Types and causes of entrepreneurial risks. Entrepreneurial risk: its essence, types and features in Russia. The concept and functions of risk

Many solutions in entrepreneurial activity have to be taken under conditions of uncertainty, when it is necessary to choose a course of action from several possible options, the implementation of which is difficult to predict. If the risks are not taken into account in the economic plan, then they become a source of losses, on the one hand, and profits, on the other. You can choose solutions that contain less risk, but the resulting profit will also be less.

Dependence of profit on risk assessment

It can be seen from the graph that zero risk provides the lowest income (0; P1), and at the highest risk P = P2, the profit has the highest value P = P3 (P3 > P2 > P1). It is impossible to eliminate the uncertainty of the future in entrepreneurial activity, since it is an element of objective reality. Risk is inherent in entrepreneurship and is an integral part of its economic life. The fundamental decision on the adoption of a risky project depends for the entrepreneur making the decision on his preferences between the expected return (profitability) of the funds invested in this project and their reliability, which in turn is understood as risk-free, the likelihood of income. These preferences of the entrepreneur are usually reflected in the so-called map of his preferences between the expected commercial efficiency of invested funds, that is, profitability, profitability and their risk. This map also involves taking into account several levels of utility for the entrepreneur. Figure 3.2. given general form similar preference map.

Risk Preference Map

environment entrepreneurial risk profit

The curves on the preference map have a positive slope. The curves shown in the figure are called “curves of equal preferences” or “indifference curves”, since each of them reflects with its points equally preferred for the entrepreneur at a given level of his satisfaction, a pair of expected efficiency and riskiness of the decision. There can be several acceptable levels of satisfaction (utility). There are three of them in the figure, of which the lowest of all acceptable levels is F1, the highest is F3. The F1 level is lower than the F2 level, so with the same expected profitability of the solution in the first case (for F1), the risk value R3 is greater than the risk R1 in the second case (for F3). The combination of the expected profitability of the solution and its riskiness, corresponding to one of the points of the curve of equal preferences for level F3, then turns out to be due to the higher expected return on investments in this decision(albeit at greater risk) more attractive to the entrepreneur, corresponds to a higher level of utility for him. The entrepreneur's preference map should be built for him either by himself or with the help of third-party experts, built empirically, that is, based on the processing of data from the analysis of decisions that were made earlier.

However, for further consideration of entrepreneurial risk, first of all, it is necessary to define the initial, basic concept of “risk”.

A. Algin defines risk as an activity or action to "remove uncertainty". B. Reisberg defines risk as "damage, possible loss", thus adhering to the classical theory of entrepreneurial risk.

The analysis of numerous definitions of risk makes it possible to identify the main points that are characteristic of a risky situation, such as:

the random nature of the event, which determines which of the possible outcomes is realized in practice;

availability of alternative solutions;

outcome probabilities and expected outcomes are known or can be determined;

the likelihood of losses;

the likelihood of additional profits.

Thus, the “risk” category can be defined as the danger of a potentially possible, probable loss of resources or a shortfall in income compared to their expected value, focused on rational use resources in this type of entrepreneurial activity. In other words, risk is the threat that the entrepreneur will incur losses in the form of additional expenses or receive income below those he expected.

Although the consequences of the risk most often manifest themselves in the form of financial losses or the inability to obtain the expected profit, however, the risk is not only the undesirable results of the decisions made. With certain options for entrepreneurial projects, there is not only the danger of not achieving the intended result, but also the likelihood of exceeding the expected profit. This is the entrepreneurial risk, which is characterized by a combination of the possibility of achieving both undesirable and especially favorable deviations from the planned results.

Entrepreneurial refers to the risk arising from any type of entrepreneurial activity related to the production of products, goods and services, their sale; commodity-money and financial transactions; commerce, as well as the implementation of scientific and technical projects.

Risk- this is the probability of loss or reduction of expected income or profit compared to the acceptable option due to an accidental change in the conditions of economic activity, unfavorable, including force majeure, circumstances.

Under entrepreneurial risk it is customary to understand the possible (probable) danger (threat) of the occurrence of material and financial losses by the enterprise of part of the income not provided for by the design concept as a result of entrepreneurial (production, commercial, investment and financial) activities in conditions of uncertainty and lack of information for adoption management decisions. The main prerequisite for the emergence of entrepreneurial risk is the presence of competition and alternative solutions to certain issues of enterprise development, the effectiveness of its functioning.

The reasons for entrepreneurial risk are:

Sudden, unforeseen changes in environment(increase in prices, changes in tax legislation and the socio-political situation, etc.);

The emergence of more profitable offers for partners (the ability to conclude a more profitable contract, with more attractive terms and conditions of payment), which encourages them to refuse to conclude or fulfill previous agreements;

Changes in the targets of partners (due to an increase in status, the accumulation of positive performance results, changes in strategy, etc.);

Changing the conditions for the movement of commodity, financial and labor resources between enterprises (the emergence of new customs conditions, new borders, etc.).

Distinguish global(national) and local(enterprise level) risks. They condition each other, influence each other and at the same time are autonomous. For example, the adoption of a decision at the state level to change (tighten) the tax, credit and financial policy introduces elements of risk into the activities of the enterprise. And vice versa, separate solutions, adopted at the level of enterprises to change the range and volume of production, the implementation of individual social programs, and the like, may be in conflict with national interests and contribute to the emergence of global risks.

