Small Business

Topics: Small business, Entrepreneurship, Business Pages: 10 (3396 words) Published: November 21, 2010
Mid term
1. What are the benefits of owning a small business??
Surveys show that owners of small businesses believe they work harder, earn more money, and are happier than if they worked for a large company. Before launching any business venture, every potential entrepreneur should consider the benefits of owning a small business. * Opportunity to gain control over your own destiny:

Entrepreneurs cite controlling their own destinies as one of the benefits of owning their own businesses. Owning a business provides entrepreneurs the independence and the opportunity to achieve what is important to them. Entrepreneurs want to “call the shots” in their lives, and they use their businesses to bring this desire to life. A study by the Hartford financial services group found that 53 percent of entrepreneurs cited “being my own boss” as the major incentive for starting their businesses (second only to “setting my own hours”, which was cited by 62 percent of respondents). Entrepreneurs reap the intrinsic rewards of knowing they are the driving forces behind their businesses. * Opportunity to make a difference:

Increasingly, entrepreneurs are starting businesses because they see an opportunity to make a difference in a cause that is important to them. Known as social entrepreneurs, these business builders seek to find innovative solutions to some of society’s most pressing and most challenging problems. Whether it is providing low-cost, sturdy housing for families in developing countries, promoting the arts in small communities, or creating a company that educates young people about preserving the earth’s limited resources, entrepreneurs are finding ways to combine their concerns for social issues and their desire to earn good livings. Although they see the importance of building viable, sustainable businesses, social entrepreneurs primary goal is to use their companies to make a positive impact on the world. * Opportunity to reach your full potential

Too many people find their work boring, unchallenging, and unexciting. But to most entrepreneurs, there is little difference between work and play; the two are synonymous. Roger Levin, founder of Levin group, the largest dental practice management consulting firm in the world, says, “when I come to work every day, it’s not a job for me. I’m having fun!” Entrepreneurs’ businesses become the instrument for self-expression and self-actualization. Owning a business challenges all of an entrepreneur’s skills, abilities, creativity, determination, and enthusiasm – not limits artificially created by an organization (e.g., the “glass ceiling”) – determine how high they can rise. * Opportunity to reap impressive profits:

Although money is not the primary force driving most entrepreneurs, the profits their businesses can earn are an important motivating factor in their decisions to launch companies. If accumulating wealth is high on your list of priorities, owning a business is usually the best way to achieve it. When a survey asked the wealthiest one percent of Americans to identify the career path that offers young people the greatest potential for financial success, the number one response (46 percent) was starting a business. Indeed, nearly 75 percent of those on the Forbes list of the 400 richest Americans are first-generation entrepreneurs! Self-employed people are four times more likely to become millionaires than those who work for someone else. According to researches Thomas Stanley and William danko, the typical American millionaire is first-generation wealthy, owns a small business in a less-than-glamorous industry such as welding, junk yards, or auctioneering, and works between 45 and 55 hours per week. * Opportunity to contribute to society and be recognized for your efforts Often, small business owners are among the most respected - and most trusted – members of their communities. Business deals based on trust and the recognition they receive from the...
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