Key Factors Shared by Successful Business Owners: Tap Into Them and Thrive!


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Do you ever wonder what differentiates good entrepreneurs from wildly successful ones? This presentation will uncover the secrets and drivers to becoming a successful business owner. You will learn:

• The specific characteristics that are most important to running a thriving business
• How those characteristics have helped entrepreneurs succeed
• How to leverage these characteristics to build an exceptional business

For more information, check out

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Key Factors Shared by Successful Business Owners: Tap Into Them and Thrive!

  1. 1. Key Factors Shared by Successful Business Owners: Tap Into Them and Thrive! The Guardian Life Small Business Research Institute Hosted by the New York Enterprise Report May 12, 2011
  2. 2. Agenda <ul><li>Introduction of speakers </li></ul><ul><li>Background – The Guardian Life Index </li></ul><ul><li>Key success factors for running a thriving business </li></ul><ul><li>Factor details </li></ul><ul><ul><li>Definition </li></ul></ul><ul><ul><li>Insights </li></ul></ul><ul><ul><li>Action tips </li></ul></ul><ul><li>Q&A </li></ul>
  3. 3. Meet Our Speakers <ul><li>Patricia G. Greene, Ph.D., MBA </li></ul><ul><li>– Special Academic Advisor, The Guardian Life Small Business Research Institute </li></ul><ul><li>– President’s Distinguished Chair in Entrepreneurship , Babson College </li></ul><ul><li>– Co-Founder , Diana Project ( ) </li></ul><ul><li>– Board Chair , Center for Women’s Business Research </li></ul><ul><li>John Krubski </li></ul><ul><li>– Research Advisor, The Guardian Life Small Business Research Institute </li></ul><ul><li>– Founder and Chairman , International Thought Leadership Council </li></ul><ul><li>Moderated by: Robert Levin, New York Enterprise Report </li></ul>
  4. 4. The Guardian Life Index <ul><li>Goal </li></ul><ul><ul><li>Determine what matters most to small business owners </li></ul></ul><ul><li>Key insight </li></ul><ul><ul><li>Need to re-frame national conversation: ‘Small is not big’ </li></ul></ul><ul><li>Methodology </li></ul><ul><ul><li>Polled more than 1,100 small business owners </li></ul></ul><ul><ul><li>Measured positive/negative intensity of responses to 150 issues </li></ul></ul>
  5. 5. Key Success Factors <ul><li>Self-fulfilled </li></ul><ul><li>Collaborative </li></ul><ul><li>Tech-savvy </li></ul><ul><li>Future-focused </li></ul><ul><li>(We’ll also touch on Curious and Action Oriented.) </li></ul>
  6. 6. Self-fulfilled <ul><li>Definition </li></ul><ul><ul><li>Placing high value on personal fulfillment, gratification </li></ul></ul><ul><li>What matters most </li></ul><ul><ul><li>Doing something I love to do </li></ul></ul><ul><ul><li>Deciding how much money I make </li></ul></ul><ul><ul><li>Being in control of my fate </li></ul></ul><ul><ul><li>Creating something of value </li></ul></ul><ul><ul><li>Making my own decisions </li></ul></ul><ul><ul><li>Working in a place where everyone respects me </li></ul></ul>
  7. 7. Self-fulfilled <ul><li>Insights </li></ul><ul><ul><li>Self-fulfillment starts with “self” </li></ul></ul><ul><ul><li>Celebrate connection between business and you </li></ul></ul><ul><ul><li>Give yourself “permission” to enjoy success </li></ul></ul><ul><ul><li>Take time for yourself to recharge your batteries </li></ul></ul><ul><ul><li>Respect yourself </li></ul></ul>
  8. 8. Self-fulfilled <ul><li>Action Tips </li></ul><ul><ul><li>Visualize end-result of being a successful small business owner </li></ul></ul><ul><ul><li>Picture your future if you were working for someone else for 10-20 years </li></ul></ul><ul><ul><li>Surround yourself with people who are more successful than you </li></ul></ul><ul><ul><li>Work hard and play hard! </li></ul></ul>
  9. 9. Collaborative <ul><li>Definition </li></ul><ul><ul><li>Creating opportunities for others </li></ul></ul><ul><ul><li>Delegating effectively </li></ul></ul><ul><li>What matters most </li></ul><ul><ul><li>Collaborating with my management team </li></ul></ul><ul><ul><li>Collaborating with my employees </li></ul></ul><ul><ul><li>Helping others to have income/opportunities </li></ul></ul><ul><ul><li>Having reliable business partners </li></ul></ul><ul><ul><li>Creating a positive working environment </li></ul></ul>
  10. 10. Collaborative <ul><li>Insights </li></ul><ul><ul><li>Get past the “I’m the only one” syndrome </li></ul></ul><ul><ul><li>Create THE place to work </li></ul></ul><ul><ul><li>Collaboration outside your company </li></ul></ul><ul><ul><ul><li>Innovate within your supply chain </li></ul></ul></ul><ul><ul><ul><li>Partner for larger contracts </li></ul></ul></ul><ul><ul><ul><li>Solve client/customer challenges together </li></ul></ul></ul><ul><ul><li>Connect with others with vested interest in your success </li></ul></ul>
