6 Qualities to Becoming a Successful Small Business Owner

Daniel Penzing
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Be Passionate About Your Product or Service

Let’s be clear: This is the most important quality. Being passionate is the fuel that propels you through the inevitable struggles of being a small business owner. Being passionate about your product or service will also attract customers who are equally passionate.

If you’re passionate, people will feel your excitement, and they will want to get on board. Your commitment to your customers will be solid, and they can count on you.

If customers shop with you because they love your theme or because they’re enamored with your personal story, they’ll stick around even when you have a bad day.

Passion will seal the deal.

Provide a High Level of Service to Your New Bosses

Owning a small business is perhaps the most challenging undertaking in the world. By definition, a small business has a relatively limited number of clients to whom they provide goods and services.

Because they have these limited number of clients, small business owners must give them the highest level of customer service possible. In fact, if you just think back for a minute, most of the businesses worthy of your patronage were popular because they offered an amazing level of customer service. Conversely, businesses that offer terrible customer service usually don’t last for long.

Therefore, before you even start thinking of getting started with your small business, remember that you have to provide a stellar level of customer service to your bosses. This is especially true if you plan on focusing on providing services to consumers (instead of businesses). That’s because these clients will have more opportunities to interact with you.

In addition, offering exceptional customer service also creates a good vibe at the office. When your employees can see that you’re giving your clients the royal treatment, the workplace tends to have a more positive and upbeat feeling. Also, your employees will see that you truly care about your clients. This fosters loyalty and a feeling of camaraderie with one another.

Always be Ready to Sell (or Market)

Before you launch a business, and as you go along, always be ready to sell (or market) your business. Even if you’ve established a very successful business, don’t let that go to your head. If you believe your business is unique in its niche, you think you’ve cornered the market, and your business is infallible, you may be in for a rude awakening down the road. Even the biggest companies can go out of business, so it’s important to stay mindful of the shifting business climate and to always be ready to sell.

Put the “80/20 Rule” to Work for You

One of the most important aspects of business success, and really, success in general, is finding the right balance and applying it to the right areas. In business, this is commonly referred to as the 80/20 rule. It states that 80% of your success will come from 20% of your efforts/activities/costs.

So, how do you find the 20% that will make the most difference to your business?

There are two strategies you can use for finding this “key 20%”:

First, you can break your business down into its smallest components and focus on a few critical areas.

Second, you can look at your business on a macro level and think about the areas of your business that have the biggest impact on your business success.

Don’t Get Sidetracked

There are a lot of “rules” in business. And they’re constantly changing, so it’s easy to get distracted by all the noise. Let’s be honest, most of these rules are made up by consultants and experts trying to sell you something.

I mean, there’s no rule that says if you’re successful you have to give all of your profits to your employees.

So my advice? Get rid of all the noise and focus on what’s important – your business. Figure out what tactics work for your business and then try to build on what’s already been proven successful. And don’t worry about the “rules” everyone else is following.

Never Give Up!

A lot of people have this misconception that if they don’t succeed after the first the second or third try then they will never reach success and they must give up.

That couldn’t be any farther from the truth!

Just because you failed at one business idea or even ten doesn’t mean that you will never succeed at anything. Remember, Thomas Edison said that he invented the light bulb after trying 1,000 different ways!

If he gave up after the first 999, we probably wouldn’t be able to read in the dark!

The key to success is to never give up!

The other misconception about succeeding in business is that you need a lot of money to start.

You don’t need a lot of money, but you do need a lot of effort!

It is possible to start a business with no money at all!