Question

Explain briefly about risk reduction strategy in entrepreneur

Answer 1

Risk management techniques include riskreduction, risk transfer and risk avoidance. An entrepreneur can apply these techniques to the business and personal risk she faces. Select a business structure that limits personal liability.

Answer 2

By offering a range of products the entrepreneur gains an understanding of the whole market through a process of trial and error. ... A broad-scope strategy reduces risks from market uncertainties, but increases exposure to competition