Extension task 1.

Benefits of starting your own business

I will now outline the benefits of starting my own business.

Starting your own business can be a very exciting opportunity. It’s good for people who want some changes in their lives, new challenges and more independence. Starting your own business can have many advantages but have some disadvantages too.

Everyone who has a motivation can start a business. The most important thing for it is idea. A product or service has to be either unique or high quality. It should also be easily accessible for customers and priced correctly. It is necessary to prepare a good business plan before starting business. Starting your own business can be a very good experience but it also gives you more responsibilities, you have to do everything by yourself.

One of the benefits of your own business – you can make your own decisions. No one can control you and tell you what’s wrong and what’s right. One of them examples – Bill Gates’s personal – computer software company. Bill Gates is an American business magnate, investor, programmer, inventor, and philanthropist. Gates is the former chief executive and current chairman of Microsoft. Early on his life, Gates’s parents had a law career in mind for him, his both parents were lawyers. He made his own decision and decided to start up Microsoft company. There were no guarantees that his business will be successful and there never is, but he took a risk and now he’s one of the richest people in the world and Microsoft is the world’s largest personal-computer software company.

People can choose if they want to work for others or for themselves. Having your own business means that you make your own money and you keep it and there’s no limit of money you earn. It also means that you can’t be 100% sure when you’ll get paid, one month you can earn a million and other month you could earn nothing at all. You can also choose your working hours and not work from 8 to 5 everyday but it can also mean that you’ll have to work extra hours and you won’t get paid for it. Another good thing is that no one can fire you so you have a secure work place. Your earnings depend on your efforts, you are responsible to make your business successful.

Business is usually hard and takes time to start up. You have to research your customers, product, find business premises, choose a legal structure for a business and etc. It also requires time and effort to pay off. For some people setting up business can look unattractive because you would have to do tasks that you don’t want or don’t like to do but you can always hire people to do those tasks.

Starting up business requires lots of time and money. Some people may not believe that you can be successful in your business but you can prove them wrong.

One example is Alan Sugar. He is a British business magnate, media personality, and political advisor. He is one of the richest people in the UK.  He was born in Hackney, east London. When Sugar was young, his family lived in a council flat and they weren’t rich. No one believed that he could become so successful but he proved everyone wrong.

Another example is Richard Branson. He has dyslexia and had poor academic performance as a student. He weren’t the best student but now he is a is a founder and owner of Virgin group and more than 400 companies.