Small business is the engine of success for modern day corporate America.
It is a vehicle for the majority of entrepreneurs to overcome the lack of capital required by large business in the past and is a very personal way to achieve success.
Small business accounts for over 85% of the job creation in America and, barring intrusive government regulation, will continue to create prosperity for owners and new jobs for employees.
But surviving in the small business environment can be difficult.
Starting a small business requires focus on 5 key elements: 1.
) Create a perceived value added proposition.
Your business offering must add perceived value to the marketplace; otherwise you will fail absolutely.
2.
) Do your homework.
Understand the dynamics of your marketplace and the role of your business in that marketplace.
Try to find niches where you have either no competition or a competitive advantage.
3.
) Operate on a sense of urgency.
Treat every business day as the last day on earth.
Remember time is your enemy.
Try to execute priority tasks daily.
4.
) Create a culture of quality.
You must perform better than the competition constantly and quality products and services are the key.
A reputation for quality is hard to gain and easy to lose.
5.
) Never give up.
There will be many times in the start up phase and after of a small business when you want to throw in the towel.
Refocus on the basics and improve constantly.
Soon you will be back on the right path.
Remember, not all businesses succeed so if you fail, accept defeat graciously and start again.