Opportunity cost definition: The "real cost" of taking a particular action or the next best alternative forgone.
Examples: By William Chase of Tyrrells taking a risk & choosing to remain independent, he missed out on guaranteed sales that he would've made if he had entered a contract with Tesco.
Reasons for becoming an entrepreneur:
- Long-term low interest rates that make it easier to borrow money to start a business
- Change in political climate so the government supports enterprise and the entrepreneurial spirit
- Increasing affluence, which means people looking for a meaning in their life and so that might be realising their dream of owning their own business.
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