One thing I stress everywhere I go is the absolute necessity to understand your market. That means studying your competitors, the condition of your market, where the market is going, the average lifetime value of your product, EVERYTHING.
Regardless of what your particular niche may be, you need to stay singular in your focus. You need to understand that just because you are successful in one market does not be you will be successful in another.
Lastly, and most importantly, I have been telling entrepreneurs for a very long time that their greatest strengths lie in not what they have but what they don’t have. It is all a matter of perception as what you may think is your biggest weakness can actually be the spark to the fire that fuels your success. This is the entire principle behind my upcoming book The Power Of Broke.