Elements Needed to Become a Successful Business Owner - VR Business Sales Blog

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Friday, April 30, 2010

Elements Needed to Become a Successful Business Owner

JoAnn Lombardi
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With any profession, there are certain characteristics that allow some people to excel over others that do not possess such traits. The business world is no different. There are key characteristics that allow business owners to make their businesses profitable, earn the respect of their employees and maintain success over a long period to where an owner can sell a business with a high resale value.

There are some characteristics that lead to a business owner to become successful:

Advanced Planning
When you buy a business, it is important to understand exactly what your product is, who your customer is and their traits, who your competitors are and their traits; and to set goals for your business based on this understanding. Each stage of your business activities should be well planned out to be ensure success once you begin taking action on those activities.

Advanced Organization
Both the people and resources in the business that you buy have to be organized so that the plans that you’ve laid can be executed effectively without any hiccups and achieve your set goals. Such organization is vital to not only starting up the business that you buy but running it during your tenure.

Working with the Right People
Having the best possible people in place to help you fulfill your goals is imperative; therefore, you must go out, locate and put in place those that are qualified to do the roles that you need to them to do.

Delegating Responsibility
Once you buy a business and find the right people to help you operate, you have to know which people will best suit working the tasks that have to be done and separate yourself from micromanaging. One of the main keys to being a successful business owner is relinquishing control to the employee and focus on the other tasks at hand.

Overseeing Work
A business owner must have the ability to monitor the progress of a project to verify that it’s being done on time and without error. Just because the employee has control over the project, the business owner still has responsibility for the outcome; therefore, you must oversee the work without micromanaging to make sure that it’s done correctly.

Putting in Place Business Standards
To make sure the projects are done correctly by your employee, you must implement standards for deadlines, quality control and ultimate goals that you want to achieve. If the employees understand precisely what’s expected of them with the tasks that they are assigned, they will be completed more efficiently and effectively than if the expectations are vague.

Beyond everything else, in order to succeed completely, your drive and determination as a business owner is the crucial ingredient.


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