Do You Have These 3 Things In Common With Small Business Entrepreneurs?
The chance to become a small business owner may only come around once in a lifetime. With the rarity of this possible job title, it’s important to identify the “keys to success” early in the process. Successful entrepreneurs have many traits in common. For example, a key one is the ability to recognize what must-have characteristics will help you to succeed as a small business entrepreneur.
I have bought, sold, managed, and built-up from scratch many businesses in my time – a few dozen actually, and I know just how hard it is to get it right. And then when you do get it right there really isn’t a better feeling. Without sounding too cheesy, it’s priceless. I focus on great customer service. That’s my secret sauce. But there are many moving parts to delivering the best customer experience possible, its not a job for the fainthearted.
To keep getting it right is the hard part – anyone can conquer the mountain once 😊 . The determination to keep going and to keep trying is a small business trait – it’s the DNA strand that scientists may never unlock.
Let’s examine some of the statistics on small businesses. They can be tough to look at. 90% of new startups fail. 60% of new businesses fail in the first 3 years and that includes the profitable ones. And the main reasons which are common to all, include running out of money and funding, wrong market assessment, lack of research about the business, poor business plan, and bad partnerships.
I get to speak with hundreds of potential small business owners all the time. So many dreams and goals and so many people who are passionate and interested in having their own business and being their own boss. But they know it isn’t easy and has no idea how to start. The market today is tougher and more competitive than it ever has been, regardless of the industry. I’m not trying to be negative, but I do recommend checking yourself in the reality mirror on a regular basis when you start your small business journey. You really must face how tough it will be – and it will be very tough most of the time.
Please don’t believe those overnight success stories that turned into Unicorns and the owners became billionaires overnight. Being the boss/owner isn’t for everyone. I know I made the right decision to become a small business owner and have never regretted it. But I have had many moments where I questioned my sanity 🙂
As a business owner, do you possess any or all of these 3 must-have qualities? Small business owners can come from many backgrounds, cultures, and industries. However, they all share these three traits. Small business owners are:
Energy is the fuel that powers small-business owners. We are energized and motivated. It’s a fact that entrepreneurs are generally high energy and it’s tough for others to keep up with us. This is a trait that wins the race. The hours are long, budgets are tight, and success is often elusive. Keeping up high-energy spirits helps entrepreneurs through the challenges of starting a small business. I also believe that once you start along the path of your business dream, you live by a different clock – night and day merge, weekends vanish, friends become “volunteers” and family become unpaid interns. Basically, you snooze, you lose.
Creating a small business from scratch takes vision and good planning. If you want to be a successful entrepreneur, learn how to plan for tomorrow’s goals and reach today’s milestones. In the interest of achieving your weekly, monthly, quarterly, and yearly targets, you are well-advised to develop certain strategies, tactics, and action plans. These courses of action should be considered your “rule book” you may even want to carry it around with you so that everyone knows what you expect of them. I used to use a small notebook that fits into my pocket. Technology has since granted me a tablet that helps me organize and calm the chaos.
Good entrepreneurs know when to delegate, as well as when to take up the reins themselves. In this sense, it is important to build strong relationships and networks that will help entrepreneurs learn how to collaborate as well as be independent. Remember: no one knows exactly where inspiration will strike next–it could take your small business into the realm of a large corporation. Don’t be a micromanager; trust your team (assuming you have recruited and trained them well BUT that is definitely a story for another day) and let them do their job.
Did you find yourself nodding along to the list of characteristics? If yes, then you must be one of those people who possess the must-have characteristics of successful small business entrepreneurs.
Maybe it’s your time to give it a go and explore the possibility of becoming a small business owner. Know your product or service, your strategy, and your audience, do your research, and remember you need to have the energy, the vision, and be open to collaboration. Don’t be afraid to seek advice and guidance from others too. You can’t know everything.