According to the duration of exposure, there are:

Short-term risks - risks in which the threat of loss is limited to a certain period of time (selection of an optional counterparty, transport risk when carrying a certain cargo; risk of non-payment for a specific transaction);

Permanent risks - risks that continuously threaten business activities in a given geographical area or in a certain sector of the economy (the risk of non-payment in a country with an imperfect legal system; the risk of a ban and the introduction of quotas on production).

According to the sources of occurrence, they are classified:

Own economic risk;

Risk associated with the personality of workers;

Risk due to natural factors.

For reasons of occurrence, the following risks are distinguished:

Due to the uncertainty of the future;

Unpredictability of partner behavior;

Lack of information.

By type of enterprise, the risk is classified into industrial, commercial and financial.

Production risk- this is the risk associated with the production of non-competitive products (works, services), with the implementation of inefficient production activities, discrepancy between product quality and demand, an increase in material or other costs, an increase in loss of working time, the payment of increased taxes and interest on a loan, which leads to a decrease in estimated production volumes and its efficiency. Production risk includes many risks, such as technical and investment risks.

Technical risk - the risk of losses caused by the use of inefficient technologies and materials, equipment breakdowns.

Investment risk - the risk of incurring losses or not making a profit as a result of investing in new equipment and technologies, the production of products on the basis of which will not meet demand.

Commercial risk - risk in the sphere of sale of produced goods and services or in the purchase of necessary resources by the enterprise. Reasons for commercial risk: decrease in sales volume due to changes in market conditions, increase in the purchase price of resources, unforeseen decrease in the volume of purchases, loss of goods in the circulation process, growth of distribution costs. For example, commercial risks include:

Risks wrong choice economic goals of the entrepreneurial project (unreasonable prioritization of the overall economic and market strategy of the enterprise; inadequate assessment of the needs of its own production and external consumption);

Risks of failure to provide the project with funding or the disappearance of the source of funding for the project during its implementation;

Risks of non-compliance with the planned expenditure schedule or income schedule for the project;

Marketing risks of selling products or purchasing resources for an entrepreneurial project;

Risks of interaction with counterparties and partners;

Risks of unforeseen expenses and overestimation of project costs (risk of increase in market prices for resources; risk of future interest rate increase; risk of having to pay penalties and arbitration costs);

Risks of unforeseen competition (risk of entry into the industry of enterprises from other industries; risk of emergence of local young enterprises-competitors; risk of expansion into the local market by foreign exporters).

Financial risk - risk in the sphere of relations of the enterprise with banks and other financial institutions. The financial risk of an enterprise is most often measured by the ratio of the amount of borrowed funds to the amount own funds. The higher this ratio, the more the enterprise depends on creditors in its activities, the greater the risk, because the termination of lending or the tightening of credit conditions may lead to the suspension of production.

An additional classification of entrepreneurial risks can be found.

Depending on the level at which they arise and the scale of their action, risks are distinguished:

megaeconomic, related to the functioning of the world economy as a whole;

macroeconomic, related to the functioning of the economic system of this state;

mesoeconomic, formed at the level of individual sectors of the economy and specific areas of business;

microeconomic, formed at the level of individual economic entities.

Taken together, all of these risks form single economic risk flow, in constant motion, since there are so-called "joint layers" between the levels and therefore individual risks "live" on different levels simultaneously.

Depending on the source of the causes that cause the occurrence of a risky situation, risks are distinguished external and internal . Source of occurrence external risks is the environment external to the enterprise. At the same time, the factors external environment can have both direct and indirect, i.e. indirect impact on the life of the organization. Managers of the organization cannot influence these risks, but only anticipate and take them into account in their activities. For example, possible changes in legislation, changes in consumer tastes, increased competition, stability or instability of the political regime in the country, strikes, nationalization, wars, etc. Internal risks arise under the influence of factors of the internal environment of a business entity, for example, in the case of ineffective management, erroneous marketing policy, as a result of intra-company abuse. Such risks can be significantly reduced through the effective organization of production and economic activities and management.

It should also highlight tolerable, critical and catastrophic risks . Tolerable risk- this is the threat of losses in a smaller amount or at the level of the expected profit from the implementation of a particular project or business operation. Critical Risk associated with the risk of loss in the amount of the costs incurred for the implementation of the project or business operation. At the same time, the critical risk of the first degree is associated with the threat of obtaining zero income, but with reimbursement of the material costs incurred. Critical risk of the second degree is associated with the possibility of losses in the amount of full costs as a result of the implementation of a project or business operation. Under catastrophic risk risk is understood as the risk of losses in the amount equal to or exceeding the value of the entire property status of the organization. Catastrophic risk usually leads to bankruptcy.

According to the degree of legitimacy of economic risk can be distinguished justified (lawful) and unjustified (illegal) risks. The boundary between them is different types production and economic activities in different sectors of the economy is different.

All economic risks can also be divided into two large groups according to the possibility of insurance: insured and uninsured . Risk insured- probable event, in case of occurrence of which insurance is provided. Depending on the source of danger, insurance risks are divided into risks associated with the manifestation of natural forces of nature, and risks associated with purposeful human actions. If losses arising from an insurable risk are covered by payments from insurance companies, then losses arising from an uninsurable risk are reimbursed from the organization's own funds.

