1A Personal motivation for starting a business Flashcards
1
Q
What are personal motivations for starting a business
A
- Personal independence
- Financial independence
- to make a profit
- fulfil a market need
- fulfil a social need.
2
Q
Personal independence
A
not working for someone else, being your own boss
3
Q
what is the formula for profit
A
revenue-costs
4
Q
what are market needs
A
products and services that are not yet avaliable
5
Q
social needs
A
to help the community, build a personal reputation and status.
6
Q
financial independece
A
not needing to rely on other people for money.
