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The 10 Biggest Mistakes Made by Small Business Owners

By Mike Michalowicz

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9. Assuming You Have No Competition

Even if you have the latest, greatest, never-been-done-before approach to something, don't assume that you have no competition. Competition is more than just the direct, obvious competitors. Competition is also all the available alternatives. What else could the consumer do instead of using your product or service? Could they do nothing? The customer almost always has the option of walking away. That alone is a serious competitive threat.

By Mike Michalowicz