All successful small business owners seem to be alike but if we look closely they all are very different in terms of approach, vision, leadership, and business planning. So how do we differentiate the successful ones from the others? Is there any secret winning formula? No, there are certain qualities that help a business owner succeed and be among the successful businesses in the world. A brief overview of those traits is as follows:
- They Act More & Think Less
A thinking mindset is great but a doing mindset is more productive. There may be times when ideas come fast and furious and you want to wander. But, there is a time when you want to get moving and can’t focus on a single plan. You are more productive when you doing things instead of thinking. Creating a balance among the two traits is important especially when you are running a business.
Most successful small business owners spend less time in planning and a lot more in action. If you’re irresolute about something, best way is to go for it, and then respond accordingly. It’s easy to contemplate and scrutinize yourself out of business.
- Money Isn’t Success For Them
Acquiring adequate amount of capital is important especially for profit oriented businesses. But most small businesses need little capital to get off the ground. Also, limited capital is a good fortune for many; some strongly believes there’s a converse correlation between capital and long-term business success.
With tons of money achieving short-term success is simple. But if you haven’t had much capital, you will correlate and gain from a trouble rather spending money at it.
- They Spend Money Intelligently
Smart business owners do research, surveys and ask before spending their hard earned money. You need to make sure your spending benefits your customers. If it doesn’t, don’t bite the dust. If you’re a doctor, your clinic strengthens your dedication; if you’re a trader, your customer shouldn’t know your office even exists.
The spending should be made where it makes a real difference for customers. The win-win situation is where you give your customers what they want and get what you want. Keep in mind, success is always based on profits you earned and not on facilities or fancy offices.
- They Opt For Best Location
From New York to California, Paris to Tokyo, many people are moving to popular cities around the world for work. Because, they believe location really matters and it can make or break a business. Do you want to be in the NY Times Square to succeed in the entertainment industry? Or do you want to mix it up with the start-ups in Fifth Avenue if you want your retail business to succeed?
As a startup restaurant if you are short on cash, choosing an inexpensive location with great food and perfect dinning service can help for some but not for all. If you don’t have the competition around–which isn’t the case in reality, there is a chance that customers may come to you or else, they won’t.
- They Do Only What They Can Accomplish
Every successful small business owner focuses on building a solid customer base. They focus only where it’s realistic for them to succeed. For a startup, engaging new customer is tough. Startup businesses have to build a reputation first, and later they can hunt for bigger game along with what they will learn.
- They See Fairness As A Way Of Living
Successful businesses focus on transparency and fair communication. If you’re working really hard, it doesn’t mean people will buy what you’ll sell. It depends how transparent you are and how fairly you deal with your customers, suppliers, etc. Fairness doesn’t warrant success or failure.
If you believe you are able to make a decent living with the money you earned, you earned the right to make a profit. No one except you is answerable for you to earn a living.
- They Do What Get Them Money
Every successful business owners do that get them results in terms of money. For a startup to succeed, it’s time to stop creating obscure worksheets, fancy reports, spending time in networking to get more clientele. You need to cut rate your administrative tasks and expenses. Work smart and focus on generating income.
Sure, you should do what you love till that love is generating income for you. If it doesn’t, leave it for now at least.