16 Explain how a person's decision to start their own business has an opportunity cost.

[amaimatif]

Starting a business has an opportunity cost because the next best alternative is given up. For example, a person may choose to launch a business instead of taking a stable paid job. The salary they would have earned becomes the opportunity cost.

[Haiderabbas]

KN: Starting a business has opportunity cost: the owner gives up salary, leisure, or another job or the potential to sstart another business.

(APP) for e.g. someone who quits a secure job to launch a gaming store.

(AN) He looses steady pay and job benifits. Hence, Entrepreneurs must accept short-term sacrifices for possible long-term gains, risk vs reward.

[Haiderabbas]

KN: Starting a business has opportunity cost: the owner gives up salary, leisure, or another job or the potential to sstart another business.

(APP) for e.g. someone who quits a secure job to launch a gaming store.

(AN) He looses steady pay and job benifits. Hence, Entrepreneurs must accept short-term sacrifices for possible long-term gains, risk vs reward.

[masabtahir]

kn] its a oppurtunity because he can buy house or use somewhere else intead of this
app]for exp he can buy a luxury house better than before
an] as he put others things in an oppurtunity and take a risk as a enterpreneurs as he would e benefit of this as will generate profit

[SofiaRazaKhan]

[KN] starting a business has an opportunity cost because the person must give up their next best alternative use of money or time.
[APP] if someone uses their savings to start an online store they give up the chance to use that money to buy a car or invest it to earn interest.
[AN] this means if the business does not succeed, they lose both the savings and the other benefits they could have gained which could affect their financial stability.

[Ruqyia Salman]

[KN] A person’s decision to start their own business has an opportunity cost because the next best alternative is given up.
[APP] For example, they may choose to run their own business instead of working in a paid job.
[AN] This means the lost salary from that job becomes the opportunity cost of starting the business.