An insurance cover to protect your business from unexpected events or fall during hard times. Templated business plans give investors a blueprint of what to expect from your company and tell them about you as an entrepreneur. The majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan. How do insurance companies make a profit? The next thing that should be on your agenda is deciding the type of insurance products you want to deal with. The insurance industry as I know you should be aware is business management a very wide industry with so many niches. Bethlehem, on the other hand, was not attuned to the changing economic market. Bethlehem focused itself into mass producing steel, concentrating mostly on its volume and quantity output. Eugene Gifford Grace, Bethlehem CEO in 1943, for instance, promised President Roosevelt a ship a day- but beat his own mark and delivered 15 ships a day (Loomis, 2004). It was good for business especially since America was at war during that time. But after the end of World War II, that lucrative business of building ships are not so in demand anymore.
Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves. Their ambition to continue their business’ growth eventually leads to the creation of new jobs As their business continues to grow, even more jobs are created. It is very challenging when it comes to running an insurance company as you will be dealing with employees and customers. It takes a good leader to be able to run a company of this nature or else, it won’t last the first five years. Labour is another input of production. It refers to human efforts both mental and physical directed towards the production of goods and service. Among contemporary writers and scholars, labour is distinguished from entrepreneurship and knowledge. The reward for labour is wages or salaries.