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18 Oct 2018
One of the opportunity costs borne by anyone who starts a new business, whether it Akio Morita of Sony or our imaginary Ralph and Andrea Martin, is that of exchanging the secure life of employees of large firms for the risky life of entrepreneurs. Would you be willing to make that transition if you expected to earn no more than your previous salaries plus a ânormal profitâ on the capital you invested in the firm? Would you require some pure economic profit as compensation for the risks and responsibilities of being an entrepreneur? Or would the freedom of running your own business be so attractive you would do it even if your total income were less than you could earn working for someone else? Discuss.
One of the opportunity costs borne by anyone who starts a new business, whether it Akio Morita of Sony or our imaginary Ralph and Andrea Martin, is that of exchanging the secure life of employees of large firms for the risky life of entrepreneurs. Would you be willing to make that transition if you expected to earn no more than your previous salaries plus a ânormal profitâ on the capital you invested in the firm? Would you require some pure economic profit as compensation for the risks and responsibilities of being an entrepreneur? Or would the freedom of running your own business be so attractive you would do it even if your total income were less than you could earn working for someone else? Discuss.
Casey DurganLv2
19 Oct 2018
