What is it that makes some small businesses fail while others go on to resounding success? It is an unfortunate fact that a lot of businesses do not make it in the long run. What separates those that thrive from those that don’t? The difference is that certain habits and traits are what allow some small business owners to make their own luck and run successful companies. Let’s look at the ten most important:
1. Big Dreams
Dreamers build successful businesses. “Business owners often create something out of nothing,” states founder and CEO of SmallBizTrends.com Anita Campbell. Campbell built her online community on the belief that small businesses can make their dreams reality. “You have to see your business in your mind’s eye . You must have complete faith and belief in this vision of what your business can become from the very start, even when there’s hardly anything tangible yet.”
2. Spotting Opportunity
Many of the apps, sites, and social networks created by entrepreneurs were all seen as unlikely to succeed or even outright bizarre. Being willing to think outside the box is what allows small business owners to see success where others see only wasted time and failure.
3. Movers and Shakers
Everyone has got ideas about how to change the world. Actually making those ideas a marketable reality and then getting people buy is a completely different skill set. Successfully executing ideas is what separates effective entrepreneurs from idealists. When Facebook became the most powerful online social network on the planet, they were able to do so because Mark Zuckerberg and his company found a way to turn their ideas into a reality that people of all ages wanted to share with them. Execution is everything.
4. Step by Step
Business owner with big ideas know that they can’t make everything happen all at once. As Anita Campbell said, “You never have enough. Never enough money. Never enough people. Never enough time in the day.” That’s why successful entrepreneurs know how to break down tasks into the most important items first to achieve more over time. Step by step, they make progress. Campbell goes on to state exactly that: “Over time, those daily steps will add up and eventually you will find they build into your big dreams.”
5. Better Together
Smart owners seek out mentors, and most companies that have shown exponential growth were not built by only one person. Every entrepreneur needs someone to bounce ideas off of now and then. Successful small business owners find other people to partner up with whose skills complement their own, instead of duplicating it.
6. Quick On Their Feet
Like all human beings, even successful people make mistakes. What separates them from average people is that they bounce back faster. They honestly evaluate what they did wrong, and make a course correction. After all, no one is going to care about minor stumbles if the business is successful in the long run.
7. Confidence is Key
Successful small business owners do not allow self-doubt or negative people to hold them back. They persist, staying focused on their goals even when things don’t work out according to plan.
8. No Fear of Failure
Many people are prevented from even starting a business or trying something new because they are afraid of failure. Successful entrepreneurs weigh the risks and try to reduce them as much as they can, but they never let the risk prevent them from getting where they are going.
9. Team Builders
As an organisation expands and finds that it needs more people, it is important for owners to treat onboarding and team-building as crucial processes. The employees and managers they bring into their company will be the pillars on which their business is built. Smart organisation spend serious time determining what skill sets and personalities they want in the people they hire, and further time deciding how they will find those people. Making smart hires and knowing when it is time to let a person go are what can make or break a small business.
Some small business owners find it difficult to release responsibility to their employees. They laid the groundwork and put their own blood, sweat, and tears into their business. Letting someone else handle certain tasks once the business is established can be very hard. However, once an owner has built the right team and trained them well, they need to let them do their jobs so that they can continue to focus on growing the business.
Ultimately, it is necessary to establish positive habits in order to be successful as a small business owner. You need to practice daily, keep your eyes on the prize, and follow the advice of those who have gone before. Adopt the habits of success, and enjoy the benefits of being successful.