Risk occurs whenever the consequences of a decision are not entirely known at the time a decision is made. Small businesses like corporate and multinational businesses also face many risks that are indeed preventable. This has therefore become very important that our market business owners, with all the jolt they face, prioritize risk management, and develop a continued cycle of risk management strategies to deploy. These strategies will not only help in the mitigation of risk but also equip them with the needed information and skills to embrace new ideas which will aid them expand their business. A good trader will try to find a balance between managing risk and making a profit. This chapter of the book focuses on the various types of risk these market women face and the cyclical process of risk management which involves risk identification, analysis, evaluation, treatment, monitoring, and the review of the risks as well as the risk management strategies that can be adopted and used by the market women and authorities to grow and sustain their trading business. Enterprise risk management for SMEs will be a more thorough method to lessen these shocks. This field has received little research, and the framework already in place is more reliable for large corporations. Ownership structure, sector affiliation, and firm size all have an impact on how ERM is implemented. The applied conception of ERM may aid SMEs in adjusting to a changing environment to achieve a competitive edge, hence boosting success in business.