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10 Cards in this Set
- Front
- Back
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What is risk? |
A business may not succeed for reasons. Starting a business is risky. |
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Risk of failure |
Start a new company is risky as they are most likely to fail in their early days. Face the risk that consumers may not want to buy their product, especially brand new. |
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Financial loss |
Requires a lot of investment. Failure can mean a large financial loss for the entrepreneur. |
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Lack of security |
Entrepreneurs often lose the security that they had with their job in terms of wage or salary. Means that if the business isn't making profit, entrepreneur may have no money to live off. |
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What is reward? |
If a business succeeds, there may be a big financial or emotional reward. |
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Financial reward |
If business is successful then entrepreneur is able to make profit. They may be able to sell business for large sum in the future. |
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Dissatisfaction with current job |
Many entrepreneurs had full time jobs in the past that they hadn't enjoyed which led them to pursue their own idea. |
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Be their own boss |
Setting up own business means working for yourself. Means that you are likely to have flexible hours and more choice over the type of you do. |
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Pursue interest |
Entrepreneurs set up a business because they are doing something they love. |
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Starting a business-Risk |
Risk involved. At the beginning, business owners may not 100% know if customers want to buy products or services. |
