INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Businesses rely on equipment 24/7. If this breaks down this leads to lower production and repair costs.
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Setting up a business can mean you lose your own or the banks money
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It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services.
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Blockbusters failed to address the threat of Netflix as they had no digital content available online.
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Detailed explanation-1: -Operational risk is the risk of loss resulting from ineffective or failed internal processes, people, systems, or external events that can disrupt the flow of business operations. The losses can be directly or indirectly financial.
Detailed explanation-2: -There are five categories of operational risk: people risk, process risk, systems risk, external events risk, and legal and compliance risk. People Risk – People risk is the risk of financial losses and negative social performance related to inadequacies in human capital and the management of human resources.
Detailed explanation-3: -Operational risk is a possibility of loss due to inadequate or failed internal processes, control, system, people, or external events.
Detailed explanation-4: -Operational risk is the possibility of business operations failing due to inefficiencies or breakdown in your internal processes, people and systems. Human error and external events (such as regulatory changes) are a few of the common sources of such risk.