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Q: Why did the first penny say mind your own business?
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Continue Learning about Economics

What should you do if there has been a general slump in business conditions?

you mind your own business


Who own the factor of production?

Business firms own the factors of production.


How much profit should you expect from owning your own business?

If you own your own business you should consider the following: Cash, time and money invested in the business the first year you might not make money even lose money second year brake even and some profit if you survived the thier year you will fine. You should expect to make 3 to 5 times the amount you make as employee but always make sure to present your business idea before even you start your business.


How many people own their own home business?

1 in every 153,700.00 people own their own businesses. However 96.2% work for someone else hence being known as an employee. Individuals that own their own business are considered to be in an elite class of citizen. Statistics show that almost all small businesses fail within the first three years. Only 6.9% of all business succeed after three years and only 1.7% of all small business succeed after ten years. Small business ownership in America is reserved for only a select small group of highly intelligent and highly motivated people. Statistics from the US Corporations of America.


Why did you choose this major?

Many people choose a major in business and industry so that they can own their own business. Many others choose a major in business so that they can be understand the economics and finance that goes into a business.