ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There is not much risk in starting your own business
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They risk losing the time, money and capital they have invested into the business if it fails
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They risk losing their carefree lifestyle
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They risk losing their personal property even if it is not involved with the business
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Detailed explanation-1: -Risk-taking in entrepreneurship is the process of identifying, evaluating, mitigating, and trying out potential opportunities and strategies that may help you build or grow your business but could also lead to personal or professional loss.
Detailed explanation-2: -There are five kinds of risk that entrepreneurs take as they begin starting their business. Those risks are: founder risk, product risk, market risk, competition risk, and sales execution risk.
Detailed explanation-3: -It’s one of the most sensible ways in which entrepreneurs can avoid losses. Buy insurance, an expense that understandably gives many small-business owners fits. However, insurance brings peace of mind.
Detailed explanation-4: -Develop a Solid Plan. Perform Quality Control Tests. Keep Good Records. Limit Loans. Keep Accounts Receivable Low. Diversify Income. Buy Insurance. Save Money. 05-May-2021