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Risk is inherent to doing business. As a polymorphic phenomenon with both threatening and beneficial aspects, risk needs to be controlled through a systematic approach.
Here, I am going to explain risk management according to the guidelines of ISO 31000.
The consequences of risks often extend beyond you as an entrepreneur and may trigger catastrophic events beyond your imagination. Think of the 2008 global financial crisis, which initially seemed like just a default in the mortgage industry. What is critical is that you are the accountable person for the events triggered by the risks you own.
Entrepreneurs and startups assume that well-established
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