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Every small business is different.But a large scale study by the Guardian Life Small Business Research Institute found that there were certain traits that stood out among the most successful ventures.
More than 1,100 different companies with between 2-99 employees participated in the Guardian study.
Uniquely, the Institute didn’t just ask bosses what they did — it asked them what they felt mattered most for starting a successful business. So the results reveal passion more than practice.
Overall, the study found six key traits that defined the personality of the successful owners.
Think you’ve got what it takes?
It might seem like a successful small business owner would be the type to micro-manage every detail. But the Guardian study found that the knowing how to collaborate was the single most important trait for someone running a business with less than 100 employees. The best bosses knew how to delegate tasks to others, forge strong relationships with team members and create opportunities that motivated everyone on staff.
The stand out managers in this study were constantly scouring the internet to find way they could improve their business, retain their employees and innovate their products. If you're the type who can't stop asking questions or wondering what the competition is up to, then you've got small business in your blood.
Keeping a keen on what's coming up is a crucial trait for a successful small business owner. Subjects in the study who planned out their cash flow and succession plans far in advance did better than their short sighted peers.
Great small business owners are the kind of people who prefer being in control of their own destiny over the security of a corporate position. These long rangers value the freedom to make their own choices over affluence and structure.
The better business owner put a higher value on keeping up with the latest in tech. They figured out how best to track their packages and kept company email in high gear. Most of all they were convinced that technology helped make their business more efficient.
Last but not least, the top performers in this study were highly motivated to set themselves apart from the competition. Adversity motivated them to work harder, and they were less likely than the average boss to worry about the state of the economy.
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