A Recipe for a Successful Small Business

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Since its inception, the United States has always been considered “the land of opportunity” – a place where any individual with motivation and drive can have a successful small business.

This notion still holds true today as 99 percent of all American companies are small businesses, according to Small Business Administration. But this doesn’t mean being an entrepreneur or running a business is easy.             

Each business has its own set of circumstances and variables that influence its success, but you control more than you might think, especially the intangibles. Below are some tips to lead entrepreneurs to the promise land.

  Don’t be afraid to experiment. No business can get off the ground or grow without taking a few risks or trying new things. And the initial push to open a business is not enough. Sometimes, you must try stuff out, experiment, fail, and try again. 

  Good ideas can come from anyone. “The only true wisdom is in knowing you know nothing,” as the great Greek philosopher Socrates once said. In other words, you have to be open to new ideas and ways of thinking, especially from sources other than yourself. In the end, it’s about coming up with the best possible products. 

•  Stay organized and be efficient. A little organization can go a long way. Don’t just think detailed spread sheets or databases with lists of customers or to-the-minute daily schedules. It can be simple things like how your desk is laid out or even the computer monitor you use.

  Be committed, but keep it light. Owning and operating a business is a serious game; there is no doubt about that. However, you should still try to have some fun when the opportunity arises. Humor is really an essential part. If you take yourself too seriously, you’re never going to just try something crazy or new.

  Don’t become content. One of the oldest tricks that’s true for all types of businesses is to never rest on your laurels. Even with early success, keep pushing forward. You have to be hungry: hungry for new work, new experiences, and learning new things.

Owning your own business can be scary as there are so many roles to play. With the above tips in mind, you have a great framework for prosperity. If nothing else, embrace the madness to find a real recipe for success. 

If you’re a business owner looking for ways to improve performance, experienced CPA firms like Williams and Kunkel, CPA, LLP can help, so call us today in Flower Mound at 972-446-1040 to have a chat.

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Source: Philadelphia Sun 

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