Risky or risky ( Riss key ) means dangerous, or with the possibility of harm or loss of some kind--
The operation was risky, but he recovered.
This investment is too risky for someone who can't afford to lose the money.
Risqué or risqué ( riss Kay ) means naughty with sexual or mature content--
Many parents thought the movie was risqué, and should have been rated 'R' instyead of 'PG'.
This show is too risqué for children.
Now that you know that, you can say--
"The risqué nightclub revue seemed like a risky business proposition, and had trouble getting investors."
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