5 Keys to Small Business Success
Karl R. LaPan President & CEO, The NIIC
As you may know, National Small Business Week is underway. The annual event, hosted by the U.S. Small Business Administration April 30-May 6, is designed to recognize the nation’s top small businesses, entrepreneurs, and business advocates. We have good reason to be proud of our nation’s visionaries, entrepreneurs and innovators. Consider the fact that more than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S., each year.
Owning a small business isn’t for everyone, though. It can be an isolating and thankless job. It can mean little sleep and slow growth. However, those who manage to succeed usually do so because they’ve been intentional in their approach. Here’s what I believe sets the winners apart:
1. They think boldly. Another word for this is courage. It takes grit to start and continue pursuing a venture. Courage means having a goal and a willingness to overcome adversity to achieve it. In order to truly create a company of enduring value and one with heart, a goal must be more than financial windfall. Otherwise you will easily get discouraged because most new businesses are not profitable for a few years.
2. They see the big picture. Ever heard the expression “done is better than perfect”? There is a lot of truth to this in the business world. Many “would-be” entrepreneurs are so concerned with getting the timing just right that they never actually get started. No matter how much analysis you put it, there will never be a “right” time. No formula or chart can tell you when to start. It’s more of a Nike “Just Do It” approach than a mathematical calculation.
3. They surround themselves with trusted advisors and mentors who can make them better—but not just any mentors. You need to be careful in selecting whom you seek out. Otherwise, you will just listen to those who feed your fears. They won’t allow you to move past them, but remain stagnant. Instead, you have to be open to hearing people out who question your viewpoints and practices. Growth can often come from a place of challenge.
4. They are selective about who they let in. Exercise caution when it comes to selecting business partners and vendors. It’s important that those in your professional network support your goals and integrity enters into the equation. Character and moral fiber matters. Will they stand by you in moments of adversity? Do they add value to your skillset?
5. They know how to exercise control (aka they have high emotional intelligence.) Maintaining proper control means staying true to your vision and trusting your gut in decisions. You know your business better than anyone else. That means you should be the one calling the shots—not some third party “expert.” After all, your business is your baby and you wouldn’t trust just anyone with your baby, would you?
We’ve made it our mission at The NIIC to help passionate individuals take their venture to the next level. How can we help you? START! Now and find out how to become a client. It simply may be the best move you can make personally for you and for your business! Also, during Small Business Week, thank a business owner for making a difference. They need constant encouragement and support from the community. Remember when you support a small business, your supporting someone’s dream.
Let’s talk, give us a call at (260) 407-NIIC (6442). Dream Big. Get Real @ The NIIC.