In addition, the risks are divided into pure and speculative . Peculiarity pure risks is that they almost always carry losses. At the same time, losses for the organization, as a rule, mean at the same time losses for society as a whole. Unlike pure risks, speculative risks are either losses or gains for the organization.

Pure risks, depending on the cause of occurrence, are divided into natural, environmental, political and commercial risks. . To natural risks include risks associated with losses as a result of a negative impact on the assets of an organization of natural disasters. Environmental risks are the risks associated with environmental pollution. Political risks related to the political situation in the country and the activities of the state. Accounting for this type of risk is especially important in countries with unstable legislation, lack of traditions and business culture. To assess political risk, a global network of specialized think tanks, both commercial and non-commercial, has been created, which calculate for different countries the degree of political risk in these countries.

Political risks are divided into the risks of nationalization, transfer, breach of contract, hostilities and civil unrest.

Risks of nationalization are interpreted very broadly - from expropriation without adequate compensation to forced redemption by the authorities of the organization's property or, for example, restricting investors' access to asset management.

Transfer risks associated with the conversion of local currency into a foreign one. They are due to the impossibility of carrying out full-fledged economic activity due to the restriction of the conversion of the national currency into the payment currency.

Contract termination risks related to situations where the contract is terminated for reasons beyond the control of the partner due to the actions of the authorities of the country in which the counterparty organization is located, for example, due to changes in national legislation or due to the introduction of a moratorium on external payments.

Risks of military action and civil unrest associated with the impossibility of carrying out economic activities due to the named events, which can bring big losses and even bankruptcy.

Commercial risks represent the danger of losses in the process of production and economic activity, they are divided into property, production, trade.

Property risks associated with the probability of loss of property of the organization due to: criminal acts (due to theft, sabotage, negligence); death or incapacity of key employees or the main owner of the organization (due to the difficulty of recruiting appropriately qualified personnel and problems of transfer of ownership); threats to the property of third parties (there is a need for a forced termination of activities).

Production risks associated with the implementation of any types of production activities, when the following situations arise:

Reduction of production volumes due to a decrease in labor productivity, equipment downtime, loss of working time, lack of the required amount of raw materials, materials, components, fuel, energy, increasing the level of marriage;

Decrease in prices for manufactured products, services rendered due to their insufficient quality, unfavorable changes in market conditions, falling demand;

Growth of material costs as a result of overspending of raw materials, materials, components, fuel, energy, as well as due to an increase in transportation costs, trading costs, overhead and other expenses;

Growth of the wage fund due to an increase in the number of employees or in connection with the payment of more high level wages than planned;

An increase in tax and non-tax payments as a result of changes in their rates in an unfavorable direction for the organization;

Poor discipline of deliveries, interruptions in the supply of energy resources;

Physical and moral deterioration of equipment.

As part of production risks, a separate group is distinguished technical risks, which are associated with the risk of losses arising from man-made disasters and equipment breakdowns. Technical risks depend on the level of production organization, timely implementation of preventive measures (regular maintenance of equipment, safety measures). At the same time, the risks of losses arising from malfunctions in the work computer systems in information processing are called operational risks.

Production risks also include innovative risks, that occurs when:

Negative results of research and development;

Misjudging the demand for new products when new product or the service does not find a buyer;

Incorrect assessment of the cost effectiveness of new, cheaper technologies, since the organization is the only owner of the new technology for too short a period of time and the excess profits do not have time to cover the costs incurred;

Inconsistencies new products or services to the norms and regulations and the impossibility of selling the new equipment created at the same time, as it is not suitable for the production of other products or services;

Non-compliance of the quality of a new product or service with the technical parameters planned in the course of design and technological development due to the use of old equipment.

Trading risks arise in the process of selling goods and services, transporting and accepting them by the buyer due to:

Decrease in sales volumes as a result of falling demand, crowding out by competing products, imposing restrictions on sales;

Payment delays;

loss of goods;

Losses in the quality of goods in the process of circulation (transportation, storage), which leads to a decrease in its price;

An increase in distribution costs compared to planned as a result of the payment of fines, unforeseen fees and deductions, which leads to a decrease in the profit of the organization.

Risks associated with the transportation of goods, transport risks, most often turned out to be the cause of conflicts between business entities.

Speculative risks arise in the process of the relationship of the organization with financial institutions, so they are also called financial risks. Financial risks are divided into two large groups: risks associated with the purchasing power of money, and investment risks associated with investing capital.

To the risks associated with the purchasing power of money, include inflationary and deflationary risks, liquidity risks, currency risks.

Inflation risk - the risk that, as inflation rises, cash income depreciates in real purchasing power faster than it rises at par. In such circumstances, the organization suffers real losses. deflationary risk - the risk that as deflation increases, the price level will fall and the organization's revenues will decrease.

Liquidity risks - risks associated with the possibility of losses in the sale of goods due to changes in the assessment of their quality and use value.

