Primary Reasons For Entrepreneurs Starting Their Own Business Essay

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(a) Identify THREE (3) primary reasons for entrepreneurs starting their own business. Explain each of them. (6 marks) The three primary reasons for entrepreneurs starting their own business are they desire to be their own boss. Besides, they also desire to pursue their own ideas, and realize financial rewards. The first of these reasons is entrepreneurs desire to be one’s own boss. This is given most commonly. This doesn’t mean, however, that entrepreneurs are difficult to work with or that they have trouble accepting authority. On second thought, many entrepreneurs want to be their own boss because they have had a long-time ambition to own their own firm. Apart from that, they have become frustrated working in traditional jobs. The type of frustration that some entrepreneurs feel working in conventional jobs is exemplified by…show more content…
Although it is important to be energetic, investors often cite the strength of the entrepreneur or team of entrepreneurs, as their most important criterion in the decision to fund new ventures. (5) In fact, a sentiment that venture capitalists often express is that they would rather fund a strong entrepreneur with a mediocre business idea than fund a strong business idea and a mediocre entrepreneur. What makes an entrepreneur “strong” in the eyes of an investor is experience in the area of the proposed business, skills and abilities that will help the business, a solid reputation, a track record of success, and passion about the business idea. The first four of these five qualities favour older rather than younger entrepreneurs. In addition, many people turn to entrepreneurship in lieu of retirement, as suggested by a researcher’s findings that 32 per cent of early retirees who return to work start their own business.
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