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Opening a Small Business (e.g. a shop) - Coggle Diagram
Opening a Small Business
(e.g. a shop)
Economics
Adventages
A small business can make more employment, which helps the economic growth of the city.
If the small business brings profit to the owner, It can help the owner’s finances and improve quality of life.
Disadventages
Fluctuation in business profit may affect your financial statement.
If a small business doesn’t have regular customers, it may affect your costs, such as ingredients or materials.
Health
Advantage
A small business's profits can create opportunities to access better health services for the owner.
Disadvantage
To start a small business, you need to work hard for the business growth, so it can cause sleep deprivation, lack of exercise, and backache.
The environment
Disadvantages
Most small businesses need transportation to deliver goods or ingredients to the store which causes pollution.
Poor waste management from a small business can cause global warming.
Advantages
You can control the product or packaging that has the least impact on the environment according to your needs.
You can customize your working environment by yourself.
Psychology
Disadvantages
Sometimes no one understands your anxiety about business problems.
You may not notice the changes in your mental health due to your busyness from working hard.
Advantages
You can allow yourself to rest because you already know the consequences of losing money and time.
It can improve your self-esteem when you are successful.
Being wealthy from your own business can impact how happy your mental health and life are.