Review the video case study by clicking on the link below. Once you have viewed
ID: 351848 • Letter: R
Question
Review the video case study by clicking on the link below. Once you have viewed the video case, answer the following questions. Include a detailed response to each of the questions. A total of 250 words are required for the assigned questions.
Thomas Lennon, Actor and Entrepreneur
Link: https://youtu.be/U1chAivnQ0w
Questions:
1. What are the risks and benefits of becoming an entrepreneur as opposed to working for others?
2. Why is publishing profession especially risky for entrepreneurs like Tom Lennon?
3. Does the entertainment industry seem like a stable option for aspiring entrepreneurs to pursue?
4. Describe the types of risks Tom Lennon took in be successful in the entertainment industry.
Explanation / Answer
Answer 1: Risk and benefits of becoming an entrepreneurs
Risks: One has to forget about his/her current job, payout and the relief life they were living.
There is no surety of income for initial months or years because an entrepreneur always wants to save money for future risks.
Entrepreneurs have to be ready to sacrifice their own person fundings if required. This is a risk which every entrepreneur has to deal with.
Entrepreneurs mostly invest in startups where the main issue is of time deadlines. This risk depends on the availability of employees, workers working to achieve the same goal.
Benefits: Power to make decisions about the business.
An Entrepreneur creates a family means a team of people who work to achieve the same goal of the company.
Entrepreneurship is something which can be started at any age, you can get into this at any age.
Working for your own company is always better than working for someone else.
Answer 2. Publishing Profession requires writing, innovations, imagination, talent and lots of luck. Tom Lennon was a very good actor, but he has to leave his acting career behind and took an initiative to write stories and this risk of him paid him well. If he would not be good in writing he definitely is losing his acting career too. However, everything was fine for Tom Lennon.
Just like Tom Lennon, many entrepreneurs have to leave their jobs to give time to their startup or somewhere there are going to invest. Some of them get a good result by this and some failures too. This is fact, if you want to achieve something, you have to give your everything to achieve that.
Answer 3: Entertainment industry seems like a stable option for aspiring entrepreneurs to pursue because there are so many good, creative, interesting jobs in this industry like writing, directing, casting, editing, production, graphics, etc. Nowadays youth or entrepreneurs want to work somewhere, where they can enjoy and contribute their work towards the achievement of a certain goal. They want to work where they can give wings to their career, so this is how this industry seems to be a stable option.
Answer 4: Types of Risks Lennon took in being successful in the entertainment industry:
He left his job to start writing for the movies.
He started writing about the events happening in the worlds, which could be a risk of what people will think about it, will he be thrown out of the industry.
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