartik(1989) have argued on theimportance of understanding the cash requirements and spending within a budget. Careful18 | P a g e consideration on the cash inflow and outflow has to be considered in order to better managethe requirements of the organisation. Determining the requirement for cash-inflow, could be considered as a primary aspect formanagement of an entrepreneurial venture. (Harrold, 2012) ? Lack of comprehension in marketKotler (2014) has emphasised on the importance of understanding the market and businessthat the entrepreneur and the business is in. Not understanding the business and themarket, will lead to harmful effects to be felt by the market in understanding and effectivelylaying out the right marketing strategies which are important for the growth and perspectiveorganic strategy laid out by the organisation. Entrepreneur (2014) has emphasised on the importance of understanding the businessbetter, and to recognise the key players. Having a clear plan on competitor attack isrecognised as an important aspect to marketing and business. ? Wrong hiring decisionArmstrong (2012) argues on the fact that the right hire for the organisation is important for abusiness to hire the right person, who can do a greater impact. It is argued that the business,which does not capitalise on the requirement to effectively deal with the requirement willimpact on the management and business requirements. A clear recognition on the business and market dynamics is required to carefully plan andexecute a strategy that does provide for the much needed benefits in the market. ? Marketing strength19 | P a g e Authors such as Lerner (2004), Jorion (1997) andRasmussen(1997) has emphasised on theimportance of clearly understanding the importance and significance of marketing. Clearunderstanding of the market and establishing a marketing strategy at the start up stage itself,prior launching the product could be characterized to be an important dimension for theorganisation to derive a better marketing and business advantage. Recognising the factorsand motivators within the organisation is important. It will be important for the organisation toclearly recognise the influence and factors which are important to deliver a stronger businessperformance. A strong and innovative marketing campaign is vouched for by Harrold (2012) in order to bederive the market changing approach to derive competitive outcome. ? Financial viability of the operationsQureshi et al (2014) does call for financial viability, in the operations. Clearly recognising theoperations and viability is important. In operating the business, the financial viability of thebusiness is paramount. (McDonald, 2014) Recognising the key features of management andunderstanding the key tools for a business could be characterized as to being both importantand essential for the business operations of today’s organisations. Careful consideration hasto be made by organisations to effectively deliver the quality of work, and businesssurvivability. Single person operationTyagi and Sidique (2015) argues, that another setback that most of the entrepreneurs do, isto understand that they are the best for everything. As such, do end up with an operation,where do it all comes in. As such, do lead to a greater set back in not being able to competein the market space effectively. Clear understanding and job roles will be required at thestart-up phase to clearly recognise the values and functions which are to be understood andemployed by these entrepreneurs. 20 | P a g e "