According to a study conducted in the United States, two-thirds of businesses survive for at least two years, but only half survive for at least 5 years. Essentially, operating a business is itself a risk. As a business expands, various challenges and opportunities emerge which demand different solutions. Hence, recognising and managing the risks associated with business growth is highly crucial if a company is to continue to thrive in the long run.

Explain THREE (3) examples of unsystematic risk faced by business organizations and TWO (2) appropriate mitigation strategies to address those risks.

(10 marks)