Why do so many small local businesses fail?

My answer to Quora: Why do so many small local businesses fail?

Competition is fierce these days. Many small business owners fail, because they don't have a Unique Selling Proposition (USP) and they just get lost in the shuffle. The interesting thing about a USP is that this unique attribute or feature doesn't necessarily have to be unique to you, your product, or your services; you only have to create the perception that it is unique in the mind of the audience you are addressing. And if by so doing, you become the only one in your business category talking about your product's special attribute, you end up owning its uniqueness.

A strong unique selling proposition lets you to stand apart from competitors and actively focus your energy on creating things that cater to your ideal group of customers. Click here for further reading on Positioning Your Brand and its USP.

For other related tips, you may want to check out:

Small Business Tip: Establish Your Competitive Advantage

Small Business Tip: Build an Emotional Connection

Why Small Businesses Should Focus On Branding