Every year, many business ideas are launched, but the majority of these businesses do not make it past their first 5 years. While to some extent, many believed that the reason for this occurrence is the business owner’s lack of commitment, this is not always the case.
Launching a business is a lot easier than running the business. Also, in business. a lot of things come to play to ensure the continuous growth and development of that business. Although, as a business owner, your strategies play a key role in the success of your business, your attitude to the business, and even to those working with you would determine how far and how well it will grow. Based on this, this article spells out the 5 common traits of successful businesses.
- Willingness to Take Risks
Contrary to popular opinion that launching the business is where the risk and challenge lies, this is not true. According to the U.S. Bureau of Labor Statistics (BLS), approximately 20% of new businesses fail during the first two years it is being opened, 45% fail during the first 5 years, and about 65% during the first 10 years. To corroborate this, the data revealed that only 25% of new businesses make it to 15 years upon establishment.
While the odds are better than the commonly held belief, it is not untrue to say that launching a business is not as risky as running the business. This is because you can never predict when the business would start paying off. As such, as a business owner, your willingness to take risks and stay with the business through thick and thin is key.
How willing are you to invest a huge chunk of your resources in a business you are not too sure of its success? What happens if the return is slow and unsteady? If, in the long run, the business did not grow as predicted, would you still be willing to go hungry just for your business to thrive? The extent to which you are willing to take risks for your business determines the return you get from it.
2. Confidence and Passionate
One quality a small business owner cannot do without is passion and commitment. Your passion fuels your commitment. It strengthens your willingness to stay committed even in the face of discouraging situations. The more you are committed to your business, the better the chance for your business to grow.
It is rare to see a successful business owner who lacks passion and commitment for his or her business. Successful business owners are usually focused on the light at the end of the tunnel and not the dark path in the tunnel. They are concerned about the goal and not the process. As such, if you aim to be successful in your business, passion and confidence are key, especially in the face of uncertainties.
3. Seek Advice from Experts
No man is an island, and you shoot yourself in the foot if you think you know everything there is to know about running a business. Even before you launch your business, it is advisable to seek advice from experts and business professionals. Read about your competitors. Learn their strategies and think of the best ways to expand on this.
In business, the more you know, the more you are able to come up with brilliant strategies that will help transform your business. Achieving success in business requires learning and relearning.
4. Invest in Technology
It is rare to see a thriving business without all the necessary technological tools to enhance the business process.
Gone are the days where running a business requires piling up files on files and working tirelessly day in and out. Today, one way to simplify the processes of running your business is to invest in technology. This is one thing successful business owners can’t do without. Technology helps to improve productivity and fast-track business activities.
5. Invest in Marketing
In every business, whether small or big, the key to getting leads is marketing. If your marketing strategy is faulty, this would affect every aspect of your business. Also, when things are tight, marketing is the remedy. This is why, as a business owner desiring success in your business, investing in your marketing team is very key.
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