  11. 11. Collaborative <ul><li>Action Tips </li></ul><ul><ul><li>Learn how you actually spend your time </li></ul></ul><ul><ul><li>Hire to meet your next set of objectives </li></ul></ul><ul><ul><li>Teach and empower employees </li></ul></ul><ul><ul><li>Network with intentionality </li></ul></ul><ul><ul><li>Know and understand all those around you </li></ul></ul><ul><ul><li>Partner with integrity </li></ul></ul>
  12. 12. Tech-savvy <ul><li>Definition (What is technology?) </li></ul><ul><ul><li>Investing time/money to “get technology right” </li></ul></ul><ul><ul><li>Making my business more effective/efficient </li></ul></ul><ul><li>What matters most </li></ul><ul><ul><li>Using software to make my business run more efficiently </li></ul></ul><ul><ul><li>Using websites to tell prospective customers about my business </li></ul></ul><ul><ul><li>Using email as a primary means of communication </li></ul></ul>
  13. 13. Tech-savvy <ul><li>Insights </li></ul><ul><ul><li>Recognize importance of core technologies </li></ul></ul><ul><ul><li>Prioritize investments based on what they can do for your business </li></ul></ul><ul><ul><li>Be open to new technologies </li></ul></ul><ul><ul><ul><li>But never do something just because “you should” </li></ul></ul></ul><ul><ul><li>Understand convergence of personal/ professional technologies </li></ul></ul><ul><ul><li>Recognize that technology can be invasive/disruptive </li></ul></ul>
  14. 14. Tech-savvy <ul><li>Action Tips </li></ul><ul><ul><li>Present a professional name for your business, e.g. </li></ul></ul><ul><ul><li>Invest in professional, searchable website </li></ul></ul><ul><ul><ul><li>Utilize search engine optimization (SEO), newsletter, blog </li></ul></ul></ul><ul><ul><li>Delegate what you don’t know </li></ul></ul><ul><ul><li>Recognize the future is mobile </li></ul></ul><ul><ul><ul><li>Smart phones </li></ul></ul></ul><ul><ul><ul><li>Transaction processing </li></ul></ul></ul><ul><ul><ul><li>Inventory management </li></ul></ul></ul><ul><ul><ul><li>Calendar management </li></ul></ul></ul><ul><ul><li>Understand and decide what you don’t need to do </li></ul></ul>
  15. 15. Future-focused <ul><li>Definition </li></ul><ul><ul><li>Being good at both short- and long-term planning </li></ul></ul><ul><li>What matters most </li></ul><ul><ul><li>Having sufficient cash flow </li></ul></ul><ul><ul><li>Having a well thought out plan to run my business day-to-day </li></ul></ul><ul><ul><li>Having a well thought out plan to run my business in the future </li></ul></ul><ul><ul><li>Having something to sell or pass to my children (or others) </li></ul></ul><ul><ul><li>Planning for someone else to run the </li></ul></ul><ul><ul><li>business after me </li></ul></ul>
  16. 16. Future-focused <ul><li>Insights </li></ul><ul><ul><li>Anticipate how your industry will change </li></ul></ul><ul><ul><li>Have a clear operating premise (COP) that reflects: </li></ul></ul><ul><ul><ul><li>Focus </li></ul></ul></ul><ul><ul><ul><li>Clarity </li></ul></ul></ul><ul><ul><ul><li>Awareness </li></ul></ul></ul><ul><ul><ul><li>Prioritization </li></ul></ul></ul><ul><ul><ul><li>Diligence </li></ul></ul></ul><ul><ul><ul><li>Commitment </li></ul></ul></ul><ul><ul><ul><li>Action </li></ul></ul></ul>
  17. 17. Future-focused <ul><li>You end up with the future you deserve </li></ul>
  18. 18. Future-focused <ul><li>Action Tips </li></ul><ul><ul><li>Focus beyond short-term planning </li></ul></ul><ul><ul><li>Create a long-term business plan </li></ul></ul><ul><ul><li>Find a mentor who will help you keep an eye on the future </li></ul></ul>
  19. 19. Curious <ul><li>Definition </li></ul><ul><ul><li>Learning everything possible about why a business succeeds or fails </li></ul></ul><ul><ul><li>Learning everything possible to help you be better at your business </li></ul></ul><ul><li>What matters most </li></ul><ul><ul><li>How to innovate in my business </li></ul></ul><ul><ul><li>How to improve my business’ productivity </li></ul></ul><ul><ul><li>How to prospect for new business </li></ul></ul><ul><ul><li>How to motivate my employees </li></ul></ul><ul><ul><li>How to keep my employees from leaving </li></ul></ul>
  20. 20. Action Oriented <ul><li>Definition </li></ul><ul><ul><li>Being a positive, decisive, ‘get it done’ leader </li></ul></ul><ul><li>What matters most </li></ul><ul><ul><li>Moving the business to the next level </li></ul></ul><ul><ul><li>Finding ways to be noticeably different from competition </li></ul></ul><ul><ul><li>Recognizing that adversity is a kick in the rear to move forward </li></ul></ul><ul><ul><li>Taking advantage of emerging opportunities </li></ul></ul>
  21. 21. <ul><li>For more information on </li></ul><ul><li>Curious & Action Oriented </li></ul><ul><li>Please visit: </li></ul>
  22. 22. Questions/Comments?
  23. 23. <ul><li>For more information, please visit: </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li>Follow us on Twitter @smallbizdomnews </li></ul><ul><li>Subscribe to our YouTube Channel at </li></ul><ul><li>GuardianSmallBizdom </li></ul>