Study your competition• Entrepreneurs need to understand their

competitors and what they’re offering!• This helps you better market your own

product and take advantage of your competition’s weakness

Always conserve cash

• Always maintain a conservative approach with your cash !

• This helps you deal with any potential rough patch

Don’t start out big• Don’t start out by

expanding into huge markets

• Niche marketing is a great way to make your business stand out!

• Once you’ve mastered a niche, you can expand outwards

Stay up to date

• If you rest on your laurels, then you risk becoming irrelevant!

• Understand and utilize emerging products or trends to make sure you stay on top

Respond to change

• Change is inevitable in business!

• Entrepreneurs need to accept change and adapt business operations accordingly!

• Not adapting means loss in customers and profits

Listen to your customers• Entrepreneurs can only

evolve their business when they’re listening to their customers !

• Listen and be ready to adapt to see if you’re missing out on an opportunity