Merit 1 – Explain, using examples, the benefits of running a business
There are a lot of advantages to running your own business and being your own boss. Being your own boss gives you freedom which means that you can set your own goals, working hours, team of staff. Your also in complete control of your business which means if you don’t like something you don’t have to do it and you can change whatever you want. You can have your own business ambitions, you ca n try grow your business into a worldwide success or keep it low key. There are lots of safety nets for you so if you die or get long term sickness you wont be in to much financial trouble. You don’t have to commute through traffic or long train waits, you can just work at home in your own home office. As you’re the boss you can choose your own team of workers, you get to hire the people you want and not have to stuck with bad workers. Providing you can organise someone to run your business while your away or are able to shut down for a couple of weeks, you can take holidays when you want. Being your own boss you no longer have to work your way up to the boss for your new idea to be heard. Also as you are running your own business you will get higher income because you will not have to pay as much tax and you will not have to pay anyone if you are a sole trader and not employing other people to help you. If you are working from home then you wont have to pay money to commute on the train or use up your cars fuel, thus saving you money. Another advantage from working from home is that you can have flexible hours and can do things at your own pace. Also as you are working from home you will have less stressed then in a office environment.
An example of being your own boss can also extend to your family. A family run business is usually a business where the shares are controlled by members of the same family, or one that has been passed down between generations. In a family business there are...