Business venture

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Business venture
May also be considered a small business. Most business venture is create based on demand of the market or a lack of supply in market.
You need to understand what the risk and rewards are for any business venture and proceed cautiously at first.
Business venture risk:
Poor planning:
Too often, the excited and passionate entrepreneurs become caught up in this or her vision without setting up business plan thing on cash flow.  It is imperative that a plan be put place consisting of the company goals, potential problems and solution, a marketing plan, and more.
Disability or illness:
In the event of a debilitating illness or accident, the unprotected small business owner is left to fend for himself. He left the business to no one hence the business stops as well.
Insufficient funds:
As many banks are reluctant to lend money to sole proprietors who are lacking proven track records of success, it can be extremely difficult for an entrepreneur to come up with the necessary funding to start a business.
Overly ambitious ideas:
There is such a thing as growing too much, too soon. A number of small businesses that possess a high potential for success end up going under to overexpansion.




Risk management techniques:
Loss Prevention and Control
States that to prevent or to minimize the chance of loss, insurance companies generally advise that some preventive measures be taken. He also commented that insurance companies can only reimburse financial loss but not intangible things such as valuable information and files.

Loss Financing
In insurance companies, Alijoyo indicated that this is a broad category that involves risk retention, risk transfer and diversification as measures of loss financing. It is primarily concerned with ensuring the availability of funds in the event of losses.

Risk retention
Retention is the act of keeping the possibility of loss with no attempt to transfer that loss to another party. The method is appropriate when the risks of loss or the loss exposure is either too small with little impact or too great to be able to do anything with it

Risk transfer
Insurance companies use this technique to transfer the exposure of a loss to another person or entity that can be able to bear the loss be made.

Conclusion
This section presents the results and discussions of the Pearson correlation coefficients to identify the relationship among the variables of risk management techniques (loss prevention and control.


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