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Key Aspects in Assessing Entrepreneurial Risks Before and After Implementing a Business Idea

Author

Listed:
  • Alexandru Paru

    (Academy of Economic Sciences)

  • Iyad Isbaita

    (Academy of Economic Sciences)

Abstract

This paper examines the importance of risk management within small and medium-sized enterprises (SMEs) and investigates the specific situation in Romania. SMEs represent a vital component of the European economy, making significant contributions to the generated value added and beyond. Effective risk management is essential for the survival and success of these enterprises. A correct understanding of the context, without actually facing the same challenges, is particularly important for guiding and advising other entrepreneurs. The utility of this paper lies in offering a comprehensive perspective on the importance of risk management in SMEs and proposing directions and solutions for its improvement. The paper highlights the need for implementing effective risk management internally at the SME level to protect and sustainably develop them. By identifying and assessing risks, developing risk management plans, and continuously monitoring and updating these plans, SMEs can become more resilient to changes and challenges in the business environment. To achieve this, the paper proposes a risk assessment checklist for evaluating and accurately planning the directions of action and development for SMEs. This evaluation is valuable for any SME in different stages of its existence

Suggested Citation

  • Alexandru Paru & Iyad Isbaita, 2022. "Key Aspects in Assessing Entrepreneurial Risks Before and After Implementing a Business Idea," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 36(2), pages 45-57, May.
  • Handle: RePEc:but:manage:v:36:y:2022:i:2:p:45-57
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    More about this item

    Keywords

    entrepreneurship; risk management; resilience; Romania; risk assessment;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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