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Going Into Business Note 7

Going Into Business Note 7. Introduction to Business March 2012. Why Start your Own Business. Reasons why many people go into business: To achieve financial independence Opportunity to use your own skills and knowledge To develop new ideas or improve on what other businesses are doing.

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Going Into Business Note 7

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  1. Going Into BusinessNote 7 Introduction to Business March 2012

  2. Why Start your Own Business • Reasons why many people go into business: • To achieve financial independence • Opportunity to use your own skills and knowledge • To develop new ideas or improve on what other businesses are doing

  3. CIBC Study • A study done by the Canadian Imperial Bank of commerce (CIBC) in 2005 asked the question, “why have 2.5 million Canadians become small business owners?” • Our findings suggest that lifestyle considerations outweigh financial motivations. • In addition to the 80,000 jobs that entrepreneurs have generated for themselves [in 2005]…, they have created one-quarter of the paid employment positions … providing a boost to the labour market.

  4. Questions Entrepreneurs Might Ask: • What are my skills best suited for? • Where can I find information about businesses of this kind? • What are my start up costs? How much money will I need and what will I need it for? • Where can I get financing? • What level of risk can I expect? • What steps are involved in running a business and how complex will it be? • What will I need to know and what will I be required to do? • Should my business be home-based?

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