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Articles from Experts, Business

What makes a successful Small Business Owner

smal medium business ideasTop of the list for successful entrepreneurs is the ability to collaborate. Those who can delegate, build strong relationships with their management teams, employees, and others are more likely to click with customers.

The other five traits frequently found in flourishing small business owners:

• Being self fulfilled. Good small business owners put a high price on the fulfilment their companies provide them, relish being their own boss, and enjoy being in control of their personal income. They value “doing something for a living that I love to do,” “being able to decide how much money I make,” and “being able to have the satisfaction of creating something of value.”

• Future-focused. Small business owners who thrive are good at both short- and long-term planning. They’re as likely to have a well thought-out plan for the day-to-day running of the business as a road map for how to run the business for years.

• Curious. Good entrepreneurs are always reading and asking questions. They want to learn everything from why a particular business failed to how to find, motivate, and keep good employees.

• Tech-savvy. Perhaps not surprisingly, the best small business owners invest time and money on their company’s website and are likely to “rely a great deal on technology to help make our business more effective and efficient.” (For more on why social media is worth a company’s time, check out this guide.)

• Action oriented. Successful founders are proactive and always “differentiating ourselves from our competitors,” survey respondents said. They were less worried than other small business owners about the state of the economy, and more likely to look at adversity as “a kick in the rear to help you move forward.”

Said Mark D. Wolf, the institute’s director: “Success-oriented small business owners are a special breed of highly motivated, caring and curious individuals. They effectively balance their personal and business goals, take advantage of others’ expertise and continually seek to learn the best practices exhibited by peer companies.”

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