What Is A Black Swan In Business?

What Is A Black Swan In Business?
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  1. Nassim Nicholas Taleb coined this term and concept of black swan. It could be defined as, “A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events are characterized by their extreme rarity, their severe impact, and the widespread insistence they were obvious in hindsight.” Simply speaking it is referred to unexpected and unforeseen chain of events in a business that might happen out of nowhere and create a catastrophic damage to the economy or to the finances of a business. They are dangerous to deal with because no preparations could be done beforehand so as to prevent the falling economy from its repercussions.

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