Challenge No. 1: Knowing Your Business

 "People who succeed are the ones who know the most about what they are doing." Without exception, small business owners agree that knowing your industry is fundamental, expert knowledge of your industry practically dictates your success.

 Small business owners believe that knowing your business entails in-depth industry knowledge, market savvy -- such as competitive knowledge and how to attract customers -- and a certain practical knowledge of how to find suppliers and distributors. Owners believe the necessary expertise is acquired through a combination of formal and continual study, and on-the-job experience. Unanimously, they recommend that new or would-be owners become as qualified as possible in all of these areas, beginning with professional education.

 

"Get the best education in your field that you possibly can," advised a manufacturer. "Find out everything that you can and be totally dedicated to spend the time tutoring under the leader in your chosen business endeavor."

 This manufacturer valued hands-on experience as well, saying, "I had a number of years in an apprenticeship program, and, at the time, I didn't realize the value of it."

 When it comes to professional knowledge, all agreed that successful small business owners have the experience and background in their chosen area.

It is critical to expand this basic knowledge into overall familiarity with the marketplace. A manufacturer advised entrepreneurs to "research to make sure the need exists for the service or product ... that people you're selling to can afford to buy it, and to ensure that they can access it." By access, he meant having a good business location or distribution system.