The risk-taking attitude that helps many entrepreneurs to get a business off the ground is damaging when it continues to permeate company policy, and this phenomenon is putting many successful growing companies at unnecessary risk of fraud or collapse, according to new research from accountants and business advisors, PKF.
Balancing risks and reward - are you getting it right?, a survey of 300 owner-managers, found that, although respondents showed a healthy entrepreneurial spirit, they often failed to distinguish between calculated business risks and avoidable risks that could expose the business to serious problems. For instance, over half were willing to be first in a new marketplace but 28% had launched an untested product.
Other results included:
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