“…SMEs are confronted with various types of risks which can be unknown for big companies or perceived as unimportant. In addition to financial risks (Kljucnikov & Sobekova Majkova, 2018;Kozubíková et al, 2015), there are a large number of non-financial risks such as reputation risk (Kayes et al, 2007), legal risk (Dvorský et al, 2019;Petkovic et al, 2016), innovation risk (Ballinger et al, 2011), safety risk (Schulte et al, 2018), personnel risk (Battisti & Vallanti, 2013), and many others. These non-financial risks are not analyzed as often as financial risks because entrepreneurs generally do not perceive their direct impact.…”