A small business is a way of life

There is no doubt that those businesses which are deemed successful and are small have not been created by accident. There are many types of business ranging from retail to printing and wholesale but all of them have a common link if they are successful: they have behind them someone driving and pushing and betting on them. So what are the elements that lead to success?

Big Idea

First of all the business needs to have a concept that is sustainable. There is nothing new under the sun, but if a business is to succeed it need to be differentiated from its competitors or have a lot of money to support it. The idea can almost be anything but it needs to be different and exclusive to the business.

It can be a specific way of providing service, or a specific range of products or unique cost base. Whatever it is, it’s got to be exclusive and it can’t be replicated easily, but above all the owner needs to be aware of it and make it better.

Passion

The person or people who run it need to be passionate about it. This emotion and feeling cannot be transient and superficial. It needs to be wholehearted. Sometimes things will not go according to plan (sod’s law) no matter what one does to influence the outcome. It is in those occasions that the passion will come through and carry the whole thing forward. Passion is a funny thing but, in the context of a business, it is the overwhelming feeling that whatever is thrown at the business it will go forward and will be successful.

Hard Work

As someone who has made the transition from corporate life to small business, it is an overwhelming truth that hard work is involved. The business does not ask for your hard work, not does anybody ask for your hard work. But it is a surreptitious thing that the long hours creep in.

One can deceive oneself that because “you are your own boss” you will be able to keep your own time: well you won’t. Your time is the business, and that is where a way of life comes in. You have got to be passionate to invest so much of your time into it.



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