To go about starting a successful small business is one of the greatest challenges anyone can ever undertake in their lives. With a success rate of approximately 50% after five years and about 35% after 10 years, this means you’ll probably have an excellent opportunity to get your business off the ground and flourish if you have a solid product or service.
Starting a Successful Small Business Takes Ultimate Dedication
While nobody can give you a perfect blueprint on how to run a successful small business you can increase your chances of being successful if you have the right attitude and mindset.
Here are some tips they can give you a great competitive edge:
1. Set long and short-term goals. You have to have at least an idea of where you will be within the next few weeks and perhaps the next few months. This goes hand-in-hand with being organized and prepared. For example, you should have a day by day list of things to accomplish.
2. Don’t sit on your behind. Starting a successful small business usually requires a ton of hard work and a relentless attitude in “getting the job done.” Many small businesses have to make do with two employees or less so it is incumbent upon the owner to take action and take charge. Oftentimes the owner is the hardest-working person in the company until the business gets off the ground. If your small business is a failure the last thing you want to say is, “Gee, I wish I would’ve done this or done that.”
3. Continue learning about your business. One of the biggest keys to starting a successful business is obviously to know that specific business inside and out. Even if your father handed down all the knowledge in the world to you about “the family business” there’s no reason why you shouldn’t continue studying your craft. Use available resources such as books, the Internet, and personal advice. Don’t be arrogant and try to convince yourself that you know everything there is to know.
4. Get feedback from everyone and anyone. Part of starting a successful small business is keeping an open mind and not being set in your own ways to the point where it obstructs your progress. For example, you may be the most knowledgeable person on this planet regarding a specific area but if you can’t be flexible and adjust the things that are just not working anymore by bringing in new ideas, you are hurting your company.
5. Remain positive. Being optimistic in the face of adversity is contagious. You are no doubt going to make mistakes and if you have a positive attitude you will be able to learn from those mistakes and grow. There are going to be rocky times where you will feel like throwing in the towel and giving up; face your failures and learn from them.