You can stay in business for a long time by being efficient in the use of your materials and resources, having a strong hold on who you are, and surrounding yourself with other successful, young entrepreneurs.

Efficiency is key to remaining competitive in today's market. When you determine your strengths, you can harness them to maximize your leverage. Using personified production methods, such as dividing a production process into separate operations completed by different people or at different times, allows you to be more efficient. Play on your strengths and know that developing these skill sets will give you an edge over competition, both new and seasoned.

How can you ensure your business will outlast the competition?

The first and most important objective is "people before profit." You should always make sure to do what's right for your people and for those that benefit from the business. The second principle is patience. Don't leverage short-term profits or go into debt in hopes that it will all work out down the line. Take opportunities that come your way to make a positive impact and keep growing, slowly but surely, over time.

How do successful entrepreneurs manage and treat their employees?

Some successful entrepreneurs take a hands-off approach to managing their employees. They delegate tasks to managers who are deemed talented enough for the job and let them manage certain aspects of the company. Others prefer more direct involvement in day-to-day decisions, but you'll never find even the most hands-on entrepreneur micromanaging things. The main goal is always long-term success!