Currency risks represent the risk of losses as a result of changes in the exchange rate, which may occur between the conclusion of the contract and the actual production of settlements on it in the course of foreign economic, credit and other foreign exchange transactions. There are currency risks for the importer and exporter. Currency risks for the exporter associated with a fall in the foreign exchange rate from the moment the order is received or confirmed until payment is received and during negotiations. Currency risks for the importer associated with an increase in the exchange rate in the period of time between the date of confirmation of the order and the day of payment.

Currency risks include three varieties: economic risk, transfer risk, transaction risk.

Economic risk for the organization is that the value of its assets and liabilities may change up or down due to future changes in the exchange rate.

Translation risk has an accounting nature and is associated with differences in the accounting of assets and liabilities of the organization in foreign currency.

Transaction risk - is the probability of cash foreign exchange losses on business transactions in foreign currencies. Transaction risk thus considers the impact of a change in the exchange rate on the future flow of payments and on the future profitability of the organization as a whole.

Investment risks accompany organizations when they invest in certain projects and include the following subspecies: capital, selective, country, temporary, risk of lost profits, risk of reduced profitability, risk of direct financial losses. According to experts, the level of investment risk in Russian organizations on a 10-point system today averages 7-10 points, in US organizations - 1-4 points.

Capital risk - the risk that the investor will not be able to release the invested funds without loss.

Selective risk - the risk of choosing the wrong object for investment in comparison with other options that have taken place.

Country risk - the risk of losses in connection with the investment of funds in objects under the jurisdiction of a country with an unstable socio-economic situation.

Time risk - the risk of losses that are associated with investing funds at the wrong time.

Risk of Lost Profit– it is the risk of indirect financial damage in the form of non-receipt of profit as a result of the failure to implement any activity.

Profitability downside risks include interest and credit risks.

To interest rate risks refers to the risk of losses to the organization as a result of an increase in interest rates paid on borrowed funds over the rates on loans granted. Interest risks also include the risks of losses that investors may incur due to changes in dividends on shares, interest rates on the bond market, certificates and other securities. An increase in the market rate of interest leads to a decrease in the market value of securities, especially bonds with a fixed interest rate. With an increase in the interest rate, a massive dumping of securities issued at lower fixed interest rates and under the terms of the issue early accepted back by the issuer may begin. The interest rate risk is borne by an investor who has invested in medium-term and long-term fixed-interest securities with a current increase in the average market interest compared to the fixed level. The investor could receive an increase in income due to an increase in interest, but cannot release his funds invested on the conditions indicated above. The issuer also bears the interest rate risk by issuing medium-term and long-term securities with a fixed interest rate, with the current decrease in the average market interest rate compared to the fixed level. The issuer could raise funds from the market at a lower interest rate, but he is already bound by the issue of securities.

Credit risks associated with the possibility of non-fulfillment by the organization of its financial obligations to the investor when using an external loan to finance production and economic activities. Thus, credit risks are the danger of non-payment by the borrower of principal or interest due to the lender.

Credit risks also include the risks of such events in which the issuer that issued debt securities is unable to pay interest on them or the principal amount of the debt.

Credit risks are divided into property, moral and business risks. property risk due to the fact that the borrower's own assets may not be enough to cover the amount of the loan. moral hazard associated with the moral qualities of the borrower, the danger of his dishonesty. business risk is determined by the extent to which the organization is able to produce the necessary profit for the period of time for which it took out a loan, and is associated with the risk of deterioration in the competitive position of the organization that received a commercial or bank loan, or unfavorable economic conditions.

Risks of direct financial losses include exchange, selective and bankruptcy risks.

Exchange risks represent the risk of losses from exchange transactions. These risks include, for example, risks of non-payment on commercial transactions, risks of non-payment of commission fees to a brokerage firm.

Selective risks - these are the risks of choosing the wrong method of investing capital, for example, the type of securities for investment when forming an investment portfolio.

Bankruptcy risks represent a danger total loss organization of own capital as a result of an incorrect choice of the method of investing capital and its inability to pay for its obligations.

Entrepreneurial risk has a number of functions:

business income function by taking advantage of favorable market conditions;

innovative the function that an entrepreneur performs to produce innovative goods, meet market needs and ensure sustainable reproduction on an innovative basis;

analytical a function that facilitates the necessary economic maneuver at the right time to obtain entrepreneurial income;

social a function when risk stimulates the development of entrepreneurial abilities of employees of business structures, which increases their income, and hence budget revenues and reduces unemployment.

All factors influencing the growth of the degree of risk of an enterprise can be conditionally divided into external and internal; objective and subjective; direct and indirect impact.

External risk factors - adverse events in the environment external to the enterprise, which are not influenced by the enterprise. External factors are called objective, not dependent on the enterprise itself:

these are inflation, competition, political, socio-economic and environmental crises, customs duties, the abolition of the most favored nation treatment, the inability to work in the zones of free economic enterprise.

Factors that directly affect risk - factors that directly affect the level of risk (changes in the tax system, competition in the market, changes in demand for products).

Factors of indirect influence - factors that do not have a direct, immediate impact on the level of risk, but contribute to its change (international situation, political and general economic situation in the country, the economic situation of the industry, etc.).

An analysis of risk factors external to an enterprise should be carried out in the context of a general description of its functioning in conditions of real or possible interaction with economic counterparties and environments.

