Unit 1: Chapter 1

A large part of being an entrepreneur is recognizing a problem that many people face, and identifying a marketable solution. This is most often an issue one faces in their personal life, such as how Gary Rayner founded LifeProof due to him wanting a phone which was durable but also still small and portable. Once an idea is found, the next step is to move on to found a business. Founding a business can be high risk at times, but if a business taps into the correct market, they can make large profits. Business owners take on a much higher risk than employees, however, they also gain much greater control over the business. A large portion of new businesses close, with few finding success. When a small business finds success, under proper management it can grow quite rapidly. A good example of this is Whole Foods Market. Whole Foods Market started as a single location in Texas, but the demand for their services allowed them to grow to over 385 stores worldwide. A small business is usually classified as having less than 100 employees, however, the actual number fluctuates between businesses. Being a business owner can be very rewarding, due to personal and work-related benefits. Business owners have the final say in all decisions regarding their business, giving more control than what could be found as an employee. Business owners can also found a business by doing work that they enjoy. Business owners earn more money than employees, however, their salary is tied to the success of the business. During slow periods in business, business owners may have to cut their salary. Being a business owner gives the opportunity to help better ones community, and the world. Business owners also face many risks. Businesses fail, and sometimes invested money is lost. Business owners also work long hours, especially during the infancy of a business. In the modern world, businesses are able to thrive on the internet. Business owners can register a domain name and have a website giving information about their services. Starting a business is an incredible opportunity, which allows for some people to find greater satisfaction in their work.

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