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Entrepreneurship is always fraught with risk: demand for goods does not always match expectations, customers delay paying bills, real profits do not match the figures in the business plan, partners turn out to be scammers...

The task of the head and the business owner is to recognize and minimize the risks of entrepreneurial activity in a timely manner.

1. Definition of business risks.

Enterprises face a variety of external and internal factors that affect both the processes within the company and the final result of its activities. The environment creates conditions for the occurrence of risks. Entrepreneurial risk is inseparable from entrepreneurial activity. In business, risk is a threat of loss of resources invested in the production process, loss of planned income or the appearance of additional expenses. It can occur at any stage of production, as well as in any business area: the risk of losing a supplier of materials, the risk of choosing the wrong marketing strategy, the risk of hiring an incompetent person for a key position, etc.

Under what conditions does entrepreneurial risk arise? Often, the risk appears in conditions of uncertainty, both in the production process, for example, when introducing a new technology, and when entering new markets or starting sales of a new product.

Based on this, it is possible to identify internal and external causes of entrepreneurial risks.

- Internal reasons include everything that an entrepreneur can influence within the walls of his company: employee time management, the use of new equipment and technologies, labor protection, work and rest hours.

-External causes include everything that an entrepreneur cannot influence: innovations in the legislation of the country where business is conducted; unstable political situation in the state and in the world; strong competition, unreliable partners, loss of customers and reduced demand for goods; climatic conditions.

Business risk management involves making a decision that balances the income from its implementation and the level of acceptable risk. The more accurately and competently the company's management anticipates the state of uncertainty, the more effective its actions will be.

2. Legislative regulation. Despite the seriousness of the issue, the types of business risks are not clearly regulated in the laws. These legal relations are regulated only in terms of insurance detail by Law No. 4015-1 "On the organization of Insurance business in the Russian Federation" and Chapter 48 of the Civil Code of the Russian Federation. Therefore, the only possible procedure is to insure the entrepreneur against possible risk. Today, it is possible to insure against an unreliable counterparty, bankruptcy, a sharp drop in demand for products and even equipment failure. However, there are a number of cases that are not subject to insurance. Among them are the payment of duties, the purchase of raw materials and materials that bring not the main, but additional income, any expenses after the shutdown of the enterprise, etc.

3. Types of business risks

-The classification of business risks depends on the conditions of their occurrence — external or internal.

External business risks in the company's activities: political; legislative; natural; macroeconomic. -Internal risks are divided into three types: production; commercial; financial.

The risks of the duration of existence can be short-term and long-term.

Short-term ones are associated with interruptions of small supplies, difficulties in concluding small contracts, etc. They can be solved quickly, and by setting up production processes, they can be minimized altogether. Long-term ones are associated with regular work failures or scheduling errors.
Acceptable, critical and catastrophic risks are concepts related to the finances of an enterprise.

Acceptable risk is a monetary risk that will not take the company's balance sheet into the negative.

Critical risk — the amount of transaction costs equals profit.

Catastrophic risk — if costs exceed profits.

Justified and unjustified risk — the first brings profit, and the second — losses. Unfortunately, it is very difficult to determine exactly which one you will encounter.

Insured and non—insured risks depend on the insured or non-insured event.

Industry and innovation risk — industry risk is associated with industry news — a change in the rules for obtaining a loan, the introduction of new regulations, etc. Innovation risk is associated with the transition of an enterprise to the production of a new product or the introduction of a new technology.

Results. Any business implies the presence of entrepreneurial risk. The risk can cause a company both small losses and irreparable damage. However, a businessman can insure cases defined by law and, most importantly, reduce the likelihood of entrepreneurial risks by learning how to recognize and analyze them in a timely manner.

The material was prepared by Elena Orlova as part of the advanced training program "Formation and development of competencies in financial management in business" at the Financial University under the Government of the Russian Federation

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