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Owning A Business In Our Current World Union County College Assignment

544 words - 3 pages

Owning a business requires hard work and if the goods and services are well thought out, there will be a profitable outcome. When comparing risk and profit, several factors are included. A big risk may result in a big profit, or it can also result in the total opposite. When running a business, you need to factor the expenses so that you can earn above and beyond what was spent. So taking the most risk may make the most profit. An example would be “Irish entrepreneur Denis O’Brien, of Digicel, made billions of dollars selling cell phones in the poorest countries.” These businesses can also raise the standard living for all. Through the wealth of these businesses and their taxes, the environment is better taken care of. Their taxes help produce hospitals, schools, libraries, ect. Nonprofit organizations also raise the standard of living by contributing to the welfare of society. Businesses are generally affected if they work with or against the government. If taxes are raised there is less profit but it produces more social benefits. Whereas if it’s lowered, there is more profit and less benefits.
There are some similarities and differences with being an entrepreneur and working for others. When working for someone, you are covered by the benefits the company provides while not taking on the entrepreneurial risk. Compared to taking the entrepreneur route where you assume the risk without any benefits, but have freedom of being the boss and reap the profits. Technology also has pros and cons in a business. With technology such as software programs, apps, and social media, the company is able to get things done effectively and efficiently. Although this...

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