Risk And Reward Flashcards
1
Q
Risks
A
Business failure
Financial loss
Lack of security
2
Q
Rewards
A
Business success
Profit
Independence
3
Q
Profit
A
Where revenue exceeds costs over a period of time
4
Q
Independence
A
Many business owners will value of the freedom of working for themselves over working for someone else
5
Q
Financial loss
A
An owner may lose the money they put into the business if it fails
6
Q
How can risk be reduced
A
Carry out market research
Produce a business plan
Make sure the business is competitive
Raise sufficient start up finance
