658468
Description
Mind Map by atkinsonb8, updated more than 1 year ago
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Created by atkinsonb8
almost 11 years ago
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Entrepreneurs
- Best protection comes
from a great product
and building customer
loyalty
- Opportunity Cost
- The opportunity cost of
a decision is the cost of
missing out on the next
best alternative
- Every decision made by an entrepreneur involves opportunity cost
- Cash is limited for a start up business
- Cash is limited for a start up business
- The opportunity cost of
a decision is the cost of
missing out on the next
best alternative
- Government Help
- Not all kinds of government support are available for every new business
- Provide free information
- Reduce burden of regulation
- Encourage innovation and job creation
- Financial support for assisted areas eg. grants
- Few start ups make use of government help
- Not all kinds of government support are available for every new business
- Spread risk by diversifying
- Risk cannot be avoided but must be dealt with sound judgements
- Risk cannot be avoided but must be dealt with sound judgements
- Persistence is key
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