NFIB

Three Fundamental Aspects of Small Business Success
04/ 01/ 2002

Success is not often determined by a person's background or education. Vision and determination are rarely learned in graduate school. A recent editorial in Forbes magazine, describing the requirements for success in small business, stated, "Free enterprise ... allows the most unlikely people to burst the bounds of the present with breathtaking breakthroughs and advances, thereby enriching us all."

Such enrichment of the world around us is the result of personal and business success. In today's Workshop, Jeffrey Moses discusses the three most fundamental aspects that enable a small business owner to become successful.

1. Having a Dream

That same Forbes article explained, "The real wealth of our country is not physical--jewelry, gold, large cash accounts, lots of land--but metaphysical, what stems from the human mind--creativity, imagination, innovation, inventiveness." Every successful small company has been founded on a vision and incorporates that vision in every aspect of day-to-day operations.

Our society enables small business owners to literally turn their thoughts and dreams into financial success. Such thoughts and dreams cannot spring from thin air. To be successful, ideas must be turned into practical business solutions. In our country, there is always room for another good idea, another well-run company and a new way of accomplishing things.

2. Having Energy and Ambition

A dream alone is not enough to ensure success. Turning a dream into a profitable business requires determination, stick-to-itiveness and knowledge of all aspects of running and growing a small company. Starting a small business is no small feat. It takes a tremendous amount of time, energy and attention. The fact that many small companies are begun as "moonlighting operations" speaks volumes about the energy and character of their founders.

3. Filling a Need

To achieve true success, a company must solve a problem, offer a product at a competitive price or make life easier for customers.

These three fundamentals of business, so crucial to the success of every small company, are cornerstones of America: vision, hard work and public service. Though it may not turn into a worldwide enterprise, a successful small business does enrich the lives of everyone it touches, from customers, employees and suppliers to the community at large.

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