Have you got what it takes to be a successful small business owner
Richard Branson left school at 16. He didn’t need a first class business degree to build his billion dollar empire, so what was it that got him where he is today (probably sailing round his private island home)?
There are many things that make a successful business, such as a good reputation, healthy profits, efficient processes, good cash flow, and demand for your product or service. But there is one thing that influences all of these markers of a financially sustainable business – the human at the helm.
No matter how great demand is for your product or service, small business success actually has more to do with the person running the show than with the product or service itself.
So what does it take to succeed in small business? We’ve taken a good look at all the shining small business lights out there to see what they have in common. Read on to find out if you’ve got what it takes…
To suceed in small business - have you what it takes?
- Strong work ethic. Most small business owners will agree that it’s not easy. However the rewards are worth it. If you really want your business to thrive, you have to be prepared to work for it because no one else will care as much as you.
- Perseverance. Successful small business owners know that failure is just another opportunity to learn. If something hasn’t worked, figure out why and learn from it. Then pick yourself up and try again.
- Self-belief. There are always people out there who like to see others fail but remember the little engine that could? Believe in yourself, and others will too.
- Flexibility. The ability to respond quickly to change is crucial for businesses to survive in a today’s environment. Technology and consumer behaviour changes are swift, so you need to be too.
- Drive. Successful small business owners all have a drive to succeed – this includes being goal-oriented (short and long-term) and being driven to push yourself personally (professional education).
- Passion. Small business ownership can be a hard and lonely road to travel, and sometimes pure passion is the only thing that keeps you going.
- Clarity. A crystal clear vision will help keep you focused along the way when distractions and curveballs try to throw you off course. It will also help you to inspire others and bring them along for the ride.
- Self-awareness. Pretending to have all the answers will only lead to disaster. No one person can have all answers – you’ve got to know when to ask for help.
Finally, we were also surprised by what successful business owners don’t need – a high achieving school record. Richard Branson didn’t have one. While having the traits above is still no guarantee of success, one thing’s for sure, they will take you much further than your old exam results will.
If you think you’ve got what it takes, find out more about what owning a small business is really like.
Check out some of our Australian Business for Sale opportunities.
Share this article:
- Finding the right business for sale
- About owning a small business
- 5 questions to ask before buying a retail business
- What it takes to be a successful small business owner
- How to measure a business's success
- Is a home based business right for you
- Why pick the ugly duckling when buying a business
- Why buy an existing business?
- Mistakes to avoid when Buying a Business
- How to finance a franchise
- Why buy a mobile franchise
- How to buy a franchise for sale opportunity
- The pillars of a successful franchise
- Why buy a franchise?
- Buying a restaurant or cafe for sale
- Buying a hotel or motel for sale
- 10 questions to ask before you buy a business
- Think buying a franchise
- Franchising tax and compliance considerations
- Deciding on the right franchise to buy