Management and ecommerce Essay Example | Topics and Well Written Essays - 750 words

Management and ecommerce - Essay Example I want to assume the risks and opportunities of being an entrepreneur. According to Kuratko (153), entrepreneurs risk their effort, time, funds and reputation by taking up an opportunity to venture into a specific entrepreneurial course. However, it would be appreciated that the higher the risk, the higher the returns on investment as beneficiaries pay a premium price. Therefore, instead of being risk averse and continue making meagre or no returns on investment, I would rather take the entrepreneurial informed risks and opportunities availed and have a chance of reaping greater benefits in return. 3. Insurance can be a costly expense, especially for a company that isn’t profitable. Explain the different types of insurance that a small business can obtain, and identify which ones you think are crucial, which are not, and why. The Association of British Insurers documents various insurances for small businesses. General liability insurance protects the business from liability claims with regards to injuries, accidents, negligence claims, slander, libel and cost of a lawsuit defence among others. Property insurance cushions against losses from damage to business assets and stock through fire, burglary, theft and consequential causes. Thirdly, business interruption insurance protects against lost revenue when unexpected occurrences lead to the incapacitation of the business. Money insurance protects against losing money to fraudulent employees, theft while on transit and even fraudulent directors. Finally, worker’s compensation, mandatory in many states, protects the business in case of claims arising from injury to employees. Property insurance, worker’s compensation and general liability insurance are crucial. This is because property insurance protects the business from losing its foundation – stock and assets. Worker’s compensation and general liability