You’ve done all the planning and hard work. You’ve secured funding and established your business. Now, when does the financial payoff for all your effort kick in?
Where, when, and how can you expect to realize potentially high-yield rewards? Moreover, why should your entrepreneurial venture succeed where others have failed?
- Entrepreneurs should protect their hard work and potential for profits with patents and copyrights.
- Being aware of patent requirements is important for any entrepreneur’s plan for success.
- Entrepreneurs experience growth and success over a timeline that adjusts based on the type of product or service provided.
- During the initial investment period, time, energy, and work are at a premium but funding may not be in place.
- Following the success of a product or service, an entrepreneur may choose to build on a project or sell and move on to new ventures.
Why Entrepreneurs Should Profit
Imagine two hypothetical workers. One works a standard 40-hour week and gets paid a standard salary. They are great at their job but their contributions to the world are confined to their 8 hours daily at the office.
The other has a passion to improve the lives of others by introducing new products and services. As an entrepreneur, they work way beyond 40 hours a week, investing time, capital, and energy to try to accomplish something that they hope will make the world a better place.
Clearly, the world would be a less dynamic place with only 40-hour per week workers. The passionate, game-changing entrepreneur takes more risks and puts in more effort, so it’s logical to think they will make a greater impact on the lives of others with their contributions. However, without noteworthy reward, they may not be willing to do so.
Entrepreneurs Require Suitable Rewards
According to neoclassical economic theory, a lack of suitable rewards discourages entrepreneurs from taking on risk and making the enormous effort required to make lasting, positive…
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