3 Economic Professors 1 Rented Motorhome = The Holy Grail of Small Business Success

Three economic professors set out on a journey heading south of San Francisco to find out how small American businesses found their niche to success. I will present to you as "Lessons Learned" from their journey in a series of quotes that every small business should take note of:

Part 1 of 5

 

  • Economic principles taught in classrooms don't just apply to Silicon Valley startups and Fortune 500 corporations.
     

  • Everyday Americans are making economics work for them

 

  • Product differentiation is the key to helping your small business to stand out in a crowded commodity market where you have to convince your customers to pay more to survive.

 

  • You have to have control over your product pricing.
     

  • Down the vertical chain of your business can be the answer.
     

  • Build a grass-root campaign selling directly to consumers at farmer's markets, expos for example.
     

  • Advertise, build up hype of your products.
     

  • Make sure your products are sufficiently distinct keeping your target market in mind.

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