Close Menu
NERDBOT
    Facebook X (Twitter) Instagram YouTube
    Subscribe
    NERDBOT
    • News
      • Reviews
    • Movies & TV
    • Comics
    • Gaming
    • Collectibles
    • Science & Tech
    • Culture
    • Nerd Voices
    • About Us
      • Join the Team at Nerdbot
    NERDBOT
    Home»Nerd Culture»5 Secrets of Successful Business Owners
    Photo by fauxels from Pexels
    Nerd Culture

    5 Secrets of Successful Business Owners

    Nerd VoicesBy Nerd VoicesApril 29, 20216 Mins Read
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email

    Do you have what it takes to become a successful business owner? Not only one needs to be a risk-taker and aim for the stars, but there is also an array of systematic planning and foresight involved in becoming a successful entrepreneur. According to SBA, 30% of the start-ups fail in the first 24 months of inception, 50% in the next 60 months, and 66% in the first decade. (Source: Investopedia)

    When so many businesses fail, what do a few businessmen do that makes their businesses thrive? Do you think that Mark Zuckerberg did not plan what he was going to do next after launching Facebook? Well, please stop thinking that. 

    According to Guidant financials, following are the reasons for a business to fail and take one away from their successful business owner dream:

    Source

    Ensure that these aren’t yours. 

    To answer your question about what do successful business owners do differently? This. 

    Read below. 

    1. Be the flexible problem solver

    The founder of Facebook, Mark Zuckerberg said, all business owners should be passionate about being problem solvers. Be flexible when it comes to the approach but rigid on the goal, and that is how you can make your business work. (Source: entrepreneur handbook)

    Being the youngest entrepreneur to make it big, we think it is a piece of advice worth following. 

    2. Monitor and plan systematically

    What do we mean by this? You should be able to handle business finances with utmost efficiency. 

    While you may need to work on your routine, be punctual, be proactive and be a risk-taker, you should not ignore the systematic part of it. In order for one to become a successful business owner, they need to have a seamless system for their business to stand off. 

    From the operational to the financial aspect of it, you need to have yourself covered. How do you keep all of the organization’s data and financial information secured in one place? Deploy online accounting software to get the work done. Among the many available, for example, Freshbooks, QuickBooks, SAP, and many more, choose the one that helps you manage your assets, generate cash flow, track trade receivables and payables, is scalable, cloud-based, and above all, prevents data theft.  

    If you are able to get an in-depth insight into your organization’s finance and performance, then can you only plan ahead and be on the top of your game. 

    3. Have emergency funds

    The rule of thumb suggests, raise more money than you require. Let’s delve deeper into this. While it can be due to operational lags, it is also true that they have liquidity issues. During the times when creditors are paid, and trade receivables are yet to be received, maintaining liquidity is of utmost importance. While credit and liquidity contributed to only a small percentage of businesses closing between the economic crunch of 2007-2008, and the COVID-19 pandemic, it certainly has been a major factor for businesses closing post-COVID-19, where they do not have enough cash sales, while no money flowing in from credit sales, forcing them to file bankruptcy. 

    At least 38 leading retailers and restaurant chains filed for bankruptcy, as quoted by Business Insider, and big retailers like JC Penny also filed for bankruptcy in 2020 owing to insufficient funds and deteriorating sales to pay off debt. (Source: CNBC)

    Why? Didn’t have enough emergency funds to sustain themselves. 

    4. Have succession planning

    Think you aren’t going anywhere soon? As quoted by Brian Headd, Economist, in 2018, about 1 in 12 businesses close every year. The biggest reason is the owner not being able to look after the business is the personal reason apart from the cash flow issues (as stated above). So, who takes care of your business to keep it thriving and growing while you take rest? The answer to that question would be ScalingPartners. They are very skilled in this line of work, and have the capacity to do that. In order to keep achieving your operational and revenue goals, you need to plan ahead of your time, and succession planning is one of them. 

    So, learn to look things in the longer term if you want your business to succeed and grow exponentially. 

    5. Have a plan

    We do not need to impress this enough, but you should know already that those who do not plan anything eventually plan to fail. One needs to be able to work in accordance with the bigger picture. Carry out extensive market research, budget accordingly, prepare a plan, have a financial goal and mind, and then only would you be able to implement what we have quoted above and be the next successful business owner. 

    Pro-tip: Be prepared for losses. You should note that not all businesses bloom from the first month. In fact, if we are being real, no businesses give profit from the first month. The best bet is that one would achieve a break-even, but as long as you have a projection to reach the desired profit goal and you are moving towards it, you should be good to go. 

