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What is the most effective strategy to reduce risk in an art-based enterprise?

Answer and explanation

Correct answer: Maintaining product diversity, customer records, and links with multiple markets

Maintaining a variety of products, customer records, and links with more than one market prevents the enterprise from depending on a single season, buyer, or sales channel. This reduces risk if demand falls or one market is disrupted. Depending entirely on one festival increases risk. Exam tip: mention product diversification, record-keeping, and multiple market linkages as risk-reduction measures.

Related tags

Visual ArtsArt EnterpriseRisk ManagementProduct DiversificationCustomer RecordsMarket LinkagesTraditional Occupations In India Visual ArtsWorkLivelihood And Career

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