Would you have preferred to mine or to operate a business that supported the miners, if you had been an inhabitant of Barkerville during its gold rush?
I would have chosen to operate my own business to support the miners. By choosing to run my own business, I could help and gather a lot of miner, and provide them with good money and make sure the working conditions are clean. I would do my best to help them with their work. My business would also make a lot of money. I wouldn’t have preferred to mine, because that wouldn’t really get me anywhere, I would probably have trouble looking for gold and could lost out on some money. I wouldn’t want to live off of what I find while mining.
Have i got it right? Why else choose business?
I think you missed the point of this question.
A business that supports miners sells them food, clothing, tools, and shelter. These businesses do not provide working conditions or money.
Your choice is good because probably most businesses that supported the miners did make more money than most of the miners. One of my ancestors went to California's gold rush as a miner and made enough to buy a farm back in Indiana. However, many miners didn't find much gold.
Levi Strauss started a very profitable company making and selling durable denim pants to miners. We still buy a lot of Levi jeans.
thanks so much:)
so if i started my own business i could make lots of money by selling things to the miners, and it wouldnt matter if the gold rush was bad, because i would still get money as there would be lots of miners, that need supplies to go mining with, and those that need a place to sleep and eat, it would be as if I went mining myself.
I wouldn't say you'd make "lots of money," but you'd have a better chance of making a living if you owned your own business.
You're welcome.
Yes, you have understood the concept correctly. Choosing to operate a business to support the miners in Barkerville during the gold rush would have been a wise decision for several reasons:
1. Stability: Mining is a risky and uncertain endeavor. There is no guarantee that you will find significant amounts of gold, and even if you do, there is no guarantee that it will be a sustainable source of income. By operating a business that supports miners, you would have a more stable income stream and financial security.
2. Diversification: Operating a business allows you to diversify your sources of income. Instead of relying solely on the success of your mining endeavors, you can generate income from various products or services that cater to the needs of miners. This helps spread the risk and increases the chances of financial success.
3. Support and networking: By operating a business, you can establish connections and build relationships with miners. By providing them with the necessary supplies, equipment, or services, you become a valuable asset to the mining community. This can lead to long-term partnerships and a loyal customer base.
4. Scalability: Unlike mining, which is limited by your personal ability to physically extract gold, a well-managed business can have the potential for growth and scalability. As the mining community expands, so does the demand for goods and services. This allows you to seize new opportunities and increase your profits over time.
5. Community impact: By running a business that supports miners, you can contribute to the growth and development of the community. Providing jobs, investing in infrastructure, and fostering economic activity can have a positive impact on the overall prosperity of Barkerville.
It is important to note that the choice between mining and operating a business ultimately depends on personal preferences, skills, and risk tolerance. Some individuals may still prefer the excitement and potential fortunes associated with mining, while others may find stability and long-term prospects more appealing in running a business.