Assignment: Rewards, Risks & Contingency Planning

Introduction: Every business will incur certain risks and rewards. So far, we have reviewed various business risks such as unlimited liability, losses for sole proprietors, conflicts between partners, ethical issues, employee conflicts, and governmentrestrictions, as well as a host of business rewards such as tax deductions, freedom from government conefol in partnerships, and full control of businesses by sole proprietors. In the current module, we have explored 'Planning" as a function of management, along with the phrase 'contingency planning'. As managers, it is our goal to capitalize on the rewards while reducing and managing the risks. Step #$1$ in managing risks is to develop an awareness of potential risks, which then allows us to create contingency plans to overcome the risks should they occur. In Part I, let's start by focusing on business rewards, then we will move on to Part II where we can identify major potential risk categories such as: market$-$place, financial, security, and employee$-$related. Finally, we will add two additional risk examples and correlating contingency plans.

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Part I Directions: Through self$-$guided internet research, the intellectually curious mind can find many examples of potential rewards in business. Add two $(2)$ or more examples of Business Rewards to this list: