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Only one of every 5 businesses makes it to its 5th year, and fewer still make it to 10 years. What do the successful businesses have in common?

1. The experience and skills of the top managers. Over half of business failures are directly related to managerial incompetence.

2. The energy, persistence and resourcefulness (the will to make the business succeed) of the top managers. Many business owners have failed or come close several times before their "instant" success. Don't give up.

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4. The ability to create a "buzz" around the product with aggressive and strategic marketing. Make scarce marketing resources count. Do as much homework about your customers and their choices as you can before investing your marketing dollars.

5. Deal-making skills to sell the product at the highest possible price given your market. It comes down to your customers' perception of the value of your product and sometimes the power of your personality.

6. The ability to keep developing new products to retain and build a customer base. Consider gradual product development based on improvements to the current product line and sold to the current customer base.

7. Deal-making skills to work with resource suppliers to keep costs low. Keeping costs lower than competitors' and continuing to look for cost reductions even when the business is profitable is key.

8. The maturity to treat employees, suppliers and partners fairly and respectfully. Trust and respect result in productivity increases in ways that may be difficult to see and quantify.

9. Superior location andor promotion creating a connection between your product and where it can be obtained. Studies have shown it can take seeing your product or name seven times before a customer is ready to buy.

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About The Author

Jan B. King is the former President & CEO of Merritt Publishing, a top 50 woman-owned and run business in Los Angeles and the author of Business Plans to Game Plans: A Practical System for Turning Strategies into. Cheap Jerseys Cheap Shirts Cheap Shirts Cheap Hoodies Cheap Shirts Cheap NFL Hoodies Cheap Nike NBA Shirts Cheap College Hats Wholesale Hats Wholesale Hats