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Determine the opportunity cost of leaving your job

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Reference no: EM132790690

Consider the following scenario in relation to your venture and determine the opportunity cost of leaving your job to become an entrepreneur.

You currently make $50,000 per year at your job plus benefits (equal to 30% of your salary). On January 1 of the New Year, you start your own business. After the first year, your accountant informs you that you made $45,000 and out of that you paid $6,000 for health insurance. What was your opportunity cost? If your opportunity cost is higher than you would like, how can you lower your opportunity cost in the future years?

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Reference no: EM132790690

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