ENTREPRENEURSHIP

Detailed explanation-1: -Chance of loss is closely related to the concept of risk. Chance of loss is defined as the probability that an event will occur. Like risk, probability has both objective and subjective aspects.

Detailed explanation-2: -1 the possibility of incurring misfortune or loss; hazard. 2 (Insurance) a chance of a loss or other event on which a claim may be filed.

Detailed explanation-3: -Risk is defined in financial terms as the chance that an outcome or investment’s actual gains will differ from an expected outcome or return. Risk includes the possibility of losing some or all of an original investment.

Detailed explanation-4: -Risk is the potential of gaining or losing something of value.

Detailed explanation-5: -“Risk” refers to the probability of occurrence of an event or outcome. Statistically, risk = chance of the outcome of interest/all possible outcomes. The term “odds” is often used instead of risk. “Odds” refers to the probability of occurrence of an event/probability of the event not occurring.