Peppul
Active member
When starting a business there are several risk involved in starting a business, here are few risks.
1. Economic risk - the economy is constantly changing as the market fluctuate, some positive changes are good for the economy which lead to booming purchase environments. While negative events can reduce sales. To counter economic risk save as much money as possible to maintain a steady cash flow.
2. Compliance risk - business owners face an abundance of laws and regulations to comply with, for example payment processing compliance could impact how you handle certain aspect of your operation.
3. Security and fraud risk - as more customers use online and mobile channels to share personal data, there is also greater opportunity for hacking, not only does this risk impact trust and reputation but a company is also financially liable for any data breaches or fraud.
4. Reputation risk - there has always been the risk that an unhappy customer, product failure, negative press or law suit can adversely impact a company's brand reputation also if good measures are not put into place.
1. Economic risk - the economy is constantly changing as the market fluctuate, some positive changes are good for the economy which lead to booming purchase environments. While negative events can reduce sales. To counter economic risk save as much money as possible to maintain a steady cash flow.
2. Compliance risk - business owners face an abundance of laws and regulations to comply with, for example payment processing compliance could impact how you handle certain aspect of your operation.
3. Security and fraud risk - as more customers use online and mobile channels to share personal data, there is also greater opportunity for hacking, not only does this risk impact trust and reputation but a company is also financially liable for any data breaches or fraud.
4. Reputation risk - there has always been the risk that an unhappy customer, product failure, negative press or law suit can adversely impact a company's brand reputation also if good measures are not put into place.