The internet has opened up new opportunities and lowered the barriers to entry in almost every industry. But it has also given more entrepreneurs the chance to be bold and take risks. Knowing how to embrace certain risks while avoiding potentially costly ones is integral to maximizing success.
The Role of Risk in Business
Risk is defined as the possibility of losing something of value. It’s also described as the purposeful interaction with uncertainty (specifically when something of value can be lost).
Naturally, most people are hardwired to be risk averse. It’s a survival mechanism that’s ingrained in our DNA to prevent us from walking into dangerous situations without some...