How can you boost the likelihood of small business success? Several attributes, including an entrepreneurial mindset, a focus on cash flow, and an emphasis on your customers, are key to positioning your business for sustained growth and success. Here are five things that are likely to contribute to small business success.
An entrepreneurial mindset
This refers to “the inclination to discover, evaluate, and exploit opportunities,” said Stephanie Fernhaber, Ph.D., and Professor of Entrepreneurship and Innovation at Butler University. While an entrepreneurial approach is, of course, critical when starting out, it’s also important to sustaining a business, as it will prompt a business owner to take advantage of opportunities when an economy is booming. It also can help business owners adapt and identify changing opportunities during times of uncertainty, she said.
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