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Tony Lackey began the presentation by defining risk and explaining the importance of risk management. Risk relates to uncertain events and outcomes; while there are many types of risk that will be encountered in a business, some have minimal impact and can be managed easily, while others may threaten the longevity of a business. Business owners should weigh the importance of potential risks by assessing the frequency and severity of events and then take action to mitigate the most important threats to the business. Next, Tony discussed the top-10 risks that a new business will face:

TIM Lecture Series: The Importance of Dealing with Risk for New Businesses