Match the term or phrase on the left with its corresponding statement on the right.

Uncertainty

Risk

At the start of an entrepreneurial initiative in an uncertain environment

$[$ Choose$]$

$[$Choose$]$ to configure those that are plausible from among the many possible ideas.

The first challenge in deciding among there are many conceivable approaches, all of which may be equally possible. possible approaches is plan how to execute the approach so that more conventional risk assessment and valuation methods can be used. to reduce the uncertainty of those approaches to the point where probability distributions can be assigned to outcomes. in unknowable and therefore immeasurable.

Once initiatives are deemed to be plausible, the next step is creates a basis from which to experiment and learn which ideas will likely succeed or fail. is measurable; probability distributions can be assigned to outcomes

Once probability distributions can be assigned to outcomes, the entrepreneur can

The process of moving from uncertainty to risk