Unit 16 - Business enterprise Ass 1
The advantages of owning your own business
Satisfaction of creation:
A business owner is treated to the thrill of creation on a daily basis, not to mention the thrill of solving a customer’s problem. In Richard Branson’s case, he has had the satisfaction of creating around 300 of his own business’, most of which are linked directly or indirectly to his major business Virgin. But he’s still had the thrill of creating his own brand and I think will continue to do so until he finally leaves earth. The important thing about creation is that it is yours, others may have helped to make it a reality but as soon as you’ve thought of that idea that nobody else has thought of before, you own it.
Establishment of their own culture:
This basically means that you don’t have to stand around and complain about how the company is run because it’s your company and can be run exactly how you want it to be. Using Richard Branson as an example again, he runs his business’ completely different to many other business owners, he treats his employees with gifts trips money technology and so on, to make them really feel part of the company instead of just a worker. He can do this because he is the person in charge and if he wants something to happen in his company, it will happen.
Financial upside:
This is considered one of the biggest advantages of business ownership, the financial upside to running a successful business. Now, not all businesses are successful and most of the owners don’t instantly become entrepreneurial billionaire’s. Take Richard Branson’s first business he tried to set up, a magazine called Student, where he advertised popular records amongst other things. It wasn’t the magazine that started his financial career, it was the records that he advertised that kicked off Virgin Records in 1972 after he opened a mail-ordered record business in 1970. He is now one of the richest men in not only the UK, but the world.
Self-sufficiency:
Many people have discovered
Satisfaction of creation:
A business owner is treated to the thrill of creation on a daily basis, not to mention the thrill of solving a customer’s problem. In Richard Branson’s case, he has had the satisfaction of creating around 300 of his own business’, most of which are linked directly or indirectly to his major business Virgin. But he’s still had the thrill of creating his own brand and I think will continue to do so until he finally leaves earth. The important thing about creation is that it is yours, others may have helped to make it a reality but as soon as you’ve thought of that idea that nobody else has thought of before, you own it.
Establishment of their own culture:
This basically means that you don’t have to stand around and complain about how the company is run because it’s your company and can be run exactly how you want it to be. Using Richard Branson as an example again, he runs his business’ completely different to many other business owners, he treats his employees with gifts trips money technology and so on, to make them really feel part of the company instead of just a worker. He can do this because he is the person in charge and if he wants something to happen in his company, it will happen.
Financial upside:
This is considered one of the biggest advantages of business ownership, the financial upside to running a successful business. Now, not all businesses are successful and most of the owners don’t instantly become entrepreneurial billionaire’s. Take Richard Branson’s first business he tried to set up, a magazine called Student, where he advertised popular records amongst other things. It wasn’t the magazine that started his financial career, it was the records that he advertised that kicked off Virgin Records in 1972 after he opened a mail-ordered record business in 1970. He is now one of the richest men in not only the UK, but the world.
Self-sufficiency:
Many people have discovered