Module 4 Flashcards
Reasons why people go into business
- Personal satisfaction
- Family involvement
- Independence and power
- Social activities
- Profit expectation
What motivated people to become entrepreneur
- Desire to be one’s own boss
- Desire for financial reward
- Desire to create one’s own job security
- Desire to improve one’s quality of life
According to _________, not everyone desires to be an entrepreneur. Those who do however are more motivated by any or all of the following
Medina
Checklist for going into business
About you
about capital
About a partner
About your customers
About your qualities
They enjoy challenge and risk taking ventures. Their business success gives them a sense of fulfillment
Personal satisfaction
They feel it is their responsibility to continue the business of their parents, especially if it is profitable
Family involvemet
They want to be their own boss. They love to make their own decisions and implement them. If they are employees, they are obliged to follow policies, report on time and finish their work according to schedule. Some people are not happy with such kind of life. They prefer independence, power frame and fortune
Independence and power
There are people who are really born socializers. They love social activities. Such extroverted personalities are good for business. They take advantage of their social contacts to promote their business interesrs
Social activities
Some individuals are greatly motivated by profit or the chance to amass wealth. This, they go to business. This is the best way for them to become rich. In our country, most employees remain poor throughout their lives. On the other hand, those who are engaged even in small enterprises become prosperous. This is the reason why the government has been encouraging the people to be entrepreneurs instead of job seekers
Profit expectation
There are times when employees sees some good opportunities for his employer’s business. When he recommends action to be undertaken and is ignored, the employee may just proceed to take opportunity and organize his own business
Desire to be one’s own boss
Getting employed is the desire of most people. This is understandable because many people want sure money on income. Some people, however, do not get satisfaction from a fixed monthly income which, most often, is inadequate. Some think that they deserve to be properly rewarded for their skills. The means available for them is entrepreneurship. Although entrepreneurship is a very serious proposition, some people are still attached to it. This is because of the prospect of high financial rewards
Desire for financial rewards
Some employees feel that their jobs are not secured. They think that they could be fired out anytime for a variety of reasons. Persons who cannot bear to worry about job security may just decide to become entrepreneurs. Even if the venture fails, the entrepreneur knows that it will result of his poor decision and performance
Desire to create one’s own job security
Oftentimes, employees do not have control over their work schedules. As a result, they could not fulfill some important family responsibilities. A nursing mother, for example will have to consider other less desirable options in providing for the needs of her baby. The same predicament controls who care for the elderly relatives. To some people, engagement in entrepreneurial activity provides them with some control over their work schedules. An entrepreneur can choose a type of business that will be compatible with the quality of life he deserves. Specifically, the business location and the type of products to offer can be chosen to jibe with the personal and family needs of the entrepreneur
Desire to improve one’s quality of life
Why do you want to put up your own business?
Do you have experience in the business you like to start?
Did you work before as a manager?
Do you have a business training?
Do you have money for your business?
About you
Do you know how much money you need for your business?
Do you know how much credit you can get from your suppliers?
Do you know where to borrow in case you funds are not enough?
Do you have an estimate of your net income per year?
About capital
