1.3 The personal motivation behind starting a business

What is a major reason for people wanting to start their own business?

• To reduce their workload

• For financial and personal independence

• To avoid travel

• To follow family traditions

What does 'personal independence' in the context of starting a business typically involve?

• Relying on an employer for income

• Having control over one's own destiny

• Working in a large team

• Avoiding financial responsibilities

Why might someone start their own business rather than work for someone else?

• To have less responsibility

• To work fewer hours

• To be their own boss and have more freedom

• To avoid making decisions

A key motivation for starting a business is to:

• Make a profit

• Avoid taxes

• Limit personal growth

• Reduce working hours

What is a market need in the context of starting a business?

• The need to compete with large corporations

• A demand for certain products or services that are not readily available

• The requirement for all businesses to have a physical storefront

• The necessity to invest in stock markets

How can starting a business fulfil a social need?

• By focusing solely on maximizing profits

• Through addressing community or environmental needs

• By limiting employment opportunities

• Through avoiding any social responsibilities

What is a characteristic of a social enterprise?

• Prioritizing profit over community needs

• Reinvesting profits back into the business to continue fulfilling social needs

• Focusing only on global markets

• Ignoring environmental considerations

Owning a business comes with:

• Only benefits

• Only limitations

• Neither benefits nor limitations

• Both benefits and limitations