15 Facts You Never Knew About Owning A Business

A business is an enterprise or organization in which goods, services and capital are combined to produce products and services that are offered to the public. A business can be small or large, multinational or local. Abu dhabi central business district is the geographical area of Damascus in which the economy of Syria and the Arab world was based. It was strategically important for the capital to remain close to Palestine because 85 percent of the Syrian population lived within a one-day traveling distance from Damascus.

There are many paths to success for those who choose entrepreneurship over a career with one company. As for the early phases – here are fifteen facts about owning a business you may not have known before:

1. Starting your own business can be a smart way to use a vacation.

If you’ve ever dreamed of owning your own business, why not take a few days out of your busy schedule and see if you can turn that dream into a reality? Believe it or not, taking days off from work or even a vacation can actually help you come up with new ideas for products and services that could be the next big thing.

2. You’ll never know how much you like being an entrepreneur until you try.

There are many entrepreneurs out there who talk about their life as if it’s the best thing since sliced bread. They love the freedom of being your own boss and don’t mind long hours at all. However, in the beginning, you may be surprised to find out how hard it is to run a business. You may also have moments when you wonder why you ever started your own enterprise – especially if it’s in a field that you’re unfamiliar with.

3. Entrepreneurship has its roots in capitalism.

The entrepreneur is someone who organizes what would otherwise be considered random economic activity into an efficient, productive unit by acting as a middleman between production and consumption of goods and services.

4. You can learn everything you need to know about starting a business in 75 hours or less.

While attending an entrepreneurship-focused seminar or taking night courses at a college may seem like a great way to get the ball rolling, it often takes more than that to become an entrepreneur as long as you’re willing to learn and put in the time and effort needed to succeed. Keep in mind that there are plenty of ways you can get your feet wet without major investments of time and money, such as starting a small business part time, freelancing or selling handmade goods on Etsy , which are all great ways to dip your toe into the entrepreneurial waters.

5. Young adults are more likely to start businesses than their older counterparts.

According to the Global Entrepreneurship Monitor, 15 percent of adults between 18 and 24 years old started their own business in 2008 and 2009, compared to only eight percent of people over the age of 25.

6. There are three major factors that determine whether a new business survives its first five years: leadership, team and idea.

Forbes explains that there is no exact measurement for which factor is most important for a small business, but when you analyze the outcomes from many businesses that have failed or succeeded it becomes clear that all three areas play a major role in the ultimate success or failure of your enterprise.

7. You can make money by selling your products on eBay and Etsy.

Selling your products or services on eBay or Etsy is an easy way to get started in the business world without having to set up a physical store or office. When you’re ready, you can open a storefront that sells handmade goods from local artisans, which helps other local artisans sell their wares while helping you promote your own products at the same time.

8. Small businesses can succeed even when their leaders don’t have a college degree.

According to Entrepreneur magazine, the average net worth of entrepreneurs in the United States is $331,000–and only 11 percent of them have a college degree . However, a college education may help you learn the skills needed to start a business, but you can also learn plenty of what you need to know by reading articles and books that explain how to become an entrepreneur.

9. Even if you’re not sure about your idea, try it anyway.

According to Harvard Business Review, 80 percent of U.S. companies that go public have been rejected at least once by a venture capitalist – and in many cases this occurs before the business has even been founded. When deciding whether or not owning your own business is right for you, understand that most people who fail in this field do so because they gave up too early or didn’t take risks .

10. You don’t have to choose between an employee and an entrepreneur.

There are plenty of opportunities for entrepreneurs to be a benefit to their employees, especially if you run a business through your personal services or those of your employees. For example, the small business that I’m in allows us to take advantage of our personal or professional networks through various collaborations between the various employees. 

11. You can use crowdfunding (or “crowdsourcing”) to fund your small business start up.

Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the Internet. Sites like Kickstarter and Indiegogo have created platforms for small businesses to get their products and services out into the world by using crowdfunding to create buzz about their new ideas. 

12. The best way to find customers for your business is through networking.

According to Entrepreneur magazine, networking “means getting out of your chair and telling people that you have a business opportunity. It also means getting past the ‘what you do for a living’ barrier and asking about their needs.” By learning about your customers’ needs and requirements, you can find ways to improve your products or services and eventually create a sustainable revenue stream from them.

13. Don’t sell yourself short! You may be the best person for the job!

We often get so caught up in what we don’t know that we forget to think of ourselves as being good enough. There are plenty of things that you can do to get ahead, even if you feel like you don’t have the necessary experience. Think about what your best talents are and how you can leverage them to learn new things and make connections with the people who can help you succeed.

14. Hiring employees is a great way to grow your business.

According to Entrepreneur magazine, there are more than seven job openings for every available qualified applicant in the United States. Organizations may use the assistance of an employee recruiter to find employees, but if you’re looking for help getting started with your own business or even just making connections with potential customers or vendors, you can always hire an employee by paying him or her a salary or offering them stock options in return for their expertise and knowledge.

15. To succeed in business, you need to be flexible and adaptable.

Entrepreneur magazine explains that “while you should be prepared for many circumstances, don’t expect to be able to predict every future event.” Consequently, you’ll need to take the necessary steps to ensure that your plans are modified and altered on a regular basis so you can remain close enough to the ground to avoid sinking into an unproductive rut.