1B Personal motivation for starting a business

Personal Independence

The desire to have full control over one’s decisions, actions and work conditions instead of following an employers

Advantage of Personal Independence

Having full control & Having a flexible work schedule

Disadvantage of Personal Independence

Financial Uncertainty and a High Responsibility

Financial Independence

The ability to fund a desired lifestyle without relying on income from another individual

Advantages of Financial Independence

Having Control over Earnings & Having the opportunity for early retirement

Disadvantage of Financial Independence

Having an Uncertain income and there being a High Investment Risk

To make a Profit

A business generating more revenue than expenses it incurred

Advantages of making a Profit

Higher earning potential and Long term growth

Disadvantage to making a profit

Initial losses and Risk of Failure

To fulfill a market need

Finding a gap in the market where consumers desire a particular good or service

Advantages of Fulfilling a Market Need

high demand and customer loyalty

Disadvantages of Fulfilling a Market Need

Uncertainty of success and High development costs

To Fulfill a Social Need

Provides a business with an objective. Improving society and the environment through business activities

Advantages of Fulfilling a Social Need

Positive social impact and Strong public support

Disadvantages of Fulfilling a Social Need

Financial challenges and limited market reach