business motivations

Question 1

what are business motivations?

Answer 1

all successful businesses will ultimately sell a good or service that customers want. such motivations exist due to the desire for personal indep. the drive to better the comm. or produce something that fulfils a need within people’ s lives.

Question 2

financial independence

Answer 2

what the business owners earn is directly related to the success of their actions and business. they do not rely on an employer for their income. (this is different to make a profit)

Question 3

personal independence

Answer 3

being able to make your own decisions about the business, decide your role, working hours, holidays, etc. (having full control over your own role and business)

Question 4

make a profit

Answer 4

many workers feel that their earning potential is limited by working for someone else. to benefit financially from capitalizing on a business opp.

Question 5

fulfil and market need

Answer 5

individuals are motivated to satisfy customer needs and that are not currently being met or are underserved by other businesses. producing a product that satisfies unmet needs is referred to as filling a gap in the market.

Question 6

fulfil a social need

Answer 6

business helps address a common problem affecting society. -similar to fulfilling a market need. business addressing a social need is called a social enterprise.