Self-assessment tasks

a. Write a vision statement for a hypothetical new business, clearly describing the long-term goals, the desired impact, and how the business will achieve success. Include both short-term and long-term goals and explain how these will help you evaluate business progress.

b. Choose a potential business idea and identify at least three risks that could threaten its success. For each risk, develop a risk mitigation plan or strategy (Plan A, Plan B, or Plan C) and explain how these plans would minimise the impact of these risks on your business.