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Secret components of a successful business

Secret components of a  successful business

The development of the modern market relations has led to the point that almost every entrepreneur has its own understanding of structuring his business solutions. It should be noted that the current business has very different ways of development and its components. Based on the years of research, one can single out several basic principles that can become the foundation of business successful. In particular, these are:

  • Business idea;
  • Responsibility;
  • The level of competition;
  • The incentives for entrepreneurial activity;
  • Hard work and business fortune.

Let’s look into these components in more detail.

Business idea

It is the main element in te starting of a successful business. Today there is a great number of plans and business ideas, among which it is quite difficult to determine the most profitable and cost-effective one, because almost each of them, in the case of the proper development, has its own potential. Moreover, a lot of modern business solutions are often based on the traditional reselling of the goods. These chains can line up in long links, each resulting the increase of the cost of goods, without affecting their quality. It is obvious that such a scheme is not able to provide high profitability of business. Thereupon, the truly profitable areas of business remain those, which contain, as the main element, the actual business idea that benefits both the producer and the final consumer, and which provides some certain added value to the product or service.

Responsibility

The modern entrepreneur should understand that all the responsibilities for the failures and disastrous business decisions depend only on him, and has no linking with the personnel and subordinates. The power that allows to coordinate all the actions and to make the right decisions is in the hands of the owner of business. If you plan on creating your own business, it is important to realize that it is you who will solve all the current problems, which means that all the responsibility are only on you. You will not be able to shift it to third parties or employees.

The level of competition

This factor became rather significant in today's market. One should not have the illusion that it is possible to find a branch of industry where the level of competition will be minimal. A successful business requires constant analysis and relevant research of the activities of the competing companies. Even if your business idea claims a high degree of uniqueness, there is always the probability of the emergence of competing companies which develop in the same industry as you do.

The incentive for entrepreneurial activity

Try to answer the question what is the main incentive to start your own business. Undoubtedly, it is receiving the profits. Income remains the main incentive for entrepreneurial activity. Besides, the level of profitability is always determined based on the pricing policy that the company implements. Therefore, development of the pricing policy is essential for all business areas. The availability of a competent and reasonable price policy might be the key to success in business. Besides, it is necessary to take into account the fact, that in certain industries a decent level of income is only possible in the case of availability of the significant amounts of the offered products or services.

Persistence and business fortune

The success largely depends on the persistence of the owner. If a business owner does not expect the immediate results, but shows persistence and targeting of his actions, the result always exceeds expectations. Besides, experts note the significant role to the business luck, or, in other words, the entrepreneurial luck. After all, it is the one factor that can either rise your business to the peak, or cause its collapse. At the same time one should not count only on good luck – it is only one of the elements of success. Thus, as one well-known businessmen said, the more you work, the more chances of luck you have.

The choice of the country to open your business

Considering all the abovementioned factors, one of the crucial points is a country where you decide to open your business. It will determine your target markets, the costs of infrastructure, personnel and other components, as well as the applicable laws related to the various regulations in relation to the business and hiring employees. The very important role will also have the tax payments of your business in all its elements – VAT when purchasing goods, raw materials and equipment, additional tax and other charges when you pay staff salaries, various fees and charges, and tax on earned profits.

From this point of view, for most types of business, the UAE is the extremely attractive platform for entrepreneurs. The United Arab Emirates offers the possibility of registration of companies by foreigners with the possibility of carrying on business both abroad and in the UAE. Besides, such companies, for most types of activities, are fully exempted from taxation in the UAE. For this reason, if you are going to open a new company – pay your attention to the opportunities and the potential, which is offered by the United Arab Emirates for business.

Email or call us on all the issues on how to open a company in the UAE.

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