Starting versus buying

• Economie

Question

Why is it less risky to buy an existing business instead of starting one from scratch?

Objectives

Identify the importance of personal values and goals in choosing an entrepreneurial pursuit.

Examine the challenges and rewards of entering a family business.

Discuss the benefits and drawbacks of buying a business

Chapter 3

Section 3:Starting Versus Buying, Pages 64-71

What are values?

Values are the beliefs and principles you choose to live by.

What
are some of the
personal values
that you might
apply in your
business?

Suggest advantages to starting one’s own business from scratch.

Family business Rewards

The greatest advantage of a family business is the trust and togetherness that family
members share.

 At the same time, one of the greatest disadvantages of a family enterprise is that its owners can never get away from 

the business. 

Why it would be necessary for business partners, including those
who are family members, to have the same general goals for their personal lives?

In a family business people can achieve more

1. This statement is true
2. Maybe
3. maybe not
4. This statement is false

Post the name or picture of a business run by familymembers in Bahrain

What would be some
advantages to buying an existing business?

Drawbacks of Buying a business

The business might need major improvements to old plant and equipment.

The business may be poorly located or badly managed, with low staff morale.

External factors, such as increasing competition or a declining industry, can affect future growth

Prepare a short talk to present
discuss what personality traits, abilities, values, and
goals you possess that would be advantageous if you
wanted to start our own
business or purchase an
existing business.

Create a chart that includes your short-term goals (those you hope to fulfill within the next few weeks or months) and long-term goals (those you expect to fulfill within several years). After you have created your charts, write explaining what you hope the outcome of fulfilling your goals will be. Will you
start their own business? Will you purchase a business?Will you go to work for someone else’s business?

Give important points of the lesson.