1. Who can be an entrepreneur?
I believe anyone can be an entrepreneur, but they have to have the right attitude, realistic yet high expectations, and that drive. They need to have the entrepreneurial spirit that gives the business energy. They also need to have the resources or the ability to generate the resources necessary to be an entrepreneur. 2. What are the risks, rewards, and trade- offs of a lifestyle business versus a high- potential business— one that will exceed $ 5 million in sales and grow substantially? A lifestyle business provides the entrepreneur with control over their lifestyles, while earning a income that can sustain the lifestyle they want to live. Lifestyle businesses are more suited to entrepreneurs that value their time and lifestyles more than they value higher earnings. The primary goal of a lifestyle business is to provide the entrepreneur with employment while having the flexibility and control of owning their own business. There are many rewards associated with choose to have a lifestyle business. First, the entrepreneur has control over the business and their own income while still living the lifestyle they prefer. They get the benefits of entrepreneurship without the constant pressure if achieving higher earnings, unless they wish too, and they are in control of their time and the direction of the business. The risk of running this type of business is the likelihood of the business bringing enough money to sustain the desired lifestyle, and also the risk of not enjoying running the business. The trade-off with choosing to operate a lifestyle business over that of a high potential business is the limited growth opportunity that is inherent to a lifestyle business. With a lifestyle business, earnings and growth are limited, but the owner enjoys much more control over the business and their lifestyle. A high-potential business is much more focused on growth making lifestyle sacrifices in order to achieve that growth, and...
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