Hiring the right people
“I hire people brighter than me and I get out of their way.” – Lee Iacocca
A successful business owner realizes the value of quality employees. They will hire employees based on their potential to build the business and contribute to your vision. Don’t be afraid to hire people who intimidate you. Allow your employees to contribute to your vision and be open to their advice. Ultimately, the decisions are up to you, but a smart business owner will hire smart and driven employees who can contribute a steady stream of ideas. Learn to respect and listen to these people and celebrate their successes. A successful person understands that surrounding themselves with people who have the drive and talents they wish to have themselves creates positive growth and drive within themselves as well.
They create clear, specific goals and create timelines to get there
“Paying attention to simple little things that most men neglect makes a few men rich.” –Henry Ford
Successful business owners have a vision and plan with specific goals along the way. They work backward from the “big goal” to create an honest and realistic timeline of what they need to achieve and when to get them there. But as they achieve their goals, they are constantly modifying and creating new goals.
Dream big, but be realistic
“Before making an important decision, get as much as you can of the best information available and review it carefully, analyze it and draw up worst case scenarios. Add up the plus or minus factors, discuss it with your team and do what your guts tell you to do.” – The Mafia Manager
It doesn’t take much to lose everything you have, but taking risks is a huge factor in business success. Be smart about your business decisions and make sure you always have a backup plan for what will happen if a major decision could fail. Successful business owners know that money is a responsibility, not a reward, so using it wisely is key.
Be in a constant state of learning
“Formal education will make you a living; self education will make you a fortune.” – Jim Rohn
You may have your own business and be considered a top expert in your field, but a smart business owner knows that they don’t know anything, especially if you’re in an ever-changing industry (which, let’s be honest, is true of almost all of them). A successful business owner should constantly be reading to stay up-to-date on their field of business, they attend conferences or workshops to exchange ideas with other professionals and learn from highly regarded keynote speakers, and they constantly follow their curiosities to become experts in their interests.
“Outstanding leaders go out of their way to boost the self esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.” – Sam Walton
When it comes to business, you cannot underestimate the value of good karma. A successful business owner builds their business up, but also devotes time to giving back. Share what you have learned with others who are looking to make a big break, give back to charities and causes that you believe in, and reach out and give plenty of acknowledgement to people who have helped you along the way, especially those who took the time to offer you advice when your business was nothing more than a glimmer of hope.
Don’t take “no” for an answer
“There is no such thing as can’t, only won’t. If you’re qualified, all it takes is a burning desire to accomplish, to make a change. Go forward, go backward. Whatever it takes! But you can’t blame other people or society in general. It all comes from your mind. When we do the impossible we realize we are special people.” – Jan Ashford
Successful people don’t stop at roadblocks, they find new ways around them. If a successful business owner has a dream or vision and they keep hearing “no” as an answer along the way, they modify and think of new ways to accomplish their goals or they take matters into their own hands and do it themselves. Not only do successful business owners not take no for an answer, but they find better, more efficient ways to tackle obstacles and get themselves where they need to be.
Understand the importance of making connections
“If you want to be great and successful, choose people who are great and successful and walk side by side with them.” – Ralph Waldo Emerson
Successful business owners are constantly networking with other business owners to gather and exchange ideas, and also to build relationships that can lead to future collaborations or favors in the future. Successful business owners understand that they cannot achieve their goals by themselves, so creating and fostering strong relationships opens opportunities for help, advice, and exposure. They see every level of relationship as important from people who are idols, people who are equals, people who are subordinates, and their customers and clients.