Chance vs. Risk

While chance and risk both refer to events that are uncertain, the usage of the words is in different contexts. The word "chance" is used when referring to positive things and "risk" when referring to negative things. For example, "chance of survival", "risk of failure".

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Chance

Risk

Introduction (from Wikipedia) Chance refers to the probability of a (usually desirable) outcome or event. Risk is the potential of loss resulting from a given action, activity and/or inaction. The notion implies that a choice having an influence on the outcome sometimes exists (or existed). Potential losses themselves may also be called "risks".

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Anonymous comments (1)

July 10, 2010, 2:47am

I disagree from the point of view of the entrepreneur. Risk and Chance are not the same thing. Risk is to venture into something where the consequences are virtually unknown with the idea that the venture could succeed in theory, ardent effort and luck. Chance is an evolution of risk because that is when most or all possible variables are known and considered before venturing into anything. The you are taking a "chance" that it will succeed.

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