Risk acceptance: Risk acceptance comes down to 'taking the risk'. It comes to the realization that the risk exists and you won't do anything to limit or change it. Instead, it understands the likelihood of it happening and accepts the consequences that may arise. This is the best strategy if the risk is low or unlikely to occur. It makes sense to take risks if the costs of mitigating or avoiding them will be higher than simply accepting them and leaving them to chance.

Risk Avoidance: If a risk in starting a project, launching a product, moving your business, etc. is too great to accept, it may be better to avoid it. In this case, risk avoidance means not performing the activity that causes the risk. Managing risk in this way is most similar to the way people deal with personal risk. While some people are more risk-aware and others are more risk-averse, everyone has a tipping point where things just become too risky and not worth trying.

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