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:
- 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.
- 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.
- 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.
- 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.
- 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.