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

Alexandru Paru () and Iyad Isbaita ()
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Alexandru Paru: Academy of Economic Sciences
Iyad Isbaita: Academy of Economic Sciences

Manager Journal, 2022, vol. 36, issue 2, 45-57

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

Keywords: entrepreneurship; risk management; resilience; Romania; risk assessment (search for similar items in EconPapers)
JEL-codes: D81 G32 M21 (search for similar items in EconPapers)
Date: 2022
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