Navigating Entrepreneurial Risk: A Comparative Analysis of Cultural Dimensions Across the US, UK, and Canada

Name Professor Course code Date Question #1; Risk Management Entrepreneurs launch many businesses ventures periodically, but many of them never get off the ground due to various challenges in the business realm. This situation depicts a breach of a business contract. The supplier entered into a 3-year deal with the investors to set a price of $5o per item and later changed their mind to $70, which was disappointing. The entrepreneurs should have adopted a risk management strategy to reduce the risk of these breaches of contract. Risk management strategy is the process of identifying, assessing, and controlling threats. This strategy helps organizations face a full range of risks, such as ascertaining which risks are worth taking. The investor should have taken calculated risks by drafting the possible agreement of the contract to minimize falsification. In this case, the supplier claims he does not remember what they discussed. Written agreements could have saved the situation. the investor ought to have made a SWOT analysis of the step taken. This ideology could have yielded many escape routes if the supplier shortchanged them. It is necessary to research the business idea to harness legit suppliers, and through this, fellow investors can trust the idea. The investor sought advice from his uncle, and it never worked. To rejuvenate from failure, hiring a business advisor is a great deal, especially for start-ups. Failure is a great opportunity to reevaluate the situation and make amicable decisions. Sometimes it takes such a crisis to enlighten the investors on the right path to their business. The business deal involved taking a risk and trusting a supplier. The outcomes of this situ