Reward – profit, business success and independence
Jaap talks about being a self-employed carpenter and about business success, profit and independence
Starting a business always involves An estimate of the probability of an unwanted outcome. It depends upon the chance of it happening and the consequences if it did happen., as success is never guaranteed. Some A calculated risk-taker who sets up a business in return for financial gain. will make the decision to start a business based on their The ability to understand something instinctively, without the need for conscious reasoning., because they have an idea that they really believe in. Most entrepreneurs will calculate the risks involved in starting a business, and weigh them against the potential rewards that they might receive.
The rewards of starting a business might include:
- The amount of money made after all expenses have been paid.
- business success
- independence
Profit
Making money is the driving force behind many business start-ups. This is because profits can be put back into the business, to help it survive and grow.
Profit also provides an An encouragement or reason to do something. for an entrepreneur to start a business, if they believe they can earn more money than they would if they worked for someone else.
Business success
Success in business can mean various things. For many entrepreneurs, seeing their ideas become popular is sufficient reward. Other entrepreneurs may see success in the form of:
- a growing business
- a positive reputation
- winning business awards
- becoming a well-known business person
Independence
Some entrepreneurs choose to set up their own business because they want to do something that interests them. Other entrepreneurs may not want to work for someone else – having the independence to make their own decisions and control their own working hours can be sufficient reward for some entrepreneurs.
