Hi Steemians
Have you ever sat down in a very cool and silent place, running your thoughts through your failures in businesses you've ventured into as a business person and you couldn't even figure out what the problem was. You just wonder and ponder over how some persons become very successful in the same business you do.
Businesses may be very easy to set up, anyone can decide to start a business irrespective of their field of study just with the sole aim of making profit. But the only challenges they may face for not being a professional is the fact that they have forgotten or may not even know anything about **Risk** Let alone Managing it in their business.
https://www.chandlerknowlescpa.com/wp-content/uploads/2017/04/risk-management.jpg
[Credit](https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjX9JKqnIfhAhUCheAKHYbGBjIQjRx6BAgBEAU&url=https%3A%2F%2Fiheanyiigboko.wordpress.com%2F2018%2F08%2F02%2Flaw-weekly-managing-business-risk%2F&psig=AOvVaw2CRd9FmP3pvtc7OY2qjDmY&ust=1552844898676672)
<h2>What is Risk Management?? And What has it got to do with Business?</h2>
**Read On**
**Risk** is the possibility, chances or probability of loosing something valuable, it can be anything valuable in all aspects of life but in this write up, It's the possibility of loosing financial assets or wealth, which is as a result of an action or inaction, foreseen or unforeseen, Planned or unplanned.
For every business, A risk is attached in one way or the other, Firstly you have to identify the risk, that may present threats to the success of your business, After identifying the risk, then you can go ahead and assess the identified risk to know more about their probability and chances of occurring. this is where you get results like , The risk may be
* Likely to occur
* Very little chances of occurrence
* Some chances of occurence.
https://previews.123rf.com/images/nasirkhan/nasirkhan1311/nasirkhan131100003/23460096-3d-illustration-of-concept-of-business-risk-management.jpg
[Source](https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwidjf3NnYfhAhULbFAKHYbEC1MQjRx6BAgBEAU&url=https%3A%2F%2Fwww.123rf.com%2Fphoto_23460096_3d-illustration-of-concept-of-business-risk-management.html&psig=AOvVaw2CRd9FmP3pvtc7OY2qjDmY&ust=1552844898676672)
After the risk assessment then you can now develop strategies that can be used for managing the risk to eliminate all possible threats to the success of your business.
At this point you are now wondering what it has got to do business and how it can hinder the continuity of your business.
Business risk can come from any aspect of the business, It can come in any way, Any form, Your employee can be your business risk, Your assets can be a risk to the business, The type of technology in form of Instruments you use in running your business may be a form of risk, the decision you make that may changes how the business is carried out may also be a risk to the business, Even the location of a business can be a risk.
What are the type of risk and how can we manage them to assure the business **A GOING CONCERN**.
Watch out for my next post. Becoming a successful business person is a profession on its own.
Thanks for reading
