Principles of Microeconomics

Principles of Microeconomics

Section 1: Summary of the Issue

Although many people have dreams of becoming entrepreneurs and starting their businesses, very few comprehend the challenges that come with opening and running a business. Successful entrepreneurs have certain unique characters that set them apart from other people. Traits such as aggressiveness and self-determination enable entrepreneurs to start their businesses and keep them afloat despite the challenges that they may encounter. (Mitchell) states that a large number of entrepreneurs contemplate quitting at some point during their entrepreneurial journey. Although many factors contribute to an entrepreneur’s desire to quit, some of the main reasons are a grind, lack of money, and fatigue. Entrepreneurs should understand that maintaining a successful business is not easy, and they should be prepared to make the necessary sacrifices. Entrepreneurs can use several signs as a guide in deciding whether or not to close down operations. Foremost, when entrepreneurs feel like they do not recognize themselves anymore, they could consider shutting down their businesses (Mitchell). Entrepreneurs may fail to recognize themselves when they fail to realize the real purpose of their ventures. As well as the impacts of their contributions to the success of the business.

Additionally, entrepreneurs may consider closing down their businesses once they feel that they are overwhelmed with the daily running of the business (Mitchell). It is almost impossible for entrepreneurs to handle everything on their own, and when they feel that they cannot meet the requirements of their businesses, they should consider shutting down. Finally, another sign that can be used by entrepreneurs to decide whether or not to close down their businesses is the absence of the thrill that they once had when starting their ventures. When entrepreneurs feel like they lack the excitement and the desire to operate and manage their businesses, they could consider calling it quits.

Section 2: Details of the Correct Criteria and why it is the Right Choice

The lack of thrill is the main criterion that can be used by entrepreneurs in deciding whether or not to close down their businesses. Thrill represents one’s desire to continue working on their business. Thrill also determines the effort and sacrifices that an entrepreneur dedicates to their businesses. (Mitchell) observes that when an entrepreneur’s thrill to say that they own a business diminishes, they lack the sense of purpose regarding why they are running the business in the first place. When one is not excited by their achievements as business owners, they cannot do whatever it takes to make sure that their businesses thrive.

Several reasons make the lack of thrill to be the critical determinant or criteria in deciding whether or not to close business operations. Thrill leads to innovativeness and the desire to push on despite the challenges that may be faced. When an entrepreneur does not have the thrill to run their businesses, they easily quit whenever they are faced with challenges. The lack of thrill also prevents business owners from thinking outside the box and finding solutions to their businesses’ challenges. Entrepreneurs should, therefore, ensure that they maintain the thrill that they first had when opening their business ventures. The lack of thrill exposes entrepreneurs to other factors that eventually contribute to the failure of the business. Entrepreneurs should use the lack of business thrill as a deciding factor in the closure or non-closure of their businesses.

Work cited

Mitchell, Deborah. “3 Signs that you should shut down your business.” Entrepreneur, 2015          September 8, https://www.entrepreneur.com/article/250267, Accessed 2020 March 3.