How To Be a Great Small Business Owner
How to be a great small business owner
Every small business owner is different and yet in many ways they are all the same. There are so many ways to skin a cat and the purpose of the website is to help a small business owner like you with ideas to develop their business so that it meets their needs – whatever they may be.
You probably started your small business for a variety of reasons:
- You think they can do a better job than the people who you were or are working for
- You don’t like being told what to do and would rather be your own boss
- You have a great idea which you think will make a lot of money
- You want to mange your own time
- You have been made redundant and cannot find another job.
Usually people start a particular type of business because they can do the work of the business – a mechanic opens a garage, an estate agent opens an estate agency, a butcher opens a butchers shop. – You get the idea.
However, what very few people start out with (even good managers) is first hand knowledge of everything it takes to run a successful small business.
The skills required to be a great business owner are totally different than the skills required to complete the job of the business.
It is this lack of skill that unfortunately is the downfall of the majority of small business owners.
I understand (though I have not checked the statistics) that around 80% of small businesses fail in the first five years and then of those remaining, 80% fail in the next five years. It’s a surprise that anyone starts a small business at all! However, for the successful small business owner, the rewards can be tremendous. You do have to acquire the skill base of a business owner as quickly as possible to be effective.
On running my own business for the last 21 years I have read over 200 books on the subject, been to many seminars, discussed ideas with many other owners, coached small business owners and I still know that I have a huge amount to learn. There is no “right way” other than what works in the long term but ideas are worth exploring and many have proven effective for other small business owners.
Read over this part of the site and I sincerely believe it will help you achieve your hopes and dreams.
Where should you start on small business development?
To me the best place to start is with you the business owner. A small business is nearly always a good reflection of its owners.
Many owners believe in the following system
- Desire something
- Set a goal to achieve it
- Plan a course
- Take appropriate action
- Gather accurate feedback
- Adjust point 3, 4 and 5 in line with feedback.
- Continue until goal is achieved.
This is a great system and it definitely works very well – but there is something missing. The thing that is intrinsic to the whole process is the person driving it. – YOU the small business owner.
Who are you being?
If you are being too pig headed, you refuse to accept feedback, you drive your team too hard, suppliers or customers to frustration or implement any of the previous points badly due to how you think and therefore act at a fundamental level – will that not significantly reduce the chances of you being effective and achieving the goal?
My best advice is to take a twin approach to it. As a small business owner you must work on your own personal development and on your small business development at the same time. Both are a continuing journey with the business being highly dependent on the former.
Sure, you could build a very successful small business with no personal development work at all. So why bother? My questions to you are:
- Will you and the people you encounter along the way enjoy the process?
- Will your employees and family enjoy the process?
- Will you have loved the time you spent at work?
- When you eventually exit the business, will you look back and think “Yes, that was a great use of some of my limited time on the planet?
You may not think the questions above are important but nearly everybody wants to be happy in their lives and live with a sense of fulfilment. So even if you don’t believe they are that important to you right now – Wouldn’t it be great if you could achieve them as well as a highly profitable and successful business?
If you are a small business owner and this post has inspired you please consider joining our programme. The choice is yours as always.
Enjoy the journey.
Leave a Reply
- Muhammad Ali – Inspirational thoughts
- Do you know your clients?
- Celebrate being a procrastinator
- After a tiring day what do you do?
- How to determine what action to take or habits to build
- Hire slow fire fast
- Keeping your promises
- A Strategic Alliance
- Are you generating mistrust?
- How are you playing the game of life?
- Why I love the number 8
- Why I try to prove myself wrong
- Beginning with the end in mind
- Generating focus on the job until completion
- What is your story?
- Are You the Captain of Your Own Business?
- Have you ever considered what your ‘Event Horizon’ is?
- Do you use an entrepreneurial or purposeful approach?
- The Advantages of Part Time Staff
- Avoiding Business Failure