The Guardian Life Small Business Research Institute conducted a study that researched the traits of successful small business owners. What they found was alarming, in that their were 60 traits that successful small business owners exhibited on a consistent bases. They further stated that these are the traits that were responsible for separating the ordinary small business, from the small business that became extraordinary. Furthermore, they narrowed down the 60 traits into 6 key traits that helped shape the success of small businesses.
The 6 Key Traits to a Successful Small Business
Key Trait #1: Collaborative
Successful small business owners understand the importance of collaboration that aids in building strong relationships. Whether its with management, consultants, or employees they understand that there is a need to delegate when possible. This helps to establish trust amongst all concerned, and ultimately creates future opportunities along the way.
Key Trait #2:Self-fulfilled
Successful owners place a high value on their personal achievements. They enjoy the fact that they are in control of their own income, and most importantly they engage in businesses that they enjoy. They are usually the business owners who put a lot of energy in creating value in their products or services.
Key Trait #3: Future-focused
Consistently planning for both short-term and long-term growth is essential to the success of these business owners. They focus a great deal on cashflow, and will have a thoroughly designed plan to achieve this goal accordingly. Their plans can range from daily goals to goals planned for future years. The bottom line here is, successful small business owners use this key trait to build upon future successes through a carefully drafted plan.
Key Trait #4: Curious
Learning how other business owners operate, keeps these small business owners open to changes and/or revisions in their strategies. Specifically, their curiosity is peaked in relation to management, innovation, finding/motivating/retaining employees.
Key Trait #5: Tech-savvy
These owners relay on technology to improve the way they operate. They are particularly interested in the use of technology in building a valuable company website. Thus they understand that technology is a key element to a successful small business.
Key Trait #6: Action oriented
Successful small business owners takes personal responsibility in getting his business to the next. They are less concerned with the economy and they don’t fear it’s potential impact. They are also not overly concerned with adversities because it usually propels them into action. Most importantly, they are more proactive in building their businesses, and are constantly focused on setting themselves apart from their competition.
In conclusion, according to the Small Business Administration (SBA), only 51% of small businesses last past 5 years. Therefore, the above 6 key traits of a successful small business could be an essential factor in determining key indicators of success for this group of entrepreneurs. So the question still remains, if successful small business owners have 6 key traits, how many do you have?
The Guardian Life Small Business Research Institute
Six Dimensions That Characterize Success-Oriented Small Business Owners