Thus, the properties of the external environment relate primarily to natural and climatic factors; the socio-demographic situation in the region, which determines its labor surplus or labor insufficiency according to various categories workers, the prestige of a particular profession or type of activity; socio-political conditions on which the situation in the region depends, the degree of orientation of the population towards productive labor, the level of social tension; the state of the consumer market as a background for the formation of regional needs for the company's products; the standard of living of the population as a factor in paying for this need; the purchasing power of the ruble; dynamics of inflation and inflation expectations; the general level of entrepreneurial activity, which characterizes the propensity of people to be involved in entrepreneurial initiatives.

In the sphere of circulation, the activity of an enterprise may be exposed to such external factors as violation by allied enterprises of agreed schedules for the supply of raw materials, components, and the like, unmotivated refusal of wholesale consumers to export or pay for finished products received, bankruptcy or self-liquidation of counterparty enterprises or business partners, which leads to to the disappearance of suppliers of raw materials or consumers of finished products.

Internal risk factors are generated by production commercial activities the enterprise itself, the subjective decisions of its leaders.

In the process of production, reproduction, circulation and management, specific factors arise that can provoke corresponding risks. To risk factors of the main production activities include an insufficient level of technological discipline, accidents, unscheduled shutdowns of equipment or interruptions in the technological cycle of the enterprise due to forced readjustment of equipment (for example, due to an unexpected change in the parameters of raw materials or materials used in the technological process).

Risk factors for ancillary production activities- these are interruptions in power supply, lengthening compared to the planned terms of equipment repair, accidents of auxiliary systems (ventilation devices, water and heat supply systems, etc.), unpreparedness of the enterprise's tool economy for the development of a new product, etc.

In the service sector production processes of the enterprise, risk factors may be failures in the operation of services that ensure the uninterrupted functioning of the main and auxiliary production. For example, an accident or fire in a warehouse, failure (full or partial) of computing power in the information processing system, etc. The reason for the deterioration of the economic situation of an enterprise may be insufficient patent protection of the enterprise's products and their manufacturing technology, which allowed competitors to master the production of similar products.

reproductive risks nature are mainly associated with unreasonable investment activity of the enterprise and the processes of recruitment, training, retraining and advanced training of personnel.

Internal risk factors management activities can be classified by the level of decision-making: strategic, tactical or operational. At the level of making strategic decisions by the management of the enterprise, the following internal planning and marketing risk factors can be distinguished:

Wrong choice or inadequate formulation of the company's own goals;

Incorrect assessment of the strategic potential of the enterprise;

An erroneous forecast of the development of the economic environment external to the enterprise in the long term, etc.

The risk in decision-making at the tactical level is primarily associated with the possibility of distortion or partial loss of meaningful information in the transition from strategic planning to tactical. If, when developing specific tactical decisions, they were not subjected to verification for compliance with the chosen strategy of the enterprise, then such results, even if achieved, may be outside the main strategic direction of the enterprise and thus weaken its economic stability.

Factors of indirect impact include such a factor as insufficient quality of enterprise management. In turn, this may be due to the lack of such necessary qualities management team like cohesion, teamwork experience, people management skills, etc.

Obviously, at any level of decisions made, there may be both external and internal risk factors for a given enterprise. It can be assumed that for strategic decisions the number and role of external risk factors are much higher than for tactical or operational ones.

Risk is a key element of entrepreneurship in a market economy. Characteristics risk - uncertainty, surprise, uncertainty, the assumption that success will come. In conditions of political and economic instability, the degree of risk increases significantly. In the current crisis conditions, the problem of increasing risks is very relevant.

Risk is the possibility of adverse situations in the course of implementing the plans and executing the budgets of the enterprise.

In entrepreneurial activity, it is important to properly allocate risks between counterparties. The partner in the project who is best able to calculate and control risks should become responsible for the risk. Risk is shared during development financial plan project and contract documents.

There are the following main types of risks:

Production risk is associated with the production and sale of products (works, services), the implementation of any types of production activities. This type of risk is most sensitive to changes in the planned volumes of production and sales of products, planned material and labor costs, to changes in prices, marriage, etc.

AT modern conditions in Russia, the production risk is high, so production activities have become the most risky.

There are risks in this area:

Failure to comply with business contracts

Changes in market conditions, increased competition,

The occurrence of unforeseen costs,

Loss of company property.

Commercial risk arises in the process of selling goods purchased by the entrepreneur (rendering services). In a commercial transaction, it is necessary to take into account such factors as: an unfavorable change (increase) in the price of purchased means of production; reduction in the price at which products are sold; loss of goods in the process of circulation; increase in distribution costs.

Financial risk may arise in the course of financial business or financial (monetary) transactions. Financial risk, along with factors characteristic of other types of entrepreneurial risk, is also affected by such factors as the insolvency of one of the parties to a financial transaction, restrictions on foreign exchange transactions, etc.

The reason for the investment risk may be the depreciation of the investment and financial portfolio, consisting of own and acquired securities.

Market risk is associated with possible fluctuations in market interest rates, national currency(s) or foreign exchange rates.

Sources of political risk can be a decrease in business activity of people, non-execution of adopted legislative acts, instability of tax rates, violation of payments and mutual settlements, alienation of property or funds.

Losses from risk in entrepreneurial activity are divided into:

Material losses are costs not provided for by the project or direct losses of material objects in kind (buildings, structures, transmission devices, products, materials, raw materials, etc.).

