Speculative risks present scenarios with potential gains or losses. For example, a special promotion failing to boost sales is a speculative risk, representing a possible loss linked to an unpredictable return on investment. The other examples given are not speculative risks, but rather operational or insurable risks.
| List I | List II |
| (A) Manager | (1) Value addition |
| (B) Retailer | (II) Gets the work done |
| (C) Entrepreneur | (III) Works on existing business model |
| (D) Business Man | (IV) Calculate risk taking |