    Conclusion

    Even if you were not an entrepreneur but wanted to live a successful life, you would still need to be disciplined in life. A few habits that, if implemented in life, can help you move towards your goal much faster. You would want to know those; thus, read below:

    1. Wake up early
    2. Become organized
    3. Meditate
    4. Take action
    5. Exercise 
    6. Network
    7. Manage your finances well
    8. Read
    9. Be persistence

    While starting a business is no rocket science, it does take determination in order to keep your business thriving and be able to achieve your business goals. When 8 out of 10 businesses close down, the other 2 manage to thrive and become successful in the future. Which one would you like your business to be, depends on your determination. 

    Since you have landed on this piece of writing, we would assume that you do want to become a successful business owner. Good Luck moving ahead and share your business goals and success stories down in the comments section.

    Do You Want to Know More?

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email
    Previous Article“Dark Dice” D&D Podcast Gains Jeff Goldblum as Balmur!
    Next Article May the 4th: Beeline Creative Teases New GeekiTikis Mugs
    Nerd Voices

    Here at Nerdbot we are always looking for fresh takes on anything people love with a focus on television, comics, movies, animation, video games and more. If you feel passionate about something or love to be the person to get the word of nerd out to the public, we want to hear from you!

    Related Posts

    The Rolex Sea-Dweller Super Clone: A Deep Dive into Luxury and Precision

    May 20, 2025

    Looking for the Best THCa Wholesale Distributor? Meet BakeBoxx Wholesale

    May 14, 2025

    There Are No Del Tacos in St. Louis, Missouri: Here’s Why

    May 13, 2025

    Turn Old Videos into HD: The Power of AI Video Enhancers like HitPaw VikPea

    May 12, 2025

    Level Up Your Look: Your Ultimate Guide to Finding Adorable Kawaii Clothes

    May 12, 2025

    Chuck E. Cheese Debuts Exclusive Dippin’ Dots Flavor Chuck E.’s Cookie Crunch

    May 12, 2025
    • Latest
    • News
    • Movies
    • TV
    • Reviews
    A Fractional CMO leading a virtual marketing strategy session with a remote team

    What Is a Fractional CMO Service and Why Growing Businesses Need One

    May 24, 2025

    Guide to successful motorcycle accident claims

    May 24, 2025

    Unforgettable Dolphin Cruise Hilton Head Island Adventures Await

    May 24, 2025

    Beyond Flowcharts: Influence Diagrams as the Next-Level Decision Tool

    May 23, 2025

    “Mission: Impossible – The Final Reckoning” Disappointing End to Exciting Franchise [Review]

    May 22, 2025

    Netflix Docu on OceanGate Titan Sub Tragedy Coming in June

    May 22, 2025

    The Spiritual Meaning of Birds Oracle Deck: Honest Review(2025)

    May 22, 2025
    Kermit the Frog

    Kermit The Frog to Give 1st Commencement Address in Decades

    May 21, 2025

    “Mission: Impossible – The Final Reckoning” Disappointing End to Exciting Franchise [Review]

    May 22, 2025

    Alex Garland to Direct “Elden Ring” Live-Action Film for A24

    May 22, 2025

    Jason Momoa, Roman Reigns in Talks to Star in “Street Fighter” Film

    May 21, 2025
    Elle Fanning in "The Great"

    Elle Fanning to Play Effie Trinket in “Sunrise on the Reaping”

    May 20, 2025
    “The Secret of Secrets,” 2025

    Carlton Cuse to Showrun Dan Brown’s “The Secret of Secrets”

    May 23, 2025

    Jem and the Holograms Releasing 40th Anniversary Album

    May 22, 2025

    Zach Braff Returning as J.D. in “Scrubs” Revival

    May 21, 2025

    Norm from “Cheers” Actor George Wendt has Passed Away

    May 20, 2025

    “Mission: Impossible – The Final Reckoning” Disappointing End to Exciting Franchise [Review]

    May 22, 2025

    The Spiritual Meaning of Birds Oracle Deck: Honest Review(2025)

    May 22, 2025

    “Final Destination: Bloodlines” New Franchise Fun, Same Old Death [review]

    May 16, 2025

    “The Accountant 2,” “Fight or Flight,” “The Surfer” and More! [Review]

    May 10, 2025
    Check Out Our Latest
      • Product Reviews
      • Reviews
      • SDCC 2021
      • SDCC 2022
    Related Posts

    None found

    NERDBOT
    Facebook X (Twitter) Instagram YouTube
    Nerdbot is owned and operated by Nerds! If you have an idea for a story or a cool project send us a holler on [email protected]

    Type above and press Enter to search. Press Esc to cancel.