Key Factors of Successful Small Business Owners

The Holy Grail of entrepreneurism: what characteristics make some small business owners more successful than others? Based on The Guardian Life Small Business Research Institute’s research, The Guardian Life Index: What Matters Most to America’s Small Business Owners, we were able to identify the key factors of successful small business owners:

• Collaborative. Success-oriented small business owners learn how to delegate effectively to others within their business as well as build strong personal relationships with their management team, employees, consultants, vendors and customers.
• Self-fulfilled. Success-oriented small business owners place a high value on the personal fulfillment and gratification that their companies provide them, relishing the self-determination and respect that come from being their own boss and being in control of their personal income and long-term net worth.

• Future-focused. Planning for both the short- and long-term future are key traits that characterize success-oriented small business owners.
• Curious. Success-oriented small business owners are more open to learning how others run their businesses. They actively seek best practice insights regarding management, business innovation, prospecting and finding / motivating / retaining employees. 

• Tech-savvy. Technology is a key point of leverage for success-oriented small business owners. They more intensely value their company’s website and are significantly more likely to rely a great deal on technology to help make their business more effective and more efficient.
• Action oriented. Finally, success-oriented small business owners are more proactive in taking initiative to build their businesses.  They see adversity as “a kick in the rear to help move you forward.” Not surprisingly, they are less concerned than other small business owners about the overall state of the economy.

If you are interested in learning more about how to apply these success factors to become a better small business owner, then please join The Institute and the New York Enterprise Report for a free webinar on May 12, 2011, from 2 p.m. to 3 p.m. This webinar will be presented by myself and Dr. Patricia Greene, President’s Distinguished Chair in Entrepreneurship at Babson College, Co-Founder of the Diana Project and board member for the Center for Women's Business Research.