Reflections on Business

Reflection on Business

Unit 1 – Starting a Business

  1. Please take the entrepreneurship quiz:

What was your score and how accurate do you think it describes your attraction to the idea of starting a new business?

My score was 16/21, I think it is quite an accurate description of my attraction of starting a new business because when I grow up I want to lead instead of be led. Im comfortable with taking risks, and thinking outside of the box, etc. And that are some of the keys to being a good entrepreneur.

2) What creates opportunities for entrepreneurs to start a business?

There are many things that creates opportunities for entrepreneurs to start businesses, such as spotting gaps in the market, or finding spots that a certain company haven’t touched on which they could. Areas where entrepreneurs spot businesses are from observing their surroundings (looking closely at customers and markets), personal experience, and business experience (knowledge about markets/business plans)

3) How do entrepreneurs respond to the needs & wants of society?

Entrepreneurs respond to the needs & wants of the society, by finding the gaps in the markets and bringing them to their location. They can also innovate creative and new ideas, and spot improvements that they could change in existing businesses. They also need to suit the needs of the people and the stakeholders, such as solving the problem, offers a better/cheaper way, simple and practicable, has a clear focus, etc.

4) Why do individuals become entrepreneurs?

Individuals become entrepreneurs because they are motivated and see great opportunities, such as being able to work for something they care about, spotting gaps in the market which can be profitable, ,you make your own rules (if you can eat in the office, how much you pay your workers, etc.), they can have multiple careers, they have their own deadlines, they are their own boss, and they don’t need work for anyone.