Bussiness Plan
Autor: tinymany • March 21, 2015 • Business Plan • 12,304 Words (50 Pages) • 585 Views
Entrepreneurship questions and answers
Give a brief description of each of the five(5) reasons which motivated people to start their own business?
- Making Money (Profit)
Entrepreneurship provides for one’s financial needs, in as much as any other type of job would do. It is claimed that self employment individuals are four times likely to be millionaires than those who are formally employed. From an economic ankle the financial return of a business should compensate its owner not only for his time and investment of personal time but also for any personal money invested in the business.
- Be Your Own Boss
Most people leave employment for one reason, i.e. to be their own bosses. Many people have a strong desire to make their own decisions, take risks and reap rewards. Entrepreneurs in general appreciate the independence inherent in their decision careers. They do things their own way, reap their own profits and set their own schedules. Independence does not guarantee easy life because some entrepreneurs work hard and long hours.
- Escape A Bad Situation (Freedom)
Some people if not satisfied in their jobs will try to set up a business of their own while others may seek change out of necessity. E.g. after being laid off from employment from those with experience in managerial, professional, technical and even relatively unskilled positions often contemplate the possibility of staring their own ventures. Individuals who enter into business ownership because of financial hardships or other severe negative conditions are called reluctant entrepreneurs.
- Enjoy A Satisfying Life (Personal Satisfaction)
Some entrepreneurs refer to their own work as fun because of the satisfaction they derive from working for themselves. Most satisfaction comes from independence. The reward maybe derived from a pleasurable activity, from enjoyable associations, from respect in the community etc.
- Contribute The Community (Personal Fulfillment)
Certain individuals will get involved in running their own shops just to contribute to the community
State and briefly explain five (5) reasons used by most successful entrepreneurs to gain competitive advantage in the business jungle? [20 Marks]
Customer Focus
Customer service come from focused organizations. Business of any size can be successful if they understand the needs of their customers in a closer manner. If properly managed small entrepreneurial firms have the advantage of being able to serve customers directly and effectively without struggling through layers of bureaucracy or breaking corporate policies that stifle employee initiative.
- Quality Performance
The owner of a small establishment can insist on high levels of quality without experiencing the frustration of a large company CEO who may have to push a quality philosophy through many layers of bureaucracy.
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