Laid off workers who become entrepreneurs because they cannot find meaningful em
ID: 2359752 • Letter: L
Question
Laid off workers who become entrepreneurs because they cannot find meaningful employment with another company are known as entrepreneurs by necessity. The Wall Street Journal reports that these entrepreneurs by necessity are less likely to grow into large businesses than are entrepreneurs by choice. (WSJ, May 21, 2001, B4). This article states that 89% of entrepreneurs in the U.S. are entrepreneurs by choice and 11% are entrepreneurs by necessity. Only 2% of entrepreneurs by necessity expect to employ more than 20 people within 5 years, while 14% of entrepreneurs by choice expect to employ at least 20 people within 5 years. in excel a. If an entrepreneur is selected at random and that individual expects to employ more than 20 people within 5 years, what is the probability that the individual is an entrepreneur by choice. b. Discuss several possible reasons why entrepreneurs by choice are more likely to believe that they will grow their business.Explanation / Answer
Probability = 1078/8900 = 0.12 Several possible reasons why entrepreneurs by choice are more likely to believe that they will grow their business : Entrepreneurs by choice do what they enjoy. What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that will be reflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed. Entrepreneurs by choice takes what he does seriously You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don't take them seriously because they don't work from an office building, office park, storefront, or factory. Little do these skeptics, who rain on the home business owner's parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.
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