Published: April 8th, 2016; by Judi Hughes
Did you know that one of the biggest barriers to business growth is you, the business owner!
There are four attributes a successful business owner needs to have. They are:
- Experience at building a growing business
- Knowledge in all facets of a business
- Confidence that you can make the business a success
- Vision of where you want your business to go
The reality is none of us have all of these. Here are some ways to overcome your gaps.
When you first start a business you can wing it! But as it grows and becomes more complex the winging just doesn’t work. You need to apply experience to your decisions. After all your business is a growing concern and you want it to be successful. This is where to get experience:
- Hang out with experienced, successful business owners. Listen and watch them. Learn from what you see and hear.
- Read everything you can about entrepreneurs who have started and grown their own businesses. Learn from their successes AND learn from their mistakes!
- Subscribe to small business management blogs such as this one. Note we suggest “small business” because the experience required for large companies is very different to what you need.
Businesses are very complex; they are made up of many components that must all work together like a well-oiled machine. You are the driver of this complex machine and so you must wear multiple hats. You must:
- Understand finances
- Know how to motivate and manage people
- Be able to sell
- Have an ability to deliver a service or product quickly and efficiently
- Create powerful marketing campaigns
- Create new products and services
- And so and so on
Click here to see the many hats that small business owners must wear!
You can’t possibly be good at everything. Where do you learn all this stuff? There is no school where you can learn it all. So what is the answer?
- Identify your most serious knowledge gaps and seek out webinars, workshops, and programs with practical not theoretical learning that specifically targets those subjects.
- When in doubt ask someone! For example, if your financial results are confusing seek answers from your accountant. If you are ready to develop a strategic growth plan talk to us about our Strategic Focus Program™. If you have no clue about business development hire a sales coach.
- Join a peer group for business owners. But do so carefully. Make sure the group you are considering has business owners who will stretch you.
3. Self confidence
Self confidence is the backbone of any successful business owner. Yes I know; it’s easier said than done. You will always have those days when doubt overcomes you. So what is the answer?
- Take a few minutes every day to reflect on 3 things you accomplished. It’s always too easy to dwell on what we didn’t achieve.
- Be confident; keep telling yourself: “What a great job I am doing!”
- Find those words and phrases that bring you confidence. In his book “How to Think Like a Millionaire”, Mark Fischer suggests this wonderful mantra ~ Every Day In Every Way I am Getting Better and Better!
- Think big!
- Hang out with positive people; their positive attitude will rub off on you. The opposite is true as well; never ever hang out with negative people.
- Your body goes through the same physical and mental response when you are scared as when you are excited? So the next time you are feeling insecure and afraid, simply say: “Am I ever excited!”
Being a business owner is a tough job! It is even a tougher job if you don’t have a clear vision for your business. If you are unclear on your vision then click here for our article called ‘Do You Have a Vision for Your Business’.
- Select a successful business owner you admire, take her to lunch and find out everything about her. In particular find out what her 3 biggest mistakes and 3 biggest successes have been. Learn from them.
- Find one course that will help you as a business owner (check out udemy.com and www.linda.com)
- If you are unclear about your Vision for the business talk to us to see if you qualify for our complementary Vision Session. Contact firstname.lastname@example.org.
For more on the 7 Barriers to Business Growth and how to overcome them, sign up for our 7 week email course Conquering the Seven Barriers to Business Growth by clicking here.
To read a blog about having a Business Owners Mindset click here.