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Entrepreneur's guide to starting a successful small business

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According to 2007 statistics, about 12% of small businesses make it though the first year that they are in operation.Of the remaining 12% about two-thirds will survive at least two years, 44 percent survive at least four years, and 31 percent survive at least seven years.With nearly _ of a million new businesses being started each year, there are certainly possibilities for success.However, there is also the need to have an edge.You do not want your small be like the more than half a million small businesses that can't keep its doors open for more than 12 months.

Start with a good idea and make it something you love

Owning and operating your own business is really a labor of love.Not only do you have to have a great idea for a business but you also need for that idea to be something that you can really get excited about and love doing day in and day out.Being an entrepreneur is hard work.You work very long hours at first and commit yourself personally to the venture.If you can come up with that great idea, you are well on your way to becoming a successful small business owner.

Don't lose steam

As is the pattern with many things in life, you have a great idea you take some steps towards making your dream a reality and then you lose the motivation to keep moving forward.Your enthusiasm fizzles and your dream of being an entrepreneur dies with it.By being aware of this pattern ahead of time, you can come up with a way to keep your goals in check so that you do not lose your entrepreneurial steam as well.Starting a successful business takes time, effort and a significant amount of determination.

Have the capital

It takes money to start a business.There are many different options available when it comes to raising the capital that it takes to get a business running.Some small business entrepreneur's have saved the money that they will need to start their business.Other entrepreneurs choose to borrow their funds.Many entrepreneurs get their funding from investors who are hoping to profit from your success in the long run.Make sure that you have a business plan so that potential investors and lenders can see that you have thought long and hard about how much it is going to take to give your business a fighting chance.

Know your competition

Competition is an important factor in any business for two main reasons.First, you can learn a lot from your competition.You can observe what works and what does not work.Next, you can take note of the weaknesses that your completion has and make sure that your business can offer services that surpass what is being offered by your competition.

Location, location, location

Your small business has to offer a product that people in your area are willing to buy.You may be the most beautiful winter scarf maker in the world, but if you sell your scarves out of a grass hut in Hawaii, you are not going to do well as a business owner.Study and understand not only your area but also your specific target market in that area.

Have basic business know-how

While you do not need a college degree in business to be a successful business owner, you do need some basic business know-how.Take a couple courses on accounting, marketing, business finance, sales, etc. from a local college or university.Look for online tutorials.Take advantage of educational opportunities offered by your current employer.Every little bit helps!

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