Why does one small business owner flourish while another one fails? In all my years of being in business, reading all I can about business, and surrounding myself with successful entrepreneurs (large and small), I have come to believe there are 7 essential principles that all successful small business owners have in common.
- An entrepreneurial mindset
- Strict fiscal discipline
- A kitchen cabinet of advisors
- A defined brand
- A niche market
- Excellent customer service
- Cash position and a good banking relationship