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7. Provide Great Customer Service Too many businesses forget the importance of providing great customer service. If you deliver better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition. High-quality service is one key to obtaining a competitive advantage in the marketplace. Some businesses refer to this as taking a consumer-centric or client-centric approach. In fact, in today's hyper-competitive business environment, service is often the major differentiating factor between successful and unsuccessful businesses. This is where the saying "undersell and overdeliver" comes in, and savvy business owners are wise to follow it.

6. Stay Focused on Your Goals The old saying "Rome wasn't built in a day" applies to building a business as well. Just because you open a business doesn't mean you're going to start making money immediately. It takes time to let people know who you are and what you have to offer, so stay focused on achieving your goals. Even many small business owners who ultimately achieve success won't see a profit for a few years and will have to rely on borrowed money (if they can get it) or their own savings to support the business until it can become profitable. Fortunately, there are a variety of ways to finance a business. That being said, if the business is not turning a profit after a reasonable period of time, it's worth looking into why that is and whether the business needs to go in another direction.

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5. Be Creative and Strategic Always look for ways to improve your business and make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and different approaches.  Keep an eye out for opportunities to expand your current business or develop related enterprises that will lead to additional revenues and provide the benefit of diversification.

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4. Understand the Risks and Rewards Another key to being successful is taking calculated risks. Besides contemplating the potential rewards if you succeed, a good question to ask is: "What's the downside if this doesn't work out?" If you can answer that question, you'll know what the worst-case scenario is. If you could live with that scenario and are prepared to take the necessary steps to manage the risk as much as possible, you might want to give it a go. Otherwise, this could be a good time to consider other opportunities. Understanding risks and rewards includes being smart about the timing of starting a business or launching a new product. For example, certain products or services may be more popular during a particular period of the year. Technological change and fashions also impact what consumers buy and how they behave.