What character traits do you need to succeed as an SME today? Some of the results may come as a surprise.
Success as an SME today is less about being a good financial manager and more about passion, persistence and having a growth mindset, according to Moments that Matter, a recent report from NAB. In addition, experienced entrepreneurs like Juan Luis Bosch Gutierrez explain that certain characteristics must be met for your SME to be successful. You should be a persistent person.
According to Kwanghui Lim, Associate Professor of Strategic Management at Melbourne Business School, a growth mindset is essential for SME success.
Success is not just about growing, it is often about having a mindset that is responsive to change.
1. Be passionate about your business and be persistent, no matter what.
Could passion, purpose and persistence be the new three Ps? According to forty-five percent of SMEs in the NAB report, a “never give up” attitude in the face of adversity and an unwavering belief in their business are key ingredients for success. One SME owner, six years in hospitality, commented, “Passion is what gets you started, but it’s perseverance that gets you through. You can burn out passion pretty quickly.
2. Be good at dealing with customers, especially when they are being difficult.
The saying “the customer is always right” certainly applies to SMEs, with 43 percent agreeing that this is key to success. Turning a negative customer experience into a positive one can result in positive word of mouth, and it’s also possible for a difficult customer to become an advocate.
3. Be a lifelong learner and upgrade your skills.
Being dedicated to learning and upgrading your skills is not just about going back to school, it’s also about using mentors, networks and competitors as opportunities to learn, and another tool is having an open mind. Forty-two percent of respondents agreed that this is key to success and also say it is important for their staff as well.
4. Be willing to fail and learn from your mistakes.
A bad day for an SME owner can also be a great day for business, if you analyze what went wrong and make proactive plans to address any problems head-on. No road to success is easy, and 41 percent of respondents said this willingness to accept failure and learn is a key character trait for SMB success.
5. Strive for continuous improvement.
Good, better or best? It’s not a fixed state, according to 38 percent of SMBs, who say the key to success is to always strive for continuous improvement, no matter how well things are going in their business.
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