Explain the risks, rewards, and requirements of entrepreneurship.
Explanation may include
- risks
- sole responsibility for success
- personal financial risks
- lack of financial security
- loss of personal time
- potential for decline in health
- rewards
- hands-on management
- creative freedom
- income source for local economies
- potential for significant financial rewards
- potential for a flexible schedule
- requirements
- initial investment
- development and implementation of business plans
- multiple roles for owner (e.g., management, accounting)
- long hours
- hiring, training, retaining, and firing.
Process/Skill Questions:
- Why are entrepreneurs often called risk-takers?
- Why is it important to understand both the benefits and risks before starting a business?
- Why do some entrepreneurs make more money than others?
- Why do some businesses fail?
- What opportunities exist for entrepreneurs who have faced the failure of a business venture?
- How might owning a business adversely affect an entrepreneur’s personal life?