• Economic Risks: such as interest rate changes, changing government policies, exchange rate changes or demographic movements.
• Production Risks: such as obsolete/ defective materials and goods, continuous technological evolution, product mix and quality, machine breakdown or cost of production.
• Human Resource Risks: arising due to fraudulent employees, negligent/inefficient employees, social engineering, recruitment risks or labor drain.
• Legal Risks: such as judgments from court cases, legal infringements, new legislations or business laws.
• Political and Social Risks: arising from issues such as civil unrest, elections, and unfavorable ideologies of political leaders or corruption.
• Management Risks: such as poor management decisions, insider trading, corporate governance issues, corporate policies and strategy.
• Market Risks: such as competing against fierce competitors, changing consumer tastes or behavior, piracy, distribution and dealership issues or marketing strategy.
b) Mitigate the Risk. I.e. to manage the impact of the risk by minimizing the odds.
c) Ignore the Risk. I.e. brace yourself and accept the impact.
"Strategies for Overcoming Competition in Business", or "Basics of Starting a New Business" amongst others, please visit my blog at http://valentineokolo.blogspot.com
Article Source: http://EzineArticles.com/8775692