In 2013, it was reported by the Small Business Association (SBA) that although 543,000 new businesses are started each month, more employer businesses are shut down than started in a month. Beyond that “7 out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more.” (Forbes, 16 Surprising Facts About Small Businesses) While there are a multitude of reasons businesses run out of steam, the reason small businesses survive is because they fill a need. If you are an aspiring entrepreneur, here are three strategies you can use to hone in on how you can succeed in the market.
Businesses exist because there is an opportunity to solve a problem, but businesses survive because they are clear on how they solve the problem (unique value proposition) and how to generate revenue (business model). In today’s marketplace, owning a business is about not only being adaptable but also being adept at understanding your customers needs. While nothing guarantees success, asking yourself these key questions will give you a solid foundation to start your business.
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Lawrese Brown is an educator, entrepreneur, and consultant. When not working with students, she's teaching improv classes through the Engaging Educator, completing her Masters in Educational Leadership, Politics and Advocacy at NYU, and encouraging other young women to become entrepreneurs as a member of New Jersey's Association of Women in Business.