Six Characteristics of Success-oriented Small Business Owners
July 14, 2010 by Susan McGrath
By Susan Wareham McGrath
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.
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Susan Wareham McGrath, Susan Wareham Immigration ServicesSusan Wareham McGrath is a skilled and experienced Australian visa and immigration consultant; jobsearch strategist and career management consultant; professional writer, blogger and social commentator. She holds a degree in psychology, an advanced diploma in human resource management, a post graduate qualification in public policy development, a national training accreditation and registration as an Australian migration agent with the Migration Agents Registration Authority. Susan is a strong advocate for the personal and professional advancement of women, and after serving as an Advisory Board Member of the Australian Businesswomen’s Network since 2007 is now the ABN’s National Special Projects Manager.
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Ooh, I like this … collaborative, self-fulfilled, future-focused, curious, tech-savvy & action-orientated people are my kind of people. Are these predicative traits of success
Thanks for sharing this research Susan … love it!
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[...] small business in a 2010 Guardian Institute survey of 1100 American small business owners, which identified six key characteristics of successful business owners who prospered through the [...]