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

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

Agenda
Introduction of speakers
Background – The Guardian Life Index
Key success factors for running a thriving business
Factor details
Definition
Insights
Action tips
Q&A

Meet Our Speakers
Patricia G. Greene, Ph.D., MBA
– Special Academic Advisor, The Guardian Life Small Business Research Institute
– President’s Distinguished Chair in Entrepreneurship , Babson College
– Co-Founder , Diana Project ( www.dianaproject.org )
– Board Chair , Center for Women’s Business Research
John Krubski
– Research Advisor, The Guardian Life Small Business Research Institute
– Founder and Chairman , International Thought Leadership Council
Moderated by: Robert Levin, New York Enterprise Report

The Guardian Life Index
Goal
Determine what matters most to small business owners
Key insight
Need to re-frame national conversation: ‘Small is not big’
Methodology
Polled more than 1,100 small business owners
Measured positive/negative intensity of responses to 150 issues

Key Success Factors
Self-fulfilled
Collaborative
Tech-savvy
Future-focused
(We’ll also touch on Curious and Action Oriented.)

Self-fulfilled
Definition
Placing high value on personal fulfillment, gratification
What matters most
Doing something I love to do
Deciding how much money I make
Being in control of my fate
Creating something of value
Making my own decisions
Working in a place where everyone respects me

Self-fulfilled
Insights
Self-fulfillment starts with “self”
Celebrate connection between business and you
Give yourself “permission” to enjoy success
Take time for yourself to recharge your batteries
Respect yourself

Self-fulfilled
Action Tips
Visualize end-result of being a successful small business owner
Picture your future if you were working for someone else for 10-20 years
Surround yourself with people who are more successful than you
Work hard and play hard!

Collaborative
Definition
Creating opportunities for others
Delegating effectively
What matters most
Collaborating with my management team
Collaborating with my employees
Helping others to have income/opportunities
Having reliable business partners
Creating a positive working environment

Collaborative
Insights
Get past the “I’m the only one” syndrome
Create THE place to work
Collaboration outside your company
Innovate within your supply chain
Partner for larger contracts
Solve client/customer challenges together
Connect with others with vested interest in your success

Collaborative
Action Tips
Learn how you actually spend your time
Hire to meet your next set of objectives
Teach and empower employees
Network with intentionality
Know and understand all those around you
Partner with integrity

Tech-savvy
Definition (What is technology?)
Investing time/money to “get technology right”
Making my business more effective/efficient
What matters most
Using software to make my business run more efficiently
Using websites to tell prospective customers about my business
Using email as a primary means of communication

Tech-savvy
Insights
Recognize importance of core technologies
Prioritize investments based on what they can do for your business
Be open to new technologies
But never do something just because “you should”
Understand convergence of personal/ professional technologies
Recognize that technology can be invasive/disruptive

Tech-savvy
Action Tips
Present a professional name for your business, e.g. John.doe@widgets.com
Invest in professional, searchable website
Utilize search engine optimization (SEO), newsletter, blog
Delegate what you don’t know
Recognize the future is mobile
Smart phones
Transaction processing
Inventory management
Calendar management
Understand and decide what you don’t need to do

Future-focused
Definition
Being good at both short- and long-term planning
What matters most
Having sufficient cash flow
Having a well thought out plan to run my business day-to-day
Having a well thought out plan to run my business in the future
Having something to sell or pass to my children (or others)
Planning for someone else to run the
business after me

Future-focused
Insights
Anticipate how your industry will change
Have a clear operating premise (COP) that reflects:
Focus
Clarity
Awareness
Prioritization
Diligence
Commitment
Action

Future-focused
You end up with the future you deserve

Future-focused
Action Tips
Focus beyond short-term planning
Create a long-term business plan
Find a mentor who will help you keep an eye on the future

Curious
Definition
Learning everything possible about why a business succeeds or fails
Learning everything possible to help you be better at your business
What matters most
How to innovate in my business
How to improve my business’ productivity
How to prospect for new business
How to motivate my employees
How to keep my employees from leaving

Action Oriented
Definition
Being a positive, decisive, ‘get it done’ leader
What matters most
Moving the business to the next level
Finding ways to be noticeably different from competition
Recognizing that adversity is a kick in the rear to move forward
Taking advantage of emerging opportunities

For more information on
Curious & Action Oriented
Please visit: www.Smallbizdom.com

Questions/Comments?

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

by GuardianSmallBizdom on May 12, 2011

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