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RISK AND REWARD when setting up a business, you will have to consider the risks and rewards. A risk is something calculated by considering the probability of a negative outcome occurring, and what impact it will have. Starting up a business is guaranteed to involve risks as there are many unknown factors. Rewards -business success, personal satisfaction growth and awards -profit, when revenue exceeds costs -independence, many business owners value freedom of working for themselves How can risks be reduced? - carry out market research -make a business plan -ensure the business is competitive Risks -business failure, poor cash flow fall in sales or action of competitors -financial loss, and owner may loose the money they invest if it fails. -lack of security, no guaranteed income sick pay or holidays innovation-changing an existing product or process demographic- the structure of a population
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RISK AND REWARD when setting up a business, you will have to consider the risks and rewards. A risk is something calculated by considering the probability of a negative outcome occurring, and what impact it will have. Starting up a business is guaranteed to involve risks as there are many unknown factors. Rewards -business success, personal satisfaction growth and awards -profit, when revenue exceeds costs -independence, many business owners value freedom of working for themselves How can risks be reduced? - carry out market research -make a business plan -ensure the business is competitive Risks -business failure, poor cash flow fall in sales or action of competitors -financial loss, and owner may loose the money they invest if it fails. -lack of security, no guaranteed income sick pay or holidays innovation-changing an existing product or process demographic- the structure of a population
RISK AND REWARD when setting up a business, you will have to consider the risks and rewards. A risk is something calculated by considering the probability of a negative outcome occurring, and what impact it will have. Starting up a business is guaranteed to involve risks as there are many unknown factors. Rewards -business success, personal satisfaction growth and awards -profit, when revenue exceeds costs -independence, many business owners value freedom of working for themselves How can risks be reduced? - carry out market research -make a business plan -ensure the business is competitive Risks -business failure, poor cash flow fall in sales or action of competitors -financial loss, and owner may loose the money they invest if it fails. -lack of security, no guaranteed income sick pay or holidays innovation-changing an existing product or process demographic- the structure of a population
Can't find what you're looking for? Explore other subjects.
Knowunity is the # 1 ranked education app in five European countries
Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.
Still not sure? Look at what your fellow peers are saying...
iOS User
I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D
Stefan S, iOS User
The application is very simple and well designed. So far I have found what I was looking for :D
SuSSan, iOS User