Expert advice for anyone thinking of starting a small business.
A survey of some of Australia's leading small business marketing people undercovered gold.
The statistics are against a small business being successful. Even during goodeconomic times a large percentage of small businesses close in the first two years.So what makes a successful small business? What factors increase the chance ofsuccess?
A simple question was posed of the “Small Business Big Marketing” group onlinkedin, “If you met a person who had no business experience. What are the threethings you would tell them to do?” For anyone thinking of starting a business theresults may be surprising. The three most important things according to the expertsare; Passion, Information and Persistence.
Passion was the overwhelming most important thing with 37% saying it was by farthe most important characteristic. The general feeling was that if your business issomething you would be willing to do for free, you are headed for success. If you arepassionate about what your business does you are more likely to work throughdifficult times.
The second most important aspect to success was Information. This includedplanning, information in general and access to a mentor. This accounted for 23% ofthe response and was a theme in other answers as well. This is an indication that asinformation becomes more accessible small business is utilising this important asset.The internet has made available information that previously would have only beenavailable to large corporations.
In third place was Persistence/Motivation. The willingness to carry on when thingsget tough and the “Just do something” theme was seen to be of great importance. Itwas interesting to note that the top three beat out topics like Technology, theimportance of a good Team/People, a good product and a work-life balance.
According to the contributors at the “Small Business Big Marketing” group, it appearsthat the greatest influence on a small businesses success is the owner of thebusiness itself. If the owner is passionate about the business, knows how to get holdof good advice and is willing to put in the hours, success is likely to follow.
It is worth noting that monetising and idea was ranked low and financing the businesswas not even considered as advice that was worth giving.Ask Find Buy compiled the statistics using a very simple weighting method.Contributors gave three answers; their first answer was given three points, their
second two points and their final answer a single point. The categories were dictatedby the answers given by the group. Answers of a similar nature were used to form acategory.
So if you are thinking of starting a business the most important advice you can get is“Look at yourself first, do you fit the business you are thinking of starting?”