Entrepreneurs who start a small business have high hopes of big success. Yet few small businesses survive beyond five years.Actually, there are just four broad requirements that can almost guarantee your small business success:
- A few personal traits essential for small business success
- A big enough market that a small business can tap
- Planning and organizing
- Monitoring and controlling
PERSONAL TRAITS ESSENTIAL FOR SMALL BUSINESS SUCCESS
People with very different personalities have succeeded in business. Hence, one cannot say that there is an entrepreneurial personality.
But there are certain traits that are essential for business success. The traits listed below are practically self-evident:
- A self-starter - This is
essence of entrepreneurship. Employees have a boss to tell them what to do and how to do it. Entrepreneurs must decide what to do and learn how. - Persistence - Unless you are able to persist against all frustrations and adversities that are inevitable while doing a competitive business, you are not likely to see small business success. - Learning through doing - Without observing results of your decisions and actions, and learning from your mistakes and successes, your persistence might actually make situation worse. You might be persisting with wrong actions. - The habit of planning and organizing - If you don't have habit of working out details involved in achieving what you want, and then going out and organizing all that is needed, you might be floating around aimlessly. Aimless activity do not lead to small business success.
A MARKET THAT A SMALL BUSINESS CAN TAP
There has to be a market for what you plan to offer or there will be no business. Next, existing competition in this market should be something that you can handle or you will find yourself driven out of market.
Whether market is competitive or otherwise, you simply have to know your customers. If you don't know such things as their age, gender, occupation, needs, likes and dislikes, you simply cannot hope to write sales messages that will appeal to them.
Then you'll need a clear idea about what your customers expect from your kind of product or service. These customer expectations will form basis on which you develop your sales messages. You can also gain a competitive advantage if you can meet any expectation that isn't currently being satisfied properly.
Finally, you have to know places your customers frequent, materials that they read, and programs they attend or listen to. You communicate your sales messages to customers at these places, or through these materials or programs. Select most appropriate medium to communicate.
PLANNING AND ORGANIZING FOR SMALL BUSINESS SUCCESS
Although a bit of forecasting is involved in planning, plans are primarily an expression of your vision. You have some ideas about business you want to do, results you want to achieve and way you would go about these.
