UNDERSTAND HOW TO BE A SUCCESSFUL SMALL BUSINESS ENTREPRENEUR

David Wilke has formulated this checklist to help small business entrepreneurs understand how to increase the probability of a small business succeeding beyond 10 years.

According to the U.S. Bureau of Labor Statistics,  half of all small business startups operate for five years or more and nearly one-third operate 10 years or more.   The longevity of a business increases with the age of the small business. If you are a small business owner we would like to ponder some important key points so your company will be on the winning side of the odds. Click on the link to research Business Survival Rates.

1. Understand your “baggage” and how you can subconsciously limit your success.
2. Accurate accounting and time tracking is a “have to” not a “want to”.
3. Develop good decision making skills.
4. Know your weaknesses.
5. Set realistic goals.
6. Believe in yourself.
7. Hope for the best and plan for the worst.
8. Use referrals to increase revenues.
9. Really know your best customers.
10. Work within a budget.
11. Write down your business plan.
12. Understand what “giving back” means.
13. Obtain mentors.
14. Establish great relationships with professional service providers.
15. Develop an exit strategy.
16. Understand outsourcing.
17. Consider long-term implications of a decision.
18. Maintain a healthy lifestyle.
19. Look for opportunities that fit the business plan.
20. Must feel comfortable taking calculated risks.