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Globalization has become a more familiar topic which has caused overwhelming influence on every kind of business category of the world imparting with enormous opportunities, removal of trade and tax barriers while importing more risk to the businesses. This research paper assesses the Effects of the political, economic and technology which promulgate the risk of globalization on the apparel industry bringing focus on to the Colombo district Small and Medium (S.M.E) apparel companies. Apropos analysis the previous researches, it has identified the relationship of globalization and entrepreneurs pertaining to risk using secondary and primary data with several models. A sample frame of 150 (N=150) was selected under the random sampling technique. Primary data was collected using face to face interview method with a comprehensive questionnaire as a research model while canonical correlation and Manova were used to present the result of the data. SPSS and MS Excel were used to analyze the collected data. As the prime finding of the study there exists a positive correlation between globalization and entrepreneurial risk. As a reaction entrepreneur have to avoid the risk because risk causes huge damage to the business. Keeping continuous savings, joining ventures and issuing shares, are the solutions to avoid the risk of globalization.
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