Business Education

The Most Common Characteristics Successful Business Owners Possess that New Entrepreneurs can Emulate

Starting a new business is a risky venture, and unfortunately, many start-ups do not make it. According to the U.S. Bureau of Labor Statistics, approximately 20% of small businesses fail within the first year, and this number increases to 50% within the first five years. While there are many factors that contribute to business failure, there are a few common reasons why so many start-ups don’t make it. To gain an advantage, successful business owners employ a number of traits and these help them overcome various obstacles that might otherwise derail their plans for building a profitable organization.

The Biggest Reasons New Companies Fail

Businesses fail due to a wide variety of reasons. But, the most prominent reasons come down to just five. First and foremost is the lack of planning. Many businesses fail because they do not have a solid business plan in place. Without a clear plan for how to generate revenue, manage expenses, and achieve their goals, businesses may struggle to succeed. Another common reason for business failure is a lack of financial resources. Many start-ups do not have enough capital to cover the costs of launching and operating their businesses, which can lead to financial difficulties down the line. Poor management is also a notorious culprit. Successful businesses require strong leadership and effective management, and those that lack these qualities may struggle to succeed. Poor management can lead to a lack of direction, disorganization, and conflicts within the company, which can ultimately lead to failure.

It takes the lucky convergence of opportunity and ambition to create success. Successful business owners, regardless of industry, share a few critical traits that set them apart from the rest of society. Leveraging these skills allows them to turn their business ideas into profitable realities. —Forbes.com

An inability to adapt is another factor. The business world is constantly changing, and those who are unable to adapt to these changes may struggle to stay competitive. Businesses that are resistant to change or unwilling to try new things may find it difficult to meet the needs of their customers and keep their businesses relevant. Finally, many businesses fail because there is simply not enough demand for their products or services. Without a sufficient customer base, businesses will struggle to generate revenue and may eventually go under.

Successful Business Characteristics Entrepreneurs can Copy

Starting a business is no easy feat, and it takes a certain type of person to be successful in the world of entrepreneurship. While there are many characteristics that successful business owners possess, there are a few that stand out as particularly important. By emulating these traits, new entrepreneurs can increase their chances of building profitable companies.

Passion. Successful business owners are passionate about their ventures and the products and/or services they offer. This passion drives them to put in the hard work and long hours necessary to make their businesses a success. As a new entrepreneur, it’s important to be passionate about what you do, because this will help you persevere through the tough times and keep you motivated.
Determination. Starting a business requires a lot of hard work and perseverance, and successful business owners are determined to see their visions through to the end. They are not easily discouraged and are willing to put in the effort necessary to overcome obstacles and achieve their goals. As a new entrepreneur, it’s important to be determined and never give up, even when things get tough.
Adaptability. The business world is constantly changing, and successful business owners are able to adjust to these changes in order to stay competitive. They are willing to pivot and try new things in order to stay relevant and meet the needs of their customers. As a new entrepreneur, it’s important to be adaptable and open to new ideas, as this will help you stay ahead of the curve and keep your business moving forward.
Confidence. Successful business owners are confident in their abilities and the value of their products or services. This confidence helps them to sell their ideas and convince others to invest in their ventures. As a new entrepreneur, it’s important to be confident in your business and your ability to succeed, as this will help you persuade others to believe in your vision and support your endeavors.
Vision. Successful business owners have a clear vision for their businesses and are able to communicate this vision to others. They have a long-term plan for their company and are able to inspire and motivate their team to work towards a common goal. As a new entrepreneur, it’s important to have a clear vision for your business and to be able to communicate this vision to your team and potential investors.

By emulating these characteristics, new entrepreneurs can increase their chances of building successful and profitable businesses. Remember that starting a business is not easy, and it will require hard work and determination. However, with the right mindset and approach, it is possible to achieve your entrepreneurial goals and build a successful company. What other qualities should entrepreneurs emulate from successful business owners? Please, go ahead and take a moment or two to share your own thoughts and experiences so others can benefit from your perspective! Are you interested in learning more about business? Then just visit Waters Business Consulting Group.

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Why Natural Disasters are So Disastrous to Businesses