Labor losses - the loss of working time caused by accidental or unforeseen circumstances.

Financial losses arise as a result of direct monetary damage (unforeseen payments, fines, payments for overdue loans, additional taxes, loss of funds or securities).

Losses of time arise if the process of entrepreneurial activity is slower than envisaged by the project.

Special types of losses - losses associated with damage to the health and life of people, the environment, the prestige of the entrepreneur and other adverse social and moral and psychological factors.

The means of resolving entrepreneurial risks are their avoidance, retention, transfer, and reduction of the degree.

Risk avoidance refers to the simple avoidance of risk-related activities. However, avoiding risk for an entrepreneur often means forgoing profit.

Risk retention implies leaving the risk to the investor, i.e. on his responsibility.

The transfer of risk means that the investor transfers the responsibility for the financial risk to someone else, such as an insurance company.

Risk reduction is the reduction of the probability and amount of losses.

When choosing a specific means of resolving financial risk, the investor should proceed from the following principles:

1) you can not risk more than your own capital can afford;

2) one must think about the consequences of the risk;

3) you can not risk a lot for the sake of a little.

The implementation of the first principle means that, before investing, the investor must:

Determine the maximum possible loss for this risk;

Compare it with the amount of invested capital;

Compare it with all your own financial resources and determine whether the loss of this capital will lead to the bankruptcy of the investor.

The implementation of the second principle requires that the investor, knowing the maximum possible loss, determine what it can lead to, what is the probability of the risk, and make a decision to reject the risk (i.e., from the event), to take the risk on his own responsibility or on the transfer of risk to the responsibility of another person.

The operation of the third principle is especially pronounced in the transfer of financial risk. In this case, it means that the investor must determine the ratio between the insurance premium and the sum insured that is acceptable to him. The risk must not be withheld, i.e. the investor should not take the risk if the loss is relatively large compared to the savings in insurance premiums.

To reduce the degree of financial risk, various methods are used:

Diversification is the dispersion of investment risk, i.e. distribution of invested funds among various investment objects that are not directly related to each other.

Limitation is the setting of a limit, i.e. limits on expenses, sales, loans, etc. Limiting is an important means of reducing the degree of risk and is used by banks when issuing loans when concluding an overdraft agreement; by an economic entity - when selling goods on credit, using traveler's checks and eurocheques, etc.; by the investor - when determining the amount of capital investment, etc.

Insurance, the essence of which lies in the fact that the investor is ready to give up part of the income in order to avoid risk, i.e. he is willing to pay to reduce the risk to zero. In the process of insurance, funds are redistributed between the participants in the creation of the insurance fund: compensation for damage to one or several insurers is carried out by distributing losses to all. The number of policyholders who made payments during a given period is greater than the number of those who receive reimbursement.

Securitization is the participation of two banks in a lending operation. A credit transaction is carried out in two stages: 1) development of conditions and conclusion of a credit agreement (transaction); 2) granting a loan to a borrower. The essence of securitization is that these two stages are performed by different banks.

In entrepreneurial activity, various types of risk: industrial, ecological, investment, credit, technical, commercial, financial, political.

Table 7 - a brief description of risks

View	Subspecies	Characteristic
CLEAN	natural-natural	Risks associated with the manifestation of the elemental forces of nature
	Environmental	Associated with damage to the environment: pollution, destruction of biological species
	Political	Associated with the political situation in the country and state intervention in the normal course of production and trade processes
	Social	Customs, traditions, mentality of the population of the country
SPECULATIVE	Property	Risks associated with the possibility of loss of property due to theft, sabotage, negligence, extortion, industrial accidents
	Production	Risks associated with loss from production shutdown due to destruction and damage to fixed and working assets
	Operating	Transport	Associated with the transportation of goods: cargo - causing damage to the transported cargo; Casco - causing damage to the vehicle
		Trading	Associated with losses due to delayed payments, refusal to pay, non-delivery of goods.
		Informational	Damage related to information leakage, inaccuracies or lack of information
		Organizational	Losses due to inefficient organization of business, incorrect selection of employees, insufficient competence
	Financial risks	Cash	Inflationary risk - cash incomes depreciate in terms of real purchasing power faster than they grow. Currency risk - the danger of currency losses with a change in the exchange rate. Liquidity risk - associated with the possibility of losses in the sale of securities or other goods due to a change in the assessment of their quality and consumer value
		Investment	Loss of profit risk - non-receipt of profit as a result of non-implementation of an event. Risks of reduced profitability - as a result of a decrease in the amount of interest and dividends, the risk of non-payment of debt by the borrower. Risks of direct financial losses - losses from exchange transactions, wrong choice of the type of capital investment, risk of bankruptcy

In business activities, such types of risks:

1) Industrial risk - the danger of damage to the enterprise and third parties due to disruption of the normal course of the production process: the danger of damage or loss of production equipment and vehicles, the destruction of buildings and structures as a result of the impact of external factors such as forces of nature and malicious acts. The most common and serious is the risk of failure of machinery and equipment, the occurrence of an emergency.

