ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You are creating something that is uniquely your own
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The business will make profits quickly
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The business will have name and brand recognition
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Your start-up costs will be small
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Detailed explanation-1: -Independence and flexibility You’ll have more freedom and independence working for yourself, so won’t be tied to the typical 9-5, Monday-Friday working week. Being your own boss means you can work when you work best – whether that’s 12pm or 12am – which should result in you being far more productive.
Detailed explanation-2: -PRO: Cheaper To Start a New Business. CON: Higher Risk to Start from Scratch. CON: Difficult To Get Startup Financing. PRO: Cheaper and Faster to Start. CON: No Supplier Contacts or Proven Systems. PROS: Don’t Inherit Family Issues. More items •11-Feb-2022
Detailed explanation-3: -Better financing options. Already established brand. Existing customers. Well-established supply chain. Access to trained staff and proven internal processes. More financial reward in growth. Greater likelihood of success. 29-Aug-2019
Detailed explanation-4: -Independence. When you own the business, you are the boss. Flexibility. Entrepreneurship gives you the flexibility to decide your own hours. Power and control. Passion and creativity. Financial gains. Diversifying customer bases. Managing cash flow. Maintaining legal compliance. More items •21-Feb-2023