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Identify five potential advantages to starting your own business

Your name

Department name, Institution name

Course number: Course name

Instructor’s name

Due date
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Identify five potential advantages to starting your own business

Today, there are different fields and interests of people. So, starting a business with

specific field with a uniqueness of your own can lead you to be a successful entrepreneur

from a small business. For maximizing the chance of your success, you should choose a

business, you enjoy doing or have interest and which you know intimately.

The potential advantage of starting business are the followings:

1. Personal fulfilment.

It’s more satisfying and fulfilling when you own and run your own business rather

than working for someone else. It also means having respect from your peers and

having courage to go out on your own.

2. Independence and flexibility.

You will have more freedom and independence working for yourself as there will

not be any pressure and will also have flexibility for the moments that matters in

life.

3. Accommodation of desired lifestyle.

While owning a business, you can have the access to the requirements that you

desire or have your own way or style of living, so that you can have your own

personal identity.

4. Using of knowledge and skills of your own.

Having a business means the use of creativity of your thinking and using the

knowledge and skills learnt from the past experiences. Having a business can also

help to improvise yourself and gain new ideas for the further development of

business as well as of your own sets of skills.

5. Enjoying creative freedom.

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Not being under pressure and working with your self-interest can lead to new ideas

which are out of the box and can add uniqueness in your business.

Conclusion

Hence, having a business can lead to innovation with new products and skill and

knowledge of your own. You can have your own set of rules to live the life you wanted and

the access to the freedom that you desire.

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References

U.S. Small Business Administration (2006). Reasons for starting business.

Pakroo, Peri, “Evaluating Your Business Idea FAQ,” nolo.com, https://www.nolo.com/legal-

encyclopedia/evaluating-your-business-idea-faq.html (accessed September 18, 2021)