8 out of 10 Small Business Owners in 15 countries Believe Failing is Key to Entrepreneurial Success
What are the traits of successful
entrepreneurs? Is it guts, willpower, or the ability to raise capital?
According to a global survey, 89% of respondents say that in order to be
successful, leaders must make mistakes,
learn, and grow from those lessons learned.
Conducted by OnePoll and
commissioned by Herbalife Nutrition for National Small Business Week, the international study
surveyed 8,000 small business owners and employees across 15 countries,
including 4,000 respondents from eight countries in the Asia Pacific region.
The study asked respondents to share lessons they learned through workplace
mishaps. These insights from
entrepreneurs teaches valuable lessons for anyone who owns or plans to own a
business.
Fail Fast
Entrepreneurs reported that it took
an average of two failed business ideas to find
the one that worked. While failing is difficult and
discouraging, entrepreneurs shared that making mistakes helped them learn,
grow, and succeed in their future endeavors. The key is to learn and, ideally,
avoid them in the future. Almost 90% of small business owners said they learned
valuable lessons from each unsuccessful venture.
Be Productive
The importance of entrepreneurs
learning to be productive is high on the list of lessons. Over 40% of small
business owners said that productivity was critical to success. Many
entrepreneurs previously worked for companies where deadlines were set by
others. Suddenly becoming a boss can be daunting for owners, and many find
themselves overwhelmed with work and less productive at first. The old adage
“one step at a time” applies to productivity. Set attainable goals for yourself
and see each task through to completion.
Get Organized
The survey asked small business
owners what advice they would give to someone just starting a business, and the
top tip was to get and stay organized (42%). Documents should be easy to access
and marked, whether they are stored digitally or on your desk. Another way to
organize your workday is to make a list of your tasks and prioritize those that
must be completed. Color-coding items—for
example, red for urgent, blue for today, and yellow for later completion—help many owners identify hot activities. Set a timer to
dedicate yourself to each task before taking a break. Knowing you have time
constraints and something to look forward to can help you complete tasks
faster.
Learn to Prioritize
Over 30% of global respondents
believe that learning to prioritize work is critical. But how? Since our school
days, we have been instructed to make lists and set deadlines. Many business
owners make lists and then become overwhelmed by their workload. Instead of
focusing on completion, they procrastinate. Aside from making lists, entrepreneurs
must understand what tasks are essential to complete, and why. What items are
essential each day for your business to succeed? For example, if your inventory
is low, ordering goods is a top priority. Perhaps sales calls are next on your
to-do list to keep the business in the black. Allow at least 30 minutes per day
to express appreciation to customers and partners. Giving thanks for a business
referral or a large order is critical to the growth of your company.
Never Stop Learning
Entrepreneurs see that ongoing learning is essential for innovation and the
development of new ideas. More than a quarter believe that continuing education
is the secret sauce that helps business owners stay on top of their game. With
so much to do in a day, how do entrepreneurs fit training into their schedule?
Articles can be read and events can be attended during breaks or evenings
thanks to more content being available on demand. Reading various news stories,
as well as reviewing industry blogs and research, can help you come up with new
ideas to keep you and your business fresh. Keep a "spark list" near
your workspace where you can jot down thoughts and ideas that will help you
grow.
Learning from mistakes makes us
stronger—especially business
owners. Understanding setting priorities, being
productive and organized, aids entrepreneurs in
staying on task and on schedule. Keeping up with the industry can help you
generate ideas to help you manage your work and succeed in business.
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