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Q. 1. Why do some people choose to start their own business?
Ans: There are several reasons why individuals choose to start their own business. Firstly, entrepreneurship offers the opportunity for greater autonomy and independence. For example, my friend Sarah started her own graphic design agency because she wanted the freedom to work on projects that aligned with her creative vision, rather than being restricted by corporate guidelines. Secondly, starting a business allows people to pursue their passion and turn their ideas into reality. Lastly, entrepreneurship offers the potential for financial rewards and wealth creation.
Q.2. Do you think you have to be a risk-taker to be successful in business?
Ans: Yes, being a risk-taker is often associated with entrepreneurial success. For instance, my Uncle James took a calculated risk when he decided to leave his stable job and start his own construction company. Although there were uncertainties and financial challenges in the beginning, his willingness to take risks paid off. He secured major contracts and expanded his business, eventually becoming a renowned name in the construction industry. Risk-taking involves stepping out of one’s comfort zone, making bold decisions, and accepting the possibility of failure. However, successful entrepreneurs like my uncle assess risks carefully, conduct thorough market research, and develop effective strategies to mitigate potential pitfalls.
Q.3. Why do you think some people prefer to get a monthly salary and have a stable job rather than start a business?
Ans: Well, there are several reasons why individuals may prefer a stable job and a monthly salary over starting a business. For example, my friend Lisa values the financial security provided by her stable job. As a single parent, she appreciates the consistency of a regular income that enables her to provide for her children without worrying about the uncertainties of entrepreneurship. Plus, employment often offers benefits such as health insurance and retirement plans, which provide a safety net and alleviate concerns about unforeseen circumstances. Moreover, some individuals may prefer the structure and stability that comes with a job. A lot of people have a clear career path and defined roles in their jobs, as it allows them to focus on their specific expertise without the additional responsibilities and risks associated with running a business.
Q.4. What would you say are the attributes of a successful businessperson?
Ans: Successful businesspeople possess several key attributes. They are driven and have a strong work ethic. They are willing to put in the necessary effort and go the extra mile to achieve their goals. Next, successful businesspeople are adaptable and possess excellent problem-solving skills. They can quickly respond to changing market conditions, identify opportunities, and navigate challenges effectively. I also believe that successful businessmen also possess resilience and the ability to learn from failures. They view setbacks as opportunities for growth and use them as stepping stones to future success.
Q.5. Many people argue that when foreign businesses move overseas, they exploit the local people. Would you agree with that?
Ans: The question of whether foreign businesses exploit local people when they move overseas is complex and depends on various factors. While it is true that some instances of exploitation have occurred, it is not accurate to generalize this to all foreign businesses. For instance, my cousin works at a multinational manufacturing company that established operations in a developing country. The company prioritizes fair labor practices, provides competitive wages, and offers training and skill development opportunities to the local workforce. This demonstrates that responsible foreign businesses can contribute positively to the local community. However, it is essential for governments to enact regulations and enforce labor standards to ensure fair treatment and protect the rights of local workers. Responsible business practices, ethical conduct, and transparency are crucial in fostering a mutually beneficial relationship between foreign businesses and local communities.
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