Question

What benefits do entrepreneurs such as Bill Mitchell, John Carrington, and Kevin Maloney gain from creating businesses of their own rather than working for someone else? What risks do these entrepreneurs take on when they started their businesses? Is the way that these entrepreneurs discovered their business opportunities typical? Explain.

Answer 1

Answer:

The following benefits do entrepreneurs such as Bill Mitchell, John Carrington, and Kevin Maloney gain from creating businesses of their own rather than working for someone else as below

· Free exploring of business idea and business vision: Entrepreneurship helps the people like Bill, John and Kevin to explore their business idea and vision freely without ant interfere and to the extent they think they can explore. Sky is the limit and one can freely apply his idea commercially to the bet extent possible.

· Fulfill their business dreams: Entrepreneurship helps the people like Bill, John and Kevin to fulfill their business dream and they can start and manage their business dream to the extent they are thinking and expecting to achieve ion their life. This help them to apply their energy and strength for their own ideas and they can make the commercial exploration as much a possible.

· Long term benefits of owning the business: Entrepreneurship helps the people like Bill, John and Kevin to explore gain the long term benefit in terms of owning the business and running it on long term basis. This will help them to get engaged and employed in their own business without dependency on other businesses.

· Long term financial security: This provides the financial security to such people for long term and they will get the benefit that thee business can be continued by their family members a well later. This struggle will help their family to get good platform for future.

· High Earning: Entrepreneurship helps the people like Bill, John and Kevin to make high earning for them and their family as the business will provide the opportunity to make larger gain or loss but employment will provide fix / constant earning for the employee. Thus they get the high earning opportunity for themselves.

Following risks do these entrepreneurs take on when they started their businesses as below

· Financial investment is at risk, as they need large budget to start the business.

· Building and facility arrangement is at risk as it is high cost item.

· Lack of market awareness and competition can create major problem for such entrepreneurs.

· Operating cost of the entrepreneurship business is the major risk a large budget is needed for operation management.

· Risk of equipment, machineries, tools, system etc procurement for the entrepreneurship business and its utilization post non success of the business idea.

· Risk in terms of meeting customer/market requirement, product utilization, product sale, product warehousing, logistics, etc.

Yes, the way that these entrepreneurs discovered their business opportunities is typical because they have cleverly identified the business idea and executed in a manner that the business idea get success and they achieved good growth in their entrepreneurship business. They managed it well and demonstrated their business capability and skill set adequately.