reasons for setting up in business

Reasons for setting up in business

Keep rewards for yourself.

Build wealth.

Keep profit.

Build a business to sell later.

Increase personal income

Beer boss

Pursuing interest or hobby

Social objective

Solve problem or seize an opportunity

What is entrepreneur?

An entrepreneur is an innovative individual who takes calculated risk by setting up investing and running a business in hopes of a reward

What is risk and reward?

Risk is the potential that a business decision will lead to loss or failure

Reward is the potential benefit benefits and rewards if the decision succeeds

Challenges of setting up in a business

Decision-making.

Generally start off small so Little bargaining power with suppliers so difficult to compete with established businesses.

This also means no track record or Little to no security for borrowing its heart rate finance and lenders may charge higher interest

Characteristics of an entrepreneur

Self belief

Motivation/determination

Resilience

Adaptability

Passionate

Focus

Risk taker

Innovation