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5 Successful Habits of Small Business Owners

According to USA Today, only about one-third of businesses make it past their 10th year of operation. So, what exactly does it take to survive?

Here are 5 successful habits of small business owners:

  1. They have a product that appeals to a specific market segment. It's not about selling to the masses; it's about identifying a specific niche to appeal to.
  2. Their product is well-differentiated from the competition. Providing something different — and hopefully, better — in a market-focused way is one of the successful habits prosperous business owners share.
  3. They're highly attuned to market (and environmental) shifts. Staying up-to-date on trends that can impact demand for your products and services is key to developing your business.
  4. They seek out and listen to outside perspectives. Seeking input from others — current customers, prospective customers, third-party vendors, etc. — can help ensure you're not too internally focused.
  5. They continually innovate. Competing on price alone is simply a "race to the bottom." Offering valued benefits helps companies command top-dollar prices for their products and services.