Entrepreneurs will often say you’ve got to fail fast and learn faster if you want to succeed. It’s these learnings which not only make you a better business owner but also increase your chances of establishing a successful business.
We spoke to more than 2,000 small businesses in the UK and the US to learn about success and what keeps entrepreneurs going. One of the most interesting findings is that 50% of those who had failed in the past were more likely to be successful in the future.
The journey of modern day entrepreneurs is a fascinating one. Here at Xero we love the lesson that you don’t have to win first time round to be successful. It’s getting on the road to entrepreneurship that counts, and following your dream that matters.
So…according to our research, these are the traits of successful business owners:
1) Successful entrepreneurs have a positive mindset and are comfortable with failure. Successful small business owners are more likely to see failure as a good thing, learn from mistakes and want to try again. Our findings suggest that a business is stronger second time round.
2) They enlist the support of a large community: family, advisors and mentors, an accountant and a financial advisor. Having a good collaborative network with advisors and mentors to keep you on the right path is regarded as vital. A third of successful entrepreneurs say they have turned to mentors, compared to just 14% of respondents who ran businesses that had to close.
3) They have the ability to access and manage finances. Nearly 60% of entrepreneurs who had made it, reported they invested in technology to manage their finances, compared to a marginal 14% of business owners who had to shutter their operations.
4) Investing in technology for increased productivity in finance, marketing and customer service is a no brainer. Successful entrepreneurs let their business software do the tough stuff. Of the successful entrepreneurs surveyed, 86% reported they use technology to increase their productivity.
5) A strong belief in the value of personal time. The most successful business owners have a great sense of work / life integration and made time for loved ones. Almost 60% of respondents listed spending time with family as crucial to their effectiveness as a business owner, and more than half (53%) said it’s important to keep their weekends free for loved ones.
Lifting survival rates and helping small businesses thrive is our business. The Make or Break? report found US and UK businesses that use Xero are markedly more likely to succeed. Read more here and if you’re not on Xero yet, start a free trial today.
Good luck in your endeavours this week and in 2016 and Happy Global Entrepreneur Week!