Anuradha runs of fast food outlet in one of the shopping malls in Faridabad. Over the years, her business has earned good reputation and high profits . However, over the past one month she has released that her clientele is gradually declining. On introspection she identified two main reasons for the same. First, a new fast food joint has opened up in the same mall and it is drawing huge crowd. Secondly, one of her chief chef has not been keeping good health and is not able to work towards the business in the same dedicated manner as earlier. In contest of the given case: (a) Identify and explain the causes of business risk mention in the given paragraph. (6) Also, quote the relevant lines.
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Business Risk - Business Risk refers to the factors which can affect the business environment internally or externally.
Internal Business Risk is the factors that caused internally due to the lag of operations or communication. Corrective measures can be used to work them out.
External Business Risk is the situation of the factors which are beyond the boundaries of the frim and out of the control of the entrepreneur.
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