Horse breeding is indeed a risky enterprise.

养马的确是一项有风险的事业。

《柯林斯英汉双解大词典》

Horse breeding is a risky enterprise.

养马是一项有风险的营生。

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Horse breeding, nutrition, and safety form the foundation of knowledge for this program.

此科目的基础课程为马匹的育种技术，营养学和安全管理。

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Horse breeding is a favorite target of the IRS, when it comes to the hobby loss rules.

FORBES: Written Business Plan Is Crucial In Horse Tax Court Case

Is a venture (say, horse breeding) a real business or a hobby, for which losses aren't deductible?

FORBES: Does your accountant work for you or the IRS?

Along with my passion for horse breeding, I was a horse racing enthusiast.

FORBES: Cyrus Poonawalla: Breeding and Racing Thoroughbreds