Goble Properties has been leasing space to small businesses for seven decades. Over the years we’ve learned a few things about the owners of small businesses, including clues about whether the owner will be successful or not. Here are ten points that I’ve found to be consistently accurate in predicting success or failure in a small business.
1. Small business owners who succeed are borderline workaholics. It’s not about putting in 8-hours a day, it’s about doing what it takes to get the job done. These are hard working people.
2. Small business owners who succeed look for every cost savings they can find. They buy used equipment. They negotiate their own leases. Their spouse does the accounting. These are thrifty people.
3. Small business owners who succeed are seldom perfectionists. They want to do good work at an affordable price, but they aren’t as concerned with perfection. These are big picture people.
4. Small business owners who succeed focus on sales. They know (or learn) how to leverage word of mouth, they know (or learn) how to network, and they know (or learn) where their customers are. These are outgoing people.
5. Small business owners who succeed take calculated risks. First and foremost, they bet on themselves because that’s the one variable they can control. In addition, they test, test, test and test some more before making a big bet on something. These are confident and thoughtful people.
6. Small business owners who succeed are not easily deterred. Try, try and try again could be their motto. They certainly know to quit when they must, but only when they must. These are determined people.
7. Small business owners who succeed serve at the intersection between their talents and the customers need. It’s more than providing a product or service the world needs; it’s being passionate about meeting that need. These are talented people.
8. Small business owners who succeed hire employees who fit the company. Whether a delivery guy or a bookkeeper, successful small business owners invest the time into identifying, screening, and hiring good people who will thrive in their role. These are insightful people.
9. Small business owners who succeed seldom waste time on elaborate strategic plans. They simply get busy and do the work. These are focused people.
10. Finally, small business owners who succeed are uniquely individualistic. They’d rather work long hours for themselves than work a normal job for somebody else. These are independent people.
Oh, and one bonus trait. Small business owners who succeed are people of high character. They don’t lie, they don’t cheat, and they don’t sacrifice integrity by cutting corners. They give back to their employees, their customers, and their community. These are honorable and generous people.
So what would you add to the list?