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rewards/drawbacks when starting a business - Coggle Diagram
rewards/drawbacks when starting a business
Rewards
Financial rewards
Personal freedom
you become your own boss
you can choose what you do with your earnings
you could possibly open your business up in different locations
independance
self-satisfaction
making a difference
Drawbacks
could come between personal relationships
lack of free time
could fail
you use all your savings, no money till it gets going
work life balance
if you quit your job you have no income, causing financial struggles
financially
health/wellbeing, very stressful and time consuming
Characteristics of successful entrepreneurs
creativity
creativity
An entreprenuer has the skills to generate new ideas or alternatives to already excisting ideas.
perserverance
innovation
risk taking
risk taking- All businesses have an element of risk, there is no guarantee that it will be a success. They should be willing to invest there time and money into it.
determination
communication
negotiation
Any new enterprise activity will need to establish itself within its area of industry.
confidence