venture / risk
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venture
An action, plan, or undertaking that involves a conscious risk, whose outcome is uncertain, and that requires courage.
Die Gründung eines eigenen Unternehmens war ein großes Wagnis, das sich aber gelohnt hat.
Starting his own company was a major venture, but it paid off.
'Das Wagnis' (the venture/risk) is the noun related to the verb 'wagen' (to dare), which means 'sich trauen' (to dare) or 'etwas riskieren' (to risk something). A Wagnis is therefore a courageous but risky action or undertaking.
Er hat es gewagt, seinen sicheren Job zu kündigen. Dieses Wagnis hat sich gelohnt.
He dared to quit his secure job. This venture paid off.
The most common and important combination is the expression 'ein Wagnis eingehen' (to take a risk / embark on a venture). This means that you consciously get involved in a risky situation.
Mit der neuen Geschäftsstrategie geht die Firma ein großes Wagnis ein.
With the new business strategy, the company is taking a major risk.
The word 'Wagnis' (venture/risk) is often used in an elevated or literary style. It emphasizes not only the risk but also the courage required for the action.
Die Expedition zum Südpol war ein gefährliches Wagnis für alle Beteiligten.
The expedition to the South Pole was a dangerous venture for everyone involved.
company / undertaking
'das Unternehmen' and 'das Wagnis' can both mean an undertaking, that is, something that you plan or try to do. 'das Unternehmen' is broader: it can be a large, difficult, or planned project, but it does not necessarily have to be dangerous. 'das Wagnis' emphasizes the risk and the courage involved. Learners may confuse the words because a difficult Unternehmen can also be a Wagnis. If you mainly mean the plan or undertaking, 'Unternehmen' fits; if you want to highlight the risk, 'Wagnis' is a better fit.
Ohne Erfahrung eine eigene Werkstatt zu eröffnen, ist ein echtes Wagnis.
Opening your own workshop without experience is a real venture.
Die Reise durch die Berge war ein großes Unternehmen für die ganze Gruppe.
The journey through the mountains was a major undertaking for the whole group.