TA1 - Rewards and drawbacks from risk-taking

Identify the four main rewards of risk-taking

• Financial, independence, self-satisfaction, making a difference

• Financial, Health/wellbeing, Work-life balance, personal relationships

Identify the four drawbacks of risk-taking

• Financial, independence, self-satisfaction, making a difference

• Financial, Health/wellbeing, Work-life balance, personal relationships

Identify the reward of risk-taking: An entrepreneur successfully sells products and services to make a profit.

• Financial

• Independence

• Self-satisfaction

• Making a difference

Identify the reward of risk-taking: An entrepreneur may want to be in control of their own career and not work for others, than be focused on profit.

• Financial

• Independence

• Self-satisfaction

• Making a difference

Identify the reward of risk-taking: An entrepreneur might employ people who might find getting a job difficult, rather than being focused on gaining profits.

• Financial

• Independence

• Self-satisfaction

• Making a difference

Identify the reward of risk-taking: An entrepreneur might turn a hobby they enjoy into their business.

• Financial

• Independence

• Self-satisfaction

• Making a difference

Identify the drawback of risk-taking: An entrepreneur might invest their own money into a business and lose it, if the business fails.

• Financial

• Health/wellbeing

• Work-life balance

• Personal relationships

Identify the drawback of risk-taking: Setting up a business can take time and create worries and pressures which can lead to wellbeing difficulties.

• Financial

• Health/wellbeing

• Work-life balance

• Personal relationships

Identify the drawback of risk-taking: Entrepreneurs need to take time away from work, build in relaxation time and learn to say no!

• Financial

• Health/wellbeing

• Work-life balance

• Personal relationships

Identify the drawback of risk-taking: Positive relationships with family and friends are vital. Success can be shared with the.

• Financial

• Health/wellbeing

• Work-life balance

• Personal relationships