Starting+a+business·Reasons+for+setting+up+a+business·+Identifying+a+market+opportunity·+Possible+problems+faced+by+start-ups


 * Why set up a Business? **

Introduction:


 * Owners set up businesses.
 * Many begin as small operations, often started by entrepreneurs working in small shops, factories or form home.

Reasons for setting up a business:


 * INDEPENDENCE some people prefer to make own decisions and take responsibility, instead of being told what to do.


 * TO INCREASE REWARDS: people think they will earn more than if they worked for an employer.


 * RESULT OF REDUNDANCY: to use own skills in own venture. Redundancy payments can be used to fund business.


 * COMMITMENT TO A PRODUCT: to sell new invention or commitment to a product.


 * EXTENDED HOBBIES:  Stamp collector may set up own small stall at local markets for example.


 * SATISFY CREATIVE NEEDS: setting up a business to paint portraits may allow individuals to satisfy these needs. E.g. worker on production line packing biscuits may be artistic.


 * SPECIFIC JOB WANTS:  person may want to work in a particular job, but can’t find employment, e.g. someone who has trained as a hairdresser or joiner may find only option is to se up own business or otherwise face unemployment.


 * DISSATISFIED EMPLOYEE: employee may be dissatisfied with job. Setting up in business is alternative to looking for job with another firm.