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Business Risk Management

Introduction

Read through the following text and look up any vocabulary you are not sure about before answering the questions.

Risk management is an important part of any business and especially for new businesses starting out. How risky a business is to start depends on many factors including the economy, location, target market, etc. A business that may have been great to start last year might be a disaster to start now.

When starting a new business, carrying out a risk assessment is vital, but often overlooked, and it is usually the businesses that do not analyse the risk that end up failing.

Vocabulary

Try and use the following vocabulary when answering the question. Click to look up the definition in the dictionary
  • risky (adjective)
  • risk factor (noun)
  • risk assessment (noun)
  • economy (noun)
  • market (noun)
  • overlook (verb)
  • analyse (verb)
  • end up (phrasal verb)
  • risk management (noun)
  • depend on (phrasal verb)

The Question

Try and have a conversation for 2-3 minutes answering the following question.
What is the riskiest business to start at the moment?

Additional Questions

Keep the conversation going with these follow questions related to Business Risk Management
  • What risk factors should people think about before starting a business?
  • What would have been a low risk business to start two years ago?
  • What would be a low risk business to start today?
  • What type of business would be very risky to start today?

Teacher Resources

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