This document provides tips for business owners to better assess and manage risk to make smarter decisions. It advises evaluating both short-term and long-term risks, as they have different impacts. Risk is defined as uncertainty rather than expected losses. The document recommends business owners measure risks, control potential harms, and take steps to mitigate risks. It also stresses the importance of understanding long-term threats and shifts in a company's industry to diversify and adapt to changes.