A new report attempts to identify a winning formula.
The Guardian Life Small Business Research Institute report hopes to explain why only 1 in 2 small businesses will survive more than five years, according to Small Business Administration figures. The study - called Six Dimensions That Characterize Success-Oriented Small Business Owners - is based on analysis of a survey of 1,100 small businesses with between 2 and 99 employees. (The Institute is run by the Guardian Life Insurance Company of America, and it conducts ongoing research on what it calls "the Index of What Matters Most" to small businesses.)
- The ability to collaborate. Those who can delegate, build strong relationships with their management teams, employees, and others are more likely to click with customers.
- Being self fulfilled. Good small business owners put a high price on the fulfilment their companies provide them, relish being their own boss, and enjoy being in control of their personal income.
- Future-focused. Small business owners who thrive are good at both short- and long-term planning.
- Curious. Good entrepreneurs are always reading and asking questions.
- Tech-savvy. Perhaps not surprisingly, the best small business owners invest time and money on their company's website and are likely to "rely a great deal on technology to help make our business more effective and efficient."
- Action oriented. Successful founders are proactive and always "differentiating ourselves from our competitors," survey respondents said. They were less worried than other small business owners about the state of the economy, and more likely to look at adversity as "a kick in the rear to help you move forward."
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