Miscellaneous tips for new entrepreneurs

67. Stay updated in your line of business

Let us say for example that you sell computers online.

Advertising

In which case, you should keep yourself updated about the latest in the world of computers. You should know the latest Operating Systems. You should know the latest hardware products, the latest software products, and such. But more than anything else, you should know which products are trending the most - those that people want the most. This way, you will be able to update your line of products and make sure that you always offer the latest in the market. You will not be left out.

68. Always be aware of changes that will affect your business

External changes will sometimes have an effect on businesses. This is especially true concerning economic changes. For instance, the recent economic problem faced by the US caused many businesses to suffer. Also, the recent decree in the Philippines that banned the use of plastic bags caused bankruptcy on many businesses that deal with plastic products. Always be aware of such changes. It is better if you learn about them even before they occur. This way, you will be able to make necessary steps to lessen the effects on your business. Of course, you also have to keep your eyes open for changes that will open new opportunities for your business.

69. Keep watch of your competitors

Always keep an eye on the activities of your competitors. Check out the promotional activities that they are doing. Check out their growth. Also, check out their prices. Then ask questions. Do I still have the edge to compete with them? What can I do to top their performance? What changes should I do to keep my place in the market?

70. Protect your business secrets

Advertising

Let us say for example that your prices are lower than the prices of your competitors. This is your competitive edge. You managed to offer lower prices because you found a supplier that offers very low prices. But what do you think will happen if your competitors learn about your supplier? If they manage to get your supplier, they will also be able to lower their prices. It is these kinds of business secrets that you must protect no matter what. Also, make sure that your employees are sworn to the same degree of secrecy.