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The Anatomy of a Successful Small Business Owner

According to the Small Business Administration, only 50 percent of small businesses last longer than five years – so how do you ensure that your “million dollar” idea will survive and blossom into a successful business venture? Although there isn’t a definitive recipe for success, the owners of small businesses that rise of the top often share these traits in common.
  1. Tech-Savvy – This trait may not come as much of a surprise, the most successful small business owners are also connected digitally. Successful owners will invest much of their time and money into their website, IT, social media efforts and office equipment, all in there interest of efficiency. (Twitter plays an important role in the social media efforts of most of these success businesses - for more information on how to use Twitter for small business, check out this guide.)
  2. Inquiring – Successful entrepreneurs and small business owners are constantly asking questions and seeking out new information. They want to know why a particular facet of their business failed, how to successfully hire new employees, and what trends are happening in the industry and in the global marketplace. By knowing this information, they are able to tweak their business plan accordingly.
  3. Experimental – An experimental business owner is constantly testing new ideas and methodically measuring results in a search for the most effective ways to sell, market, and manage their business. By being experimental, a business owner is able to take risks, evaluate the results and make the appropriate decisions to either ramp up successful business initiatives or cease those that fail.
  4. Task-oriented – As a successful business owner, it is important to be able to plan ahead, both long– and short–term. To successfully run a business, an owner must be able to craft and execute day-to-day business initiatives that integrate with a well-thought-out plan for down the road.
  5. Content– Successful business owners take pride in the fulfillment their business gives them. They enjoy being their own boss and controlling personal income. In addition, business owners get satisfaction out of the creation of a valuable product.
Overall, a successful business owner is a goal-driven individual who is constantly asking questions and tweaking their business initiatives to increase efficiency. What do you define as business success? Let us know in the comments below!