When an Entrepreneur hears the word risk it does not concern him or her, since the very definition of an entrepreneur is one who takes considerable risk and initiative in starting and managing a business.
Some people perceive risk mitigation as something you obtain insurance for. That is partly true, but risk mitigation is more than that.
An astute Entrepreneur needs to assess and mitigate risks in numerous areas as many of these risks might not be covered by insurance. Such risks could be economic, governmental, client-related, competitive, employee-based, management turnover, process failures, unmanaged growth, and so on.
Entrepreneurs should take time to evaluate non-insurable risks facing their business and develop contingency plans to mitigate such risks.
Ravi Patel
