“Fail fast and learn faster if you want to succeed,” this will often come out of the mouths of many entrepreneurs. The lessons from those failures are what make business owners better and what improved their chances of succeeding in business.
What makes a business more likely to succeed or fail?
There was a survey conducted of over 2,000 small business owners in the US and UK to find out what success is and what motivates them. It is interesting to note that half of those who experience failure were more likely to succeed in the future.
Today’s entrepreneurs are taking on a fascinating journey. Business owners don’t need to succeed the first time to be successful. What you need to do is: start the journey and follow your dreams.
Here are the characteristics of successful entrepreneurs, according to the study:
1. Possess a progressive attitude and at ease with failure.
Small business owners who are successful tend to view failure in a positive light, pick up lessons from their errors, and are not afraid to try again. A business has more strength the second time around, according to the research.
2. Seek the help of a big community, including relatives, mentors and advisors, a financial advisor, and an accountant.
Working with advisors and mentors keeps you on the right path. According to a third of successful business owners, they have enlisted the support of mentors. In comparison, there were only 14% of participants who operated businesses that had to shut down.
3. Talent for accessing and managing finances.
Almost 60% of successful business owners, said they were able to manage their finances by investing in technology. In comparison, just 14% of respondents had to close shop.
4. Turning to technology to improve productivity in finances, marketing and customer service.
Entrepreneurs who had made it invest in business software to do the difficult tasks. 86% of the successful entrepreneurs who were surveyed reported they adopted technology to enhance productivity.
5. Believe strongly in the importance of personal time.
Business owners who have achieved great success have an excellent work / life balance and set aside time for their family. Nearly 60% of respondents reported that spending time with loved ones is important in making them effective as an owner of a business, and 53% reported that keeping their weekends available for family is important to them.
You need a business partner to expand your business and take it to the next level. Enlist the help of tax and financial specialists PJS Accountants. We offer a full range of services including accounting, taxation, business improvement, superannuation, business valuations, asset protection, succession planning, estate planning and bookkeeping. Contact PJS Accountants for enquiries.