One of the primary reasons why most small businesses fail is not due to a lack of capital. Most failures are the result of the organizations leadership. Leadership coach Dr. John Maxwell says, “Everything rises and falls on leadership”, and I believe he is correct.
Business failure is primarily a result of what the leader (business owner) does or fails to do. In some cases, it's in part to what the leader does not know to do. In other words, it’s what they don’t know that hurts or impedes their chance for success. As a business owner your business will not rise above your level of [business] competence. Whatever the “next level” is for your business you must be their first - competent. You can also surround yourself with others that possess a level of accomplishment in those areas.
A commitent to personal growth by investing in yourself – books, seminars, college courses, workshops and the like will greatly Increase your competence and increase you chances for success.
Leadership and learning are indispensable to each other.
~John Fitzgerald Kennedy
Below I have listed what I call the 5 B's to business success. There are a few additional characteristics relating to the business owner leader that I will post in another article.
Be self-aware. self-knowledge and a clear understanding of your strengths and weaknesses are critically important to your success. The problems and pressures of operating a business are not for the timid or mentally slothful. A resilient, stable, focused, problem solving and problem avoiding atitude towards your business will be of tremendous benefit to your business. Avoid creating unnecessary problems. Necessary problems will always find there way to your door.
Be accountable. Many business owners fail to have someone they can candidly talk to concerning where they are emotionally or mentally concerning their business. You need someone that is very knowledgeable and can be objectively honest and encouraging.
Be a good steward. Learn to manage your life or life will manage you. Manage your business resources and make them work for you to accomplish what is needed. That is the essence of stewardship.
Be a faithful leader. You won’t always make the right decision but admit when you fail – and you will blow it sometimes, learn from it analizing what you did and understand what you should have been done - that’s wise. Don’t just get up and move on without reflection - that's foolish. If you do, you probably will repeat that lesson. You must mediate on what is ould follow.Then your actions will change.Think the same way and you’ll get the same thing - even if your thoughts are correct.
I used to think that running an organization was equivalent to conducting a symphony orchestra. But I don’t think that’s quite it; it’s more like jazz. There is more improvisation.
~Warren Bennis
Be diligent. Laziness and not doing what is necessary will destroy your business or cause it to not operate as efficientlyas it could. Once you establish your plan execute, execute, execute. Make adjustments when needed, rest when needed, have fun when needed. But still execute, execute, execute. Businesses fail when the owne/leader failes to execute an excellent will thought out plan.
From this we see that your businesses success begins with "you".
