Not every business owner can afford a business advisor to help guide his or her business to prosperity. But the number of entrepreneurs that have stepped forward to offer up advice via blogs, website, and interviews can give any business owner an MBA in applied business science. North American Bancard has compiled some of the best information on what attributes entrepreneurs think a business owner must possess to be successful.
Be logical. Don’t allow yourself to be bogged down in the emotions of a situation you face within your business. The best entrepreneurs can separate their emotions from difficult business decisions and solve them logically. This allows them to have a clear head as they move on to the next business challenge.
Keep an open mind. Nearly everyone’s Grandma made the best food. But, you can never seem to duplicate it just right even though you followed the recipe to a T. Grandma never did tell you how she modified the measurements just a bit to get her unique taste. Business owners can learn from Grandma because going off script, or recipe, in this case, showed Grandma didn’t mind embracing new ideas or taking risks with her signature dish. And you shouldn’t either! Embrace new ideas and processes to move your business forward.
Do what you enjoy. Is it really a job if you love what you do? The good people at entrepreneur.com answer that question this way: What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don’t enjoy what you’re doing, in all likelihood it’s safe to assume that will be reflected in the success of your business — or subsequent lack of success. In fact, if you don’t enjoy what you’re doing, chances are you won’t succeed.
Mistakes aren’t always bad. Employees who try to cover-up their mistakes may be doing more harm to their employer than if they fess up to their error. Inc.com says the most successful business people look at mistakes as something to learn from and implement change to avoid making those same mistakes the next time the situation arises. Those same people understand mistakes can happen when searching for a better way of doing business, and they don’t want to hamper that forward thinking by dwelling on mistakes.
Have the right equipment for success. Technology is the great equalizer and can level the playing field for small businesses. It’s hard to tell if you have 3 or 3,000 employees when you have the right equipment for the job. Don’t worry about the latest and greatest technology, get what fits your needs, but don’t be afraid to upgrade when needed.
Let others succeed. Just like any football coach, you’ll go as far as your team takes you. So as a business owner you have to create an environment that allows your employees to flourish, and don’t be scared to promote their accomplishments! If you surround yourself with motivated go-getters, you are building a climate for success that benefits you, your business and your employees.
We’re excited to help you grow your business, contact us at 877-840-1952, or visit our website if you have any questions about our merchant services and offerings.