ENTREPRENEURSHIP

Detailed explanation-1: -Definition: Risk implies future uncertainty about deviation from expected earnings or expected outcome. Risk measures the uncertainty that an investor is willing to take to realize a gain from an investment. Description: Risks are of different types and originate from different situations.

Detailed explanation-2: -Risk, Uncertainty and Risk Management Defined. “Risk” and “uncertainty” are two terms basic to any decision making framework. Risk can be defined as imperfect knowledge where the probabilities of the possible outcomes are known, and uncertainty exists when these probabilities are not known (Hardaker).

Detailed explanation-3: -: possibility of loss or injury : peril. : someone or something that creates or suggests a hazard. 3. : the chance of loss or the perils to the subject matter of an insurance contract. also : the degree of probability of such loss.

Detailed explanation-4: -“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.

Detailed explanation-5: -Risk: Uncertainty arising from the possible occurrence of given events that would result in loss with no opportunity for gain.