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Hello All, In a recent consultation with someone who is just starting their business, I was asked (after we had discussed all the relevant financial issues) if I had any general tips for running a successful business. It is certainly something I have contemplated over time in relation to both my own business and to the many small business owners that I have come into contact with over the years. The answer, unlike many financial questions, is not necessarily straightforward and is certainly preceded by “it depends”. There are however certain characteristics that tend to be shared by those who run successful businesses. First, it is useful to define business success, which tends to be specific to each individual. It is based on what we value and evolves over time as our experiences begin to hone our vision. For some it might be creating a business that generates 7 figures a year, has multiple employees and operates over a large geographic region. For others it might simply be the financial independence that comes with being your own boss. Or it might be the ability to do something that you like (or even love) and actually make money from it, on your own terms. Regardless, I believe that it is a useful exercise to think about what success looks like to you (rather than narrow societal definitions that might focus on money or status). That being said, in my experience, successful business owners demonstrate perseverance. There are numerous challenges when you are starting your business and getting it off the ground takes a willingness to continue your efforts in the face of rejection. Often, in the beginning, there is very little feedback while you try to build a following. It is a slow process and results may take months after which they start to accelerate. The key is to recognize that, as long as you continue to put in the work, you will almost certainly see results. Another trait that successful entrepreneurs demonstrate is being alert and open to opportunities (which once you start noticing them are all around us). When you start a business, you reframe your interactions which allows you to see business potential in everyday activities. You might start connecting with people from who you are able to learn or may help you achieve your goals. By being curious and engaged, you are able to move your business forward. Finally, business requires that you be flexible and adaptable. We might start out with a vision of the type of product or service we want to sell, but it is almost inevitable that this will change over time. We might more narrowly define our niche or see an opportunity in something different but related. This knowledge only comes with time and experience and the ability to “pivot” when necessary. Of course there are a number of other qualities that contribute to success. Many of these come naturally if you are motivated. And while you should certainly have goals in mind, it is equally important that you derive enjoyment from the journey.
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