Question

Explain the pervasiveness of risks in business.describe various types of business risks and the steps involved in managing business risk

Answer 1

business is one of the major risk occupation .they should able to answer the questions of customers.they should try to give macximum amount of time.they should talk friendly with the customers.they should not scold to the customers.

Answer 2

Answer:

Typical risks a business faces can be divided into Internal and external risks.

Internal Risks Include:

Financial Risk: That a business might loose too much money or might not have enough money to keep it going

Technological Risk: That the service or technology they are using manufacturing goods becomes out-dated and they are left behind.

Human Resource: Bad employees who are ill-equipped and not hardworking can pose a risk

External Risks include:

Socioeconomic and political: This is an example of how political up heavel, social changes, and economic recessions and depression can hamper a business. It is not within the control of the company but it can have an impact on them

Natural Disasters: Flooding, earthquakes, etc can wipe a business out completely

Competition: Competitors always need to be looked out for! They always want to beat you and take your best customers

The best way to mitigate these is to carry out a risk assessment on at least an annual basis and invest thorough in R&D to stay ahead of each problem