Five Key Business Traits

Written by Peter Tran

July 6, 2017

The odds facing business owners are not anecdotal—the stats are true and overwhelming.  If you start a business today you have a 50% chance of surviving three years and only a 30% chance of surviving ten.  Even if you beat these odds you are not necessarily lucky. The average owner of a business that survives […]

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odds facng busness owners are not anecdotal— stats are true and overwhelmng.  f you start a busness today you have a 50% chance of survvng three years and only a 30% chance of survvng ten.  Even f you b se odds you are not necessarly lucky. average owner of a busness that survves earns 18% less than y would dong same job for someone else.

n addton to facng such dauntng odds, busness owners have somethng else n common.  Each sta r busness wth a dream.  A dream of what r busness wll become – what t wll acheve for r communty and r famly.  Unfortunately, many of se drea slowly unravel to form a strng of stress-flled days and sleep deprved nghts.  A few years ago cred Growth Strateges, LLC to help busness owners b se odds and acheve r drea.  Growth Strateges’ core premse s that real, lastng success hnges on busness owner (or leader) developng fve key characterstcs (or trats).  Today wll ntroduce se trats.  Learn m to revve your “busness dream.”  Practce and polsh each trat to transform that dream nto a hard-earned, well-deserved realty. 

Successful busness owners share se fve common characterstcs:  1) y lve to serve, 2) y make a proft, 3) y own a busness (not a job), 4) y make tme for “busness of busness”, and 5) y manage syste, not people.  How does each characterstc ly to your busness?  Let’s take a quck look.

Lve to serve: Each customer has a specfc and numerous optons avalable to meet that .  Why should y choose your busness over all se optons?  Thoroughly analyze and answer ths queston and you wll uncover meanng of “customer experence.”  t s ths “experence” that buy; an experence rooted n thoughtful servce, not just “stuff” you sell. 

Make a proft: To contnue servng you must reman n busness.  To reman n busness you MUST generate a consstent proft.  Ths requres a functonal understandng of relatonshp between prce, cost, and sales volume.  f you lack ths understandng your busness s a leakng vessel.  Both sal and rudder are lost.  You are adrft.  You are snkng.

Own a busness (and not a job):  f your busness requres your contnual drect nvolvement to operate, you own a job, not a busness.  Ownng a job and not a busness cres two mmedate thrs to your lvelhood: Frst, your busness cannot grow beyond you.  Second, f you get sck or are absent for more than a few weeks (whch s hghly lkely at some pont) lkelhood of your busness survvng s grly dmnshed.  Counter ths thr by ownng a busness and not just a job.  A “busness” has ablty to make hy even when you are absent.

Make tme for busness of busness.  f you own a “job” (nstead of a busness) you, owner, spend most of your tme delverng your product or servce.  upsde: work gets done.  downsde: You have lttle tme for “busness of busness.”  result: no foundaton on whch to buld a busness.  To become owner of a busness (and not a job) you must have tme to thnk serously and objectvely about your busness.  You must have tme to make crtcal decsons that enhance growth and proftablty.  How do successful busness owners make tme for “busness of busness”?  y cre and utlze syste.

Manage syste, not people:  Syste are steps and procedures that acheve a goal.  Wher you realze t or not, your busness (or “job”) s a seres of three nterlockng syste steps taken to generate new are a system.  manner n whch your product or servce s delvered s a system.  And fnally, procedures used to retan (and, hopey, grow) your customer base are a system.  Unfortunately, for most busnesses, se syste are lttle more than subconscous, nformal reflectons of leader’s strengths and weaknesses.  Busnesses that acheve proftable, long-term success, however, share one common denomnator – syste that are ntentonal, coordnated processes workng toger to cre a sngle outcome: proftably servng hy

Today, have shared fve key trats that successful busness owners share.  Take tme to develop se trats and b odds. Your “busness dream” wll unfold and form your future. 

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Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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