What are the traits of a successful business have and the others don’t? What separates a successful startup entrepreneurs from the rest of the crowd who dream to start their own business? What can you learn from the success of the successful business and create you very own success?

Is there some traits that these super successful business have in common and possibility something we can learn from to create our very own business empire?

The short answer.

Yes! 

As a matter of fact there are some surprising and easy to follow traits of the super successful business startups that we can easily learn and copy.

Will Your Startup Survive According to Statistics?

To put it simply, Building your own Business is HARD. Approx. 80% of small businesses survive their first year, 70% of small business survive in their second year, and 50% of small businesses survive after five years in business. Finally, 30% of small business owners survive in their 10th year in business according to Forbes and SmallBizTrends.

And to illustrate, here is a example of the number of companies that will be celebrating their 10th anniversary. A milestone I believe you will celebrate in the future.

Editor’s Recommendation: Best Books to Read for Startup Entrepreneurs

how many business startups survive the 10 years by incomebuddies.com

You Can Build a Successful Business If You…

There are tonnes of reasons why a company succeeds or fails, but there are ways to increase your odds to successfully build your business. And to be able to successful build your business there are a few amazingly simple traits in a business you should learn and copy when building your own business.

Here in this article we will explore the few key traits of a successful business that you can learn from. You will be the one that build the company that will be celebrating the 10th anniversary with champagnes and living the life you have always dream of.

Lets dive in!

Editor’s Recommendation: Are you a Leader or a Boss?

Bonus Exercise:

To help you in validating your business idea, we have created a simple checklist for you.

With a simple grading system of 1 to 3 scale (1 means “need improvement” and 3 as “perfect world class standard”), each traits listed below helps you to assess the viability of any business… yours included. Using this approach, a score of 3 for each characteristic will yield a perfect score of 21 and a score of 19 and above means you will have a higher chance of success than 90% of others.

Print and check your score while going through each traits now!

Business Success Checklist By IncomeBuddies.com

PERSONAL CHECKLIST

7 Key Traits To Build A Successful Business

1. Leadership

Yes, great leadership in the business is one of the key traits that make or break the success of the business. You as the owner and founder of the business need to decide what kind of core values, vision, and mission of your company. You are the one who will create the very path for your staff to follow. Your staff includes everyone, from the top management to the intern you just hired for the semester.

Your people needs to know what they are working for and most importantly why do they wants to work in your company and not in your competitor’s. Your leadership and vision will shape your leadership team towards your goal. They are your hands and legs and must effectively learn how to promote better performance. This gives them the ability to give sound direction and establish a strong foundation to the company.

Recommendation:

Read ‘Start With Why’ by Simon Sinek. Simon is one of the best business coach of the century who have guide thousands of CEO in they business journey. This book, don’t only tells you the importance of Starting with Why, it also guide the reader in finding their ‘Why’ in they business.

Elon Musk - Startup Entrepreneurs Quotes By incomebuddies.com

Elon Musk

“I think it is possible for ordinary people to choose to be extraordinary.”

2. Business Culture

You have guessed it right. If the previous one is leadership, the next in line is of course business culture. Because a business culture is basically the collective reflection on the behavior of its leaders. Which in turn will affect the culture of its employees in how and what they do each day in the company. And you my friend, is the captain of the ship whom will drive the direction on where and how the business culture will be.

When we say about Google, what comes into your mind?

If I guess correctly, words such as refreshing, creativity, free food and an overall a pleasant working environment are some of the few things that comes into your mind. Strange but why?

Google is one of the best employer according to Forbes. Google gives such a positive vibe on its working environment because the founders created a Business culture where creativity is encouraged and employees are well taken care off, thus it is refreshing and highly sought after. Which in turn makes it into a highly successful company and overtake Yahoo as the world’s no.1 search engine.

A great business culture not only makes your employees feel happy and ‘Tap dance’ to work, it make your business successful as well.

Recommendation:

Read ‘Leaders Eat Last’ by Simon Sinek. Simon is one of the best business coach of the century who have guide thousands of CEO in they business journey. This book shows you the way on how to create a business culture that will make your employees ‘Tap Dance’ or at least enjoy work that little more.

Google CEO Larry Page

Larry Page

“My job as a leader is to make sure everybody in the company has great opportunities, and that they feel they’re having a meaningful impact and are contributing to the good of society. As a world, we’re doing a better job of that. My goal is for Google to lead, not follow that.”

3. Systems and Structure

With the help of a good business culture, you shall be able to create a solid system and company structure that will allow you to succeed. To grow your company you will need a system to produce predictable results and a structure that will ensures consistency in productivity and efficiency in adapting to changes.

A lack of structure is like a sand castle which will not be able to withstand the impact of the wind or waves from the sea. it will eventually become a pile of sand. As a business, when a business have no structure or system in place, it will not be able to adapt to the financial crises or the attack from a competitor which eventually the company will not survive.

