Owning and operating your own business can be empowering and exciting. People often state their desire to be an entrepreneur and to someday own their own business. However, it is seldom discussed what kind of business it will be. It is important for every entrepreneur to step back and take an...

While the success of any new business is dependent on a number of factors—the specific business model, technological advantages, the skills and talents of the management team, and competitive and other environmental factors—it is now well understood and accepted that companies often rise or...