Running a business is no easy task. Making a profit consistently is even harder. Does one want to be Show more Running a business is no easy task. Making a profit consistently is even harder. Does one want to be in a microeconomic structure that is a perfect competition monopolistic competition oligopoly or a monopoly? Does one want to sell widgets or provide service? How much capital will be needed to begin business how do you treat employees what is ethical and what is not? The above questions are just a few that need to be answered when running a business. Once certain questions are answered and individual business becomes successful it is important to maintain a competitive advantage. Complacency is easy to fall prey to especially if the business has been good for a long duration. Employee get lazy markets change innovation improves and markets demand change. If the business is not adept at continuing to improve on each of the items above than market share could get sacrificed. Two golden rules in life that also apply to business treat others as you would like to be treated and live life in moderation. If a business is run with those two rules in mind it will not go wrong. Consistency is a key to success taking advantage of opportunity is important but so is running a business with integrity. If you can create a niche market and maintain the competitive advantage by not getting complacent the business will have continued success. i need a peer replie for this discussion atleast 150 words Show less
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