Running a business is no easy task. Making a profit consistently is even harder. Does one want to be in a microeconomic structure that is perfect competition, monopolistic competition, oligopoly, or a monopoly? Does one want to sell widgets or provide service? How much capital will be needed to begin a business, how do you treat employees, what is ethical, and what is not? The above questions are just a few that need to be answered when running a business. Once certain questions are answered and an individual business becomes successful it is important to maintain a competitive advantage. Complacency is easy to fall prey to especially if the business has been good for a long duration. Employees get lazy, markets change, innovation improves, and markets demand change. If the business is not adept at continuing to improve on each of the items above then market share could get sacrificed. Two golden rules in life that also apply to business, treat others as you would like to be treated and live life in moderation. If a business is run with those two rules in mind it will not go wrong. Consistency is a key to success, taking advantage of the opportunity is important but so is running a business with integrity. If you can create a niche market and maintain the competitive advantage by not getting complacent the business will have continued success.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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