There are three main types of business risk: economic risks stemming from changes in markets, natural risks from environmental hazards, and human risks caused by people. Economic risks include shifts in demographics or competition. Natural risks involve perishability or weather events. Human risks encompass theft, accidents or fraud. These risks can impact profits through lost customers, damaged goods or lawsuits. Businesses can manage risk through identification and minimization strategies like research, safety measures, security, and employee training tailored to each type of risk.