What do you think the 3 biggest risks are for small businesses? How would you recognize when a situation is risky? What are some steps you can take to mitigate these risks?

What do you think the 3 biggest risks are for small businesses? How would you recognize when a situation is risky? What are some steps you can take to mitigate these risks?

Longennecker, J., Petty, W., & Plaich, L. (2020). Small business management: Launching and growing entrepreneurial ventures (19th ed.). Boston, MA: Cengage Learning.
Chapter 21: Managing Small Business Operations
Section 21-1 Competing with Operations
Section 21-2 the Operations Process1
21-2a The Operations Process in a Service Business
21-2b The Operations Process in a Manufacturing Business
21-3 Inventory Management
Chapter 23: Managing Risk
Articles, Websites, and Videos:
Systematic & Non-systematic Risk; What type of risk is harder to deal with? To recognize? To control?

Watch Video
Business Risk Factors and How we can manage them
Duration: 8:40
User: Project Share The Wisdom – Added: 5/10/16

Managing risk through the eyes of an extreme skier? It applies in business just as well.

Watch Video
Risk Management: Chris Davenport at TEDxMileHigh
Duration: 10:34
User: TEDx Talks – Added: 7/16/12

Some risks are not readily apparent. Emergencies will happen. Sometimes a risk cant be avoided. Should we still prepare?
Prepare for emergencies. (n.d.). U.S. Small Business Administration.
Not following the rules can be a form of risk. Here is some information on the importance of staying legally compliant.
Stay legally compliant. (n.d.). U.S. Small Business Administration.
Resources for Assignment
These resources are included specifically to help with the written Comprehensive Assignment due at the end of this Unit.
Otar, C. (2018, Oct 25). What percentage of small businesses fail — and how can you avoid being one of them?. Forbes.
Mansfield, M. (2019, Mar 28). Startup statistics The numbers you need to know. Small Business Trends.

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