This can happen in industrial facilities as a result of events:

- natural character(earthquake, flood, landslide, hurricane, tornado, lightning strike, storm, volcanic eruption, etc.);

- technogenic character(wear and tear of buildings, structures, machinery and equipment, errors in their design or installation, malicious acts, personnel errors, damage to equipment during construction and repair work, falling aircraft etc.);

- mixed(violations of the natural balance as a result of man-made human activities, for example, the occurrence of an oil and gas fountain during exploratory drilling of wells).

2) Environmental risk - the likelihood of civil liability for causing damage to the environment, as well as a threat to the life and health of third parties. They may occur during construction and operation. production facilities and are integral part industrial risk. Environmental damage is expressed in the form of pollution or destruction of forest, water, air and land resources (for example, as a result of a fire or construction works), as well as in the form of damage to the biosphere and agricultural land.

3) Investment risk is associated with the possibility of shortfall or loss of profit during the implementation of investment projects. In this case, the object of risk is the property interests of the person investing his funds, i.e. investor.

The group of investment risks includes the following subspecies:

- risk of lost profits - this is the risk of indirect financial damage (loss of profit) as a result of failure to implement any event (insurance, investment).

- the risk of a decrease in profitability arises as a result of a decrease in the size of interest and dividends on portfolio investments, deposits and loans.

4) Credit risk. In this case, there are risks associated with the possible non-repayment of the loan amount and interest on it, i.e. credit risks. Non-return can occur for various reasons: incomplete construction, changes in the market and general economic situation, insufficient marketing study investment project, emergency events.

For the lender, not only the fact of repayment of the loan amount and interest is important, but also the timing of repayment. The delay in terms leads to an actual decrease in the profitability of the issued loan, and, taking into account inflation and lost profits, it also leads to losses. Thus, for the lender there is a risk of direct losses in case of non-repayment of the loan amount or part of it, and the risk of indirect losses associated with a delay in paying the principal and interest on it.

5) Technical risks accompany the construction of new facilities and their further operation. Among them are construction and installation and operational. Technical risks can be an integral part of industrial, business and investment risks.

Construction and installation risks include the following:

Loss or damage building materials and equipment due to adverse events - natural disasters, explosions, fires, malicious acts, etc.;

Violations of the functioning of the object due to errors in the design and installation;

Causing physical damage to personnel involved in the construction of the facility.

6) Commercial risks. Distinguish between internal and external commercial risks. External ones are connected with infliction of losses and non-receipt by the entrepreneur of the expected profit, due to violation of their obligations by counterparties, or due to other circumstances beyond their control. Internal depend on the ability of the entrepreneur to organize production, marketing of products (sale of goods), etc.

Commercial risk can be classified according to a number of criteria. Irreducible risk can be divided into compensated and uncompensated. Compensable will be one that cannot be reduced, but can be assessed and compensated through measures such as, for example, a price premium.

According to the uniqueness of the action of risk factors, risks are divided into static and dynamic. Static Risk- this is the risk of loss of real assets due to property damage, as well as loss of income due to the incapacity of the organization. This risk can only lead to a negative or zero result. Dynamic risk- the risk of unforeseen changes in the value of fixed capital due to the adoption of commercial management decisions. Such changes can lead to both losses and gains.

1) Financial risks. Financial risks can be considered as a special group of risks within a wide range(commercial) entrepreneurial risks. Financial risks arise in the process of managing the finances of an enterprise. The most common are currency, interest and portfolio risks.

Under currency risks is understood as the probability of losses from changes in exchange rates in the process of foreign economic, investment activities in other countries, as well as when receiving export credits. Under interest rate risks refers to the probability of losses in the event of changes in interest rates on financial resources. Portfolio risks show the influence of various macro- and microeconomic factors on the assets of an entrepreneur or investor. The portfolio of assets may consist of stocks and bonds of enterprises, government securities, term liabilities, cash, insurance policies, real estate, etc.

8) Country risks arise when entrepreneurs and investors carry out their activities on the territory of foreign states. Business income may decrease in the event of an unfavorable change in the political or economic situation in the country.

9) Political risks are the most important component of country risks. Their essence lies in the possibility of a shortfall in income or loss of property of a foreign entrepreneur or investor due to changes in the socio-political situation in the country (changes in legislation that prevent the execution of international contracts or the repatriation of foreign exchange earnings; changes in the legal framework that make it difficult to carry out entrepreneurial activities, etc.)

Most common subspecies of entrepreneurial risk :

- Transport risks associated with the transportation of goods by any transport, there are two types: cargo - damage to the cargo, and Casco - causing damage to the vehicle.

- Trading risks associated with losses due to delayed payments, refusal to pay, non-delivery, short delivery of goods, with the quality of goods.

- Information risks are related to damage due to the leakage of commercial information intended for sale (removal of protection from programs, theft and unauthorized access to databases, leakage of "know-how"), leakage of current business information and inaccuracies in the use of information or its absence.

- Organizational risks associated with losses due to inefficient organization of business management, incorrect selection of employees, abuse of office by employees or insufficient competence to perform assigned tasks.

- Property risks associated with the probability of loss of property of an economic entity due to theft, sabotage, extortion, negligence, industrial accidents.

- Inflation risk- money incomes depreciate in terms of real purchasing power faster than they grow.

- Deflationary risk- a fall in the price level worsens economic conditions entrepreneurship and leads to a decrease in income.

