How to identify and manage business risks

The most common types of business risks include financial, technological, operational, strategic, economic and market risks. [Photo: courtesy]

Venturing into business is risky. It takes time, money and determination. Even if the market is stable, you’ve done your research fully and taken proper precautions; your business can still be affected by different types of risks.

The most common types of business risks include financial, technological, operational, strategic, economic and market risks. Some of these risks have the potential to destroy your business, while others can lead to serious damage that takes a lot of resources to repair.