6 Dimensions that Characterise Success Oriented Small Business Owners

Have you ever thought about what makes small businesses REALLY successful? What are the common factors, or characteristics of those who succeed and make it big in small business?

The US based Guardian Life Small Business Research Institute (www.smallbizdom.com) recently released results of a study that identifies the dimensions that characterise small business owners who exhibit a strong success orientation. This orientation is based on their desire to grow the size of their businesses, expand revenues and enjoy longevity in their business.

The study identified 60 critical factors, linked to 6 specific dimensions, which provide more insight into the success-oriented small business owner. These dimensions outlined in the findings are:

1. Collaborative. No surprise! Success-oriented small business owners are serious about building relationships with others – They rely on key relationships to make things happen, ranging from their customers, employees and management team, to business partners, lawyers and accountants, to name a few. It is no wonder that networking is such an important relationship-building tool!

2. Self-Fulfilled. Success-oriented small business owners place a high value on personal fulfilment and the gratification that they get from running their businesses! They highly value doing something for a living that they love to do and enjoy being in control of their own personal income and net worth. Fulfilment is something most people strive for, but success-oriented business owners actually seem to get it right.

3. Future-Focused. This dimension is about having a vision, goals and well thought-through plans for the business, both for the short and the longer term. Well, if you have no idea where you are going with your business, you can follow any route – you are going nowhere! “in this dimension, financial and human resources are also managed with the future in mind.

4. Curious. Success-oriented business owners are open to learn from their own and others’ experiences, actively seeking better ways to manage the business and innovate to create new opportunities. They seek information from different sources, but highly value the internet as a source of knowledge.

5. Tech-Savvy. In our fast-moving information-and-attention age, it is no surprise that success-oriented business owners use technology for leverage. They rely on technology to make business more effective and efficient and to more effectively interact with their clients, customers, suppliers and public in general. Cell phone services, email, social media and instant messaging are all services that changed the way people do business in recent years!

6. Action-Oriented. Last, but not the least – action orientation is a key differentiator when it comes to success-orientation. Action oriented business owners are focussed on taking the business to the next level, take charge to set their businesses apart from the competition, are ready to take advantage of emerging opportunities and devote most of their time to increase sales and generate revenues. They see opportunity in adversity and are generally less concerned about the general state of the economy.

In conclusion, it is fair to say that the presence of these factors is critical in predicting success in setting-up, managing and growing small enterprises.

Let me give you a challenge for YOUR business – Take a few minutes out to reflect on the information shared – you may even want to read the entire report:

(http://www.smallbizdom.com/research/monographs/success-oriented-small-business.pdf).

Look at your own business and management style – What are you doing well, and what can you improve on? Write down 3 things that you can change in the next week (or month) to improve your success-orientation, and DO IT! YOU are responsible for your business success!

Article supplied by : Gina Mostert - Business Consultant, Coach and NBI practitioner

About the Author: As a coach and business success strategist, Gina works with executives, entrepreneurs, business owners and independent professionals to find professional passion, get more organised and become more successful in business.

By creatively combining the best of consulting, coaching and mentoring, she leads her clients to define exactly WHAT they want to be, do or have in business and in life and HOW they intend to get there. Gina is the developer of the 8 Essentials for Business Breakthroughs Program for Businesses.

Links: gina.mostert@inovizion.co.za or www.inovizion.co.za