On contradictory, companies such as Amazon.com. Jeff Bezos have created a strong foundation for his company. A company with efficient system and solid structure where he is able to grow his company into the current empire making him the riches man alive according to Forbes.

The system and structure can be in the form of leadership, accountability, policies and business culture. A solid structured backed by an effective system can lead to the success of the business.

Recommendation:

Check out our articles on some of the key traits to success of billionaires for some of the most insightful trait of the billionaire that you can learn from. There you will also learn the 3 simple steps to get things done and be successful.

Jeff Bezos CEO of Amazon.com

Jeff Bezos

“You know if you make a customer unhappy, they won’t tell five friends, they’ll tell 5,000 friends. So we are at a point now where we have all of the things we need to build an important and lasting company, and if we don’t, it will be shame on us.”

4. developing talents

In order to create a great system and structure of the company, you need to develop its talents. Success of a company depends on the people working in it. And a value of an employee is on the skills it is able to provide for the company. In order to get the best talent to work for your company, one of the most important aspect is to develop your own pool of talent which have join your company and are in pursue of the same dream.

Having a commitment to train and educate your own people who have the same goal as you does not only makes them able to serve your company better with more relevant skill, it is also much cheaper than hiring and training a new person.

Apple is one of such company and developing a pool of highly qualified talents have made Apple to become one of the most valued companies in the world.

Developing talents is an investment in your brand and future. “Striving To Be The Best” is the factor of success.

Recommendation:

Self-development is one of the best investment on yourself and reading is the cheapest and easiest way to do so. Check out some of the Best Books you should read to help develop yourself into a even better self.

Steve Jobs Apple CEO and Founder

Steve Jobs

You can build your own things that other people can use. And once you learn that, you’ll never be the same again.

5. Work Environment

If a successful business have a look, it is the environment that people are working in.

Business owner always like to ask, “what is that one easy thing that I can do to improve my business?”

Our answer: “clean the place, give it a fresh coat of paint and fix that toilet.”

Superficial as it may sounds, the looks of the company and the office reflect on the people working in it. If your work space looks like it have been abandon for centuries with the wallpaper peeling down and light flickering, I seriously doubt anyone want to work in the place. Let alone working effectively.

Your office, your working environment should always communicate your company’s brand identity. The environment should look professional and appealing, every equipment should work as how it should be. Lastly, people working in the environment should dress for work or in attire that reflects the company’s culture.

To improve the working environment allows the people to be more productive, creative and most importantly, excited in coming to work.

And one of the Top companies we have the tasty fast-food chain In-N-Out Burger as reported by CNBC.

Recommendation:

Great environment makes great employee, and great employees makes great company. Check out these amazing powerful Quotes you may want to place in your office or your management team’s office.

In-N-Out Burger

“Since 1948, we have maintained a simple philosophy — serve only the highest quality product, prepare it in a clean and sparkling environment and serve it in a warm and friendly manner.”

6. Brand Identity

In the world of business, if you want to succeed, you cannot be like the 99 other companies that are doing the same thing as you. You have to differentiate yourself from others. And this is when your Brand Identity comes in. 

In regards to Brand Identity, most businesses are one of these three categories:

  • Invisible
  • Common
  • Wow

‘invisible’ are the ones which don’t even have an identity. The business is created just because you want to be rich, there is no vision, no mission and no other purpose. it is just a self-centered reason of the creation of the company.

‘Common’ are just businesses that don’t feels like they are any more special then their counterparts down the street. The service, the quality, the logo just feels mediocre, nothing special at all. There is no ‘Wow’ factor.

‘Wow’ are business you want to create, they are businesses with strong brand identities send the “wow” meter flying. This is the level of brand identity that lead to success.

If give you the words ‘Priceless‘ and ‘Travel‘ which company comes into your mind?

My guess is, ‘Master Card’, they have the Wow factor in their brand identity that have made then so successful.

From their websites, the colour and exceptional customer service touches that Brand Identity of success.

Recommendation:

Looking for a way to build your brand identity? One of the best ways is to learn from the best mentors and reading is the cheapest and easiest way to do so. Check out some of the Best Books you should read to help in your startup entrepreneur success.

MasterCard

“There are some things money can’t buy. For everything else, there’s MasterCard.”

7. Financial Literacy

It is true that numbers are boring and on rare occasions cause some people to have headaches and may even have heartaches. But knowing your financial numbers is one of the most important skills you have to learn in business.

I know what you are thinking, and maybe even sweating inside with the thoughts of massive amount of numbers. Good news is, you don’t have to be an accountant, the accountant can do the difficult part of the calculations. You on the other hand as the business owners have to just know how to read and understand financial reports.

Your financial reports tells you about the health of your company and help you to make the best possible business decision. Most importantly, you will know your cash flow and will be able to plan your budgeting in different parts of your business. Even when you are just a one man team, financial literacy lets you know are you earning money or losing them.

Your cash is your resource for your business and it will help you to fuel its operation, and not keeping