September 28, 2017 No Comments

While hurricanes Harvey and Irma are gone, Hurricane Maria poses a possible threat. And, that’s a warning because in the aftermath of Hurricane Sandy, there were over 1 million insurance claims processed. The fact of the matter is, there are still businesses in Texas and Florida which are dealing with the devastation left by Hurricane Harvey and Hurricane Irma. Although time has passed, simple supplies remain scarce. This isn’t to unnecessarily frighten you, only to serve as a stark reminder natural disasters are so disastrous to businesses of all kinds. Why Natural Disasters are So Disastrous to Businesses Dealing with a business emergency doesn’t have to be an exercise done on the fly. In fact, it shouldn’t be approached without an effective plan. However, too many businesses simply are not prepared. Statistics show that 94 percent of all small businesses in the U.S. do backup their critical financial information. But, only 4 in 10 backup off-site. From natural disasters like Hurricane Sandy to common theft and hardware malfunctions, small businesses are particularly vulnerable in times of crisis. “Disasters can wipe out a small business in seconds,” said the U.S. Small Business Administration (SBA). Yet small businesses are often the most unprepared for emergencies. —Forbes This one figure is a peek into why so many businesses fail in the wake of natural disasters. Nearly 40 percent of all small businesses never reopen following a natural disaster, according to the Federal Emergency Management Agency or FEMA. That’s not an insignificant figure to ignore. And, it clearly shows businesses are quite susceptible to natural disasters. How to Protect Your Business from Natural Disasters You shouldn’t have to endure more stress and worry than necessary. Your company can make it through a fire, earthquake, tornado, or hurricane. All you need is a plan and to be proactive. This way, you’re fully prepared and know precisely what to do. Here’s a few helpful suggestions for how to protect your business from natural disasters: Back up company records in the cloud. Not only should you routinely backup your company records, including your financials, on-site, but off-site, as well. There are many platforms out there and these provide an invaluable service. Focus on those which cater to business information as those will offer the best fit. Establish clear policies for employee, vendors, and customers. To keep your working relationships in good standing, you’ll need an actionable plan for team members, vendors, and customers. After all, if there’s going to be a delay in paying employees or delivering to your customers, you need a way to deal with such situations. Create a workable continuity plan to follow in the aftermath. Your continuity plan should identify key and essential operations. Basically, what your business can’t do without. You might need to cross-train employees. But, your goal is to put a workable continuity plan into place. Run drills from time to time and strive to make improvements. Even the best plan is useless if it’s never practiced. So, run drills periodically to keep everyone in practice. This will help ensure things run smoothly if the time comes. What’s your business’ plan for a natural disaster? How are you preparing your company to avoid losses? Are there any other precautions you would suggest taking? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Ways Small Business Owners Can Conquer Tax Season Stress

February 21, 2025 No Comments

Tax season can feel like a looming shadow for small business owners. Imagine pouring your heart and soul into your business, only to face the stress of tax returns.

Clever Tips Entrepreneurs Can Use to Master the Art of Self-Promotion – with phone number and email

September 7, 2023 No Comments

For new small business owners and emerging entrepreneurs, self-promotion is a crucial skill. It’s about effectively marketing your products or services without coming across as self-centered and/or obnoxious. Mastering this art can help you build brand credibility, grow your customer base, and create lasting relationships with your audience. Clever Tips Entrepreneurs Can Use to Master the Art of Self-Promotion In today’s competitive marketplace, it’s more important than ever for entrepreneurs to know how to effectively promote their products and services. However, self-promotion is a delicate art. If you’re too pushy or overly salesy, you’ll likely turn people off. But, if you don’t promote yourself enough, you’ll never get your business off the ground. In other words, striking a balance is key. So, with this in mind, here are seven clever tips that entrepreneurs can use to master the art of self-promotion: Be authentic. People can spot a fake a mile away. So be yourself and let your personality shine through in your marketing materials. This will make you more relatable and trustworthy to potential customers. Focus on the benefits. Don’t just tell people what your product or service is. Tell them what it can do for them. What problems will it solve? How will it make their lives better? Use storytelling. People love stories. So use them to connect with your audience and make your products and services more memorable. For instance, tell stories about how your product or service has helped other people. Be social. Get involved in social media and online communities related to your industry. This is a great way to connect with potential customers and build relationships. Give back. Get involved in charitable causes or volunteer your time to a worthy organization. This will show potential customers that you’re a good person who cares about others. Be consistent. Don’t just promote yourself once and then disappear. Be consistent with your marketing efforts so that people are constantly reminded of your brand. Be patient. It takes time to build a successful business. Don’t expect overnight results. Just keep promoting yourself and eventually, you’ll start to see results. Additionally, you can also offer value through original content. Instead of bombarding your audience with sales pitches, focus on delivering value through content marketing. Create interesting blog posts, videos, podcasts, or infographics that educate, entertain, or solve problems for your target audience. This positions you as an authority in your field. Following these tips will help you master the art of self-promotion without being annoying or presumptuous. Just remember to be authentic, focus on the benefits, use storytelling, be social, give back, be consistent, and be patient. For even more ideas, here are some additional tips that may be helpful to small business owners: Use visuals. People are more likely to remember something if they can see it. So use high-quality images and videos in your marketing materials. Keep it short and sweet. People have short attention spans, so make sure your marketing messages are clear and concise. Proofread everything. Typos and grammatical errors will make you look unprofessional. Track your results. So you can see what’s working and what’s not, it’s important to track your results. This will help you optimize your marketing efforts over time. Effective self-promotion is an art that entrepreneurs can master by building a strong online presence, offering value through content, leveraging social proof, networking strategically, and being authentic and transparent. By following these clever tips, you can promote your products or services while maintaining integrity and authenticity, ultimately building a loyal customer base and achieving long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer. You can phone 602-435-5474 or send us an email.