Running or managing a business could be interesting and sometimes frustrating especially within the first two years of establishment.
Before you give up on your business, conduct a market research and find out what customers are looking for. Check if you are offering something that is not already out there? If you are offering an already existing product, is it a better choice?
This is where businesses miss it. It’s very important to study your competition and be sure you are more innovative. If you are only as good as your competition, your business will struggle, even if you try to undercut their prices. You have to be significantly better to beat your competitors. If you can’t be, you have two choices. You either quit or fight until you can offer something truly superior to what’s already out there.
However, competition is not the only measure of business success. Passion, foresight, insight, customer relations, great team, strong leadership, financial capability and a lot more determine the success of any business.
All these must be put in place even if it’s progressive.
Remember you don’t have to be an expert in everything, but you need a strond team and I mean strong team to make things work. Most importantly, see competition as your friend. It only helps you improve and gives you assurance that there is a market for your business. Make sure you don’t copy your competitors but instead, learn from them and be better rather than quit.
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