Why start a business?

The skill involved in wanting to start and run a business is called enterprise. The individual who sets up their own business is called an entrepreneur.Someone who sets up their own business is called an entrepreneurThere are several reasons why entrepreneurs are willing to take a calculated risk and set up a business. Possible motives include:

• Making a profit. A business does this by selling items at a price that more than covers the costs of production. Owners keep the profit as a reward for risk-taking and enterprise.

• The satisfaction that comes from setting up a successful business and being independent.

• Being able to make a difference by offering a service to the community such as a charity shop or hospice.

A new business needs its own name and a product. The challenge is to make goods and services that satisfy customers, are competitive and sell at a price that more than covers costs.