Attributes Required to Be Successful in Business

The popularity of the television show Shark Tank is leading many people to question if they can start their own business. But, as we see, sometimes a good idea is not enough. To build a new business successfully, it takes the right person with the right approach. Consider if you posses the attributes to succeed in business.

1. Be resilient but know when to cut your losses

Don’t be surprised if the business fails. According to the Bureau of Labor Statistics, 40% of business do not survive 2 years, after 6 years, 60% have failed. Only 20% of startups stay in business for 15 years or longer.

So, if your business survives longer than 6 years, consider that a success. If you business fails to survive 5 years, or maybe does not even make its first anniversary, don’t be discouraged; instead, learn from your experience.

Many legendary entrepreneurs had failed business ventures. R.H. Macy had seven failed businesses before he opened a small dry goods store on a nondescript corner in New York City. This small store eventually became Macy’s, one of largest department store retailers in the world.

2. Evaluate your skills

Running a business requires aptitude in diverse areas including analytical, organizational, creative, and relational skills. It is imperative to conduct an honest evaluation of your talents and abilities. You need to determine what functions and roles you can play, and what areas you will need to augment with outside assistance.

First, make a list of the various roles required to run the business and the associated skills necessary to excel in these roles. Once you determine the roles for which you are not well suited, decide how to address them. Potential solutions include outsourcing to a services company, hiring a staff member, part-time or full-time, or contracting with a freelancer. Keep in mind, should you decide to hire even a part-time employee, there are additional legal and fiscal responsibilities to be addressed.

3. Be willing to embrace technology

There is no way around the need for advanced information technology in today’s market. Embracing technology can provide a competitive advantage and increase productivity, communications, and collaboration.

Even a sole proprietor offering professional services needs reliable and secure computing systems.

Advanced applications such as CRM, collaboration, and unified communications bring value to business of every type are readily accessible with cloud services. If nothing else, technology can differentiate your company by improving the efficiency with which its works, and bettering its communication and customer experience.