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The following article was published in our article directory on July 30, 2016.
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3 Golden Rules of Entrepreneurship

Article Category: Education

Author Name: Theodore Henderson

Do you want to increase your chances of succeeding with entrepreneurship? Follow these three golden rules and become closer to your goals.
1. Never bank on somebody else�s popularity.
This is a cheap but somehow effective strategy used by many small businesses. They register a business name and buy a domain name that is close to a successful competitor�direct or indirect�in the hopes of accidentally misleading and attracting some of their competitors� customers.
For instance, your business is selling homemade cupcakes in Washington DC and you are aware of another famous brand called �DC Cupcakes� with a domain name called www.DCcupcakes.com. So, instead of coming up with some catchy business and domain names, you just register �DC Cupcake� and www.DCcupcake.com without the letter �s.� With this, loyal customers that might misspell the name of the original domain owner will be redirected to your own website�a ruse that, surprisingly, may be legal to a certain point.
While this strategy works at first, it still has long-term legal implications that may bring you down with added consequences, especially if your competitor takes this concern to the court. Consumers are also aware of tricks, so it is just a matter of time before they brand you as a crook and cheap copycat.
2. Be the innovator rather than the inventor.
It does not matter if Motorola Xoom first wowed the market with an Android tablet because iPad is now the gadget to beat. It does not matter if Nokia, Palm, and Blackberry first outdid one another in the battle of the best smartphone because Samsung and Apple currently have the largest market shares. It does not matter if Friendster first ruled the social media because Facebook is the one that remains standing.
In this modern era, innovators are given more credit than the inventors because the market prefers innovations rather than new, unfamiliar ideas. When you innovate something � product or service, system or platform�you set a bar higher because people clearly see the benchmark. People love to compare, so it will be a lot smarter and practical to outdo your competitor rather than find new ones with new markets.
Your product or service need not be something big like gadgets or online services. This rule can be applied even to the most basic things, such as cupcakes, homemade bracelets, and whatever you have.
3. Stick to the strategy.
This is a very basic rule that is often forgotten in entrepreneurship. If something free is up for grabs, it is understandable if you will want to take everything for yourself. However, when it comes to free marketing, �many� does not always mean �more.�
A mistake that many novice entrepreneurs do is use all free marketing strategies, tools, and platforms that they can get their hands on, thinking that they increase their chances of reaching a wider market when they do so. However, spreading themselves too thin takes away the chance of seeing the most effective strategies to stick with and enhance even more. If you will try everything all at the same time, you might lose the precious chance to see an opening to jostle your way through your target market.
Do not waste your time and energy on strategies that give bad results. Create a plan, and stick with it. Do not get too excited about every new tool and platform that you see because new ones pop up all the time anyway.

Keywords: starting a business, business start up, launching a business, entrepreneur, entrepreneurship, small business, small biz, home business, home based business, small business success

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