- Currency risks represent a risk of currency losses associated with changes in the exchange rate during foreign economic, credit and other foreign exchange transactions.

Search and apply new methods of business management;

Maintain constant control over the business.

In any decision that is made in business, there is a risk. Therefore, anyone who is going to choose entrepreneurship as their profession must first determine their attitude towards risk.

This will allow you to avoid many mistakes even when choosing a field of activity and a future project: either it will be quite risky, but with significant growth potential, or you should limit your activities to certain types of small businesses, characterized by greater stability and reliability. Currently, in order to find out which group in relation to risk you belong to, there is a significant set of various tests and a fairly large number of specialist consultants.

• Safarova Elvira Shamilovna, student
• Bashkir State Agrarian University

• BUSINESS RISKS

The article describes the concept of entrepreneurial risk, its essence and types of classifications.

• The current state of business risk insurance in the Russian Federation
• Assessment of business risks and criteria for choosing the effectiveness of their solution
• Efficiency of risk assessment and possible socio-economic consequences of risk occurrence
• Legal regulation of the issues of assessing the quality of public (municipal) services provided in Russia

Any business activity is subject to risks.

Risk is usually understood as the potential (possible) danger of losses that arise from the specifics of certain natural phenomena or human activities.

Entrepreneurial risk is a risk arising from any type of business activity related to the production of products, the sale of goods and the provision of services; commodity-money and financial transactions; commerce, as well as the implementation of scientific and technical projects.

Entrepreneurial risk- the danger of a potentially possible, probable loss of resources or a shortfall in income in comparison with their expected (forecast) value. The complexity of classifying entrepreneurial risks lies in their diversity. There are certain categories of risks that affect all types of business activities, but at the same time, there are specific risks that affect only companies that operate in certain areas of activity. For example, specific risks are inherent in production, trade, banking, and insurance activities.

Based on the sources of occurrence, all entrepreneurial risks can be divided into internal and external.

• Internal risks arise directly in the company itself: risks generated by personnel (low level of qualification, incompetence, abuse); inefficient management, miscalculations in strategic planning etc.
• External risks include risks that are beyond the control of the company, i.e. the company cannot influence them, but can only foresee: natural disasters, strikes, hostilities, changes in legislation and taxation systems, nationalization, restrictions on the financial and credit market, etc.

According to the impact time, business risks can be divided into short-term and permanent ones.

• Short term risks exist for a certain period of time and, in principle, can be clearly defined. For example, the risk of payment for delivered goods exists until the buyer counterparty settles.
• Permanent risks continuously threaten a company's business in a particular geographic region or area of ​​business, for example, for farming in a particular geographic region, there is always a risk of unfavorable natural conditions (frosts, drought, heavy rains, etc.) that have a negative impact on crop yields.

Entrepreneurial risk can also be divided into industrial, commercial and financial.

• Production risk linked directly to economic activity an enterprise focused on obtaining maximum profit by meeting the needs and requests of customers according to market requirements.

In production activities industrial enterprise the following risks can be identified:

• the risk of complete or partial shutdown of the enterprise due to failures in the supply of materials, components and other resources necessary to ensure the production;
• the risk of selling manufactured products (problems with sales);
• the risk of non-receipt or untimely receipt of funds for products shipped for sale;
• the risk of the buyer refusing to receive and paid for products or the risk of a return;
• the risk of disruption of concluded agreements for the provision of loans, investments or credits;
• price risk associated with determining the price of products and services sold by the enterprise, as well as the risk in determining the price of the necessary means of production, used raw materials, materials, fuel, energy, labor and capital (in the form of interest rates on loans). Significant miscalculations in pricing can have catastrophic consequences for the enterprise, lead to a significant loss of market share, increase commodity balances(unsold products), etc. Price risk increases significantly in an inflationary environment;
• the risk of bankruptcy of both business partners (counterparties: distributors, suppliers, etc.) and the enterprise itself.

• Commercial risk associated with commercial activities. It arises in the process of selling goods and services produced or purchased by the enterprise (for example, trade risks, transport risks, competition etc.).
• financial risk associated with financial activities. It arises in the implementation of financial transactions, based on the fact that the role of a commodity is capital, securities, currency (for example, credit risk, currency, interest, investment).

Entering the market, we will have to deal with uncertainty and increased risk. Not to avoid risk, but to be able to assess its probability, degree and acceptable limits - this is the task of any market subject. In itself, the presence of risk that accompanies the activity of a market enterprise is not a disadvantage of a market economy. Moreover, the absence of risk, that is, the danger of unpredictable and undesirable consequences for the enterprise of its own actions, as a rule, harms the economy, since it undermines its dynamism and efficiency.

Bibliography

1. Zapolskikh Yu.A., Bakirova A.F. Managing the risk of bankruptcy of an enterprise in modern economic conditions In the collection: World science and modern society: topical issues of economics, sociology and law. Materials of the International scientific-practical conference. 2013. S. 84-87.
2. Zaripova, G.M. Financial and credit support for entrepreneurship [Text] / G.M. Zaripova // Science, education and innovation: international scientific and practical conference(December 28, 2015) Part 1.- P.111-114.
3. Zapolskikh Yu.A. Credit risk and the main ways to minimize it. Economy and society. 2014. No. 2-2 (11). pp. 126-128.