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How to become a successful small business owner?

I heard that there are number of downsides being small business owner. Besides having to work long hrs and be constantly worried about your business and the competitors nearby, there is a high risk of going bankrupt. I was told that 80% of small businesses go bankrupt within its first 2 years. Sure, you make a lot of money if your firm becomes successful, but it seems there are many hurdles before reaching that state.
Knowing that, is it worth the risk starting your own small business for people with not much entreprenurial experience? What are the characteristics of people who own successful small business?

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3 Responses to “How to become a successful small business owner?”

  1. denniger said :

    Hey, what a great question. Being an entrepreneur is a quality some people have and some don’t. Myself, I’ve had 3 totally different types of companies in a row. A landscape company, a cheese making operation and a publishing company. I don’t think you have to worry about going bankrupt. That statistic doesn’t really mean anything. If you invest a bunch of money in your project and then don’t carry out your plan. That is where you fail. If you have a good plan, and follow thru with it, you will succeed. So characteristic-wise, someone who will do the work will succeed.

  2. the griffin said :

    Read … It wont take you long to go through these books.. and they are SUCH a help to anyone thinking about going into business…

  3. ry4n said :

    I wouldn’t waste my money on motivational entrepreneur books. Instead, get some good, factual books on the technical aspects of running a business.

    Really, to become a successful small business owner, it takes hard work, courage and dedication. If you have those, you WILL succeed. Maybe not your first attempt, but you’ll succeed.

    You need the drive to work hard with nobody pushing you.

    You need the courage to accept that there is a high failure rate in small business, and there is a good chance you will fail.

    And you need the dedication to pick yourself back up again once you fail, and try again until it works.

    If you’ve got those 3 things, I don’t care what people say – you’ll succeed.


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