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A cookie-cutter product doesn't make for successful entrepreneurship. You need to have a unique product to make it in the long run. Look at the market and carve out a niche for your business. Ask yourself what the value of your product is. Find a way for it to provide value that no other product can. A small innovation on an existing product is a great way to differentiate yourself. Your product isn't necessarily what has to be distinct. It can be the structure of your company or the way you go about fundraising and networking. Whatever it is, you have to do something different to make it as an entrepreneur. This is true in all aspects of your business. Failure to communicate is one of the main reasons businesses fail. Communicate the value of your company to investors and consumers and communicate on company matters with your partners. Maintain real dialogue with your clients. Communicate through whatever channel is best for them. If you don't keep a dialogue running, they might leave you. If your clients leave you, your company will fail. Be clear, concise, and compelling with your customers. You don't want to waste their time. There's no such thing as too much communication with your business partners. Keep them in the loop as much as you can. There will, of course, be some decisions that you should make unilaterally without communicating. Keep those to an absolute minimum though. Your business has to keep up with rapid changes in the market in order to maintain a competitive advantage. If you decide to change directions to keep up with a trend, do so quickly. Long, drawn-out changes will only hurt your business. See trends as an opportunity. As the saying goes, the trend is your friend. Organize your company so it can survive rapid changes. Be sure to communicate any changes to your clients and investors. A frequent cause of business failure is a breakdown from the top. The founder has a scandal or does something to lose the trust of their clients. A classic example of this is Lance Armstrong. Don't make the mistake of thinking your business can make up for your lack of character. Remember that investors are investing in you, not your company. Identify areas of weakness and work to correct them. If you have trouble relating to people, work on your communication skills. If you have a tendency for benders or illicit activities, you must stop them before you become an entrepreneur. Investors always do a background check. Do everything you can to be likable and respectable. Conduct yourself with dignity, and treat your business partners with respect. You don't have to do this right away, but if you want your company to be successful in the long run, you need to have a proven revenue stream. Look at what similar companies did to make a profit and use their business model as a blueprint. Don't worry if you aren't profitable at the beginning. You will rarely start off making a profit. Spend your money building up an infrastructure and creating a great product, and investors will keep you afloat. Emphasize to your investors that the profits will come. Make sure you have a realistic plan for how to do that though. It doesn't matter how good your product is, if you aren't making a profit, your investors will eventually lose faith and your business will fail. Have a plan from the beginning on how to make your company turn a profit. Once the profits start rolling in, it can be tempting to take them as a bonus for all your hard work. Resist that temptation. Reinvest your profits to build your company. Think about the long run. Most businesses fail, so you should do everything you can to make sure that doesn't happen to your business. To grow your company, invest profits in marketing and sales.
Differentiate your product from the market. Maintain constant communication. Keep your company up-to-date with industry trends. Avoid founder dysfunction by being treating your company, partners, and clients with the utmost respect. Be sure to lock down a profitable business model. Reinvest profits back in to the company.