Are you highly motivated, caring and curious? If so, you are part of a special breed of success-oriented small business owners, according to Mark D Wolf, director of the New York based Guardian Life Small Business Research Institute. And if you effectively balance your personal and business goals, take advantage of others’ expertise and continually seek to learn the best practices exhibited by peer companies, you are even more likely to achieve business success. The Guardian Institute surveyed owners of over 1,100 small business owners in its recent study “The Guardian Life Index.” It identified six dimensions of owners who projected revenue increases and business expansion, even as the recession peaked in the US. According to the study, success-oriented small business owners are:
- Collaborative – they are able to build strong personal relationships, delegate effectively and are committed to creating opportunities for others.
- Self-fulfilled – they place a high value on the personal fulfillment and gratification that they gain from their business.
- Future-focused – they plan for both the short and long-term future and are focused on cash flow.
- Curious – they are open to learning how others run their business and actively seek best practice insights regarding management, business innovation, prospecting and employee attraction, motivation and retention.
- Tech-savvy – technology is a key point of leverage for success-oriented small business owners. They intensively value their company’s website and are significantly more likely to rely on technology for business effectiveness and efficiency.
- Action oriented – success-oriented small business owners are more proactive in taking initiative to build their business. They are more committed than others to taking their business to the next level, differentiating themselves from their competitors and having an exit strategy. They also see adversity as a means to help them move forward.
According to Patricia Green, PhD, the special academic advisor to the Guardian Institute, successful SME owners are lifelong learners, and the most valuable point of the six dimensions is that they can all be learned. More information about the characteristics of successful small business owners is available from the Guardian Life Small Business Research Institute.
