Building a successful business is a challenging proposition under the best of circumstances. But in an industry beset by issues such as lack of consumer regulation, unscrupulous financial practices, or callous disregard for investors, it can be even harder to stand out and gain the trust of stakeholders and customers.

In my years working in the private aviation industry, I've seen the situation go from bad to worse, with the leading companies accumulating billions of dollars in debt and publicity that disgraces the sector which is made of decent hard-working professionals. In this environment, I have built the second-largest dedicated private jet charter airline in the industry, learning how to avoid pitfalls along the way.

Pick Your Role Models Wisely

One of the first things burgeoning business leaders do is look at other examples in their industry they want to emulate. This can be a significant challenge in an industry where you don't feel there are examples worthy of imitation. Instead, it may be necessary to look for examples in similar industries and adapt their approach to your own.

Alternatively, you can also make it your goal to become a role model, bucking your industry's trends and setting an example that other up-and-coming leaders can follow.

Some of the worst advice many entrepreneurs receive is to "think big." Instead, they should focus on every single customer, on every single interaction, determined to treat every client as though they're about to give you a million dollars.

When entrepreneurs fall into the trap of thinking big, they waste money on employees and on titles that don't mean anything, and they lose sight of what really matters: the client.

Companies should strive to operate on a dime and focus on achieving double-digit growth every year.

Know When To Throw In The Towel

Many entrepreneurs make the mistake of sticking with a business that is never going to be scalable and sustainable, sinking money into it in the doomed hope that it will turn around one day.

If you can't point to substantial growth within three years, there's no reason to believe the business is going to magically become successful the next year.

Embrace Reasonable Regulation Or Oversight

Many business leaders decry regulation, but it's important to recognize that a reasonable amount of regulation or oversight can be a valuable ally. In my industry, for example, there is absolutely no consumer regulation at all. As a result, companies are free to operate however they want with absolutely no accountability. Similarly, there is virtually no oversight for the industry’s press practices, with companies able to promote utter nonsense via press releases.

While that may sound appealing to many leaders, it isn't a healthy situation for any industry. For example, I believe my industry is on the verge of a significant reset as companies that have over-leveraged themselves and taken on billions in debt—often called “cash”—face a reckoning.

In contrast, a reasonable degree of regulation can help stabilize an industry, providing a framework for companies to operate within and for investors to invest as safely as possible.

Be A Beacon In Your Industry

If your business is part of an industry that is plagued with issues, it's important to be the one company that is shining a light on those issues and sounding a warning.

I believe that businesses have a responsibility to protect their customers and investors to run an ethical operation. In an industry where that may not be the norm, it's even more important to stand out as the exception, not the rule.

If and when your competitors crash and burn, your company will stand out as clearly as a lighthouse in a storm, winning respect and customers along the way.

Without a doubt, growing any business is a major challenge. With the right attitude, focus and ethics, you can stand out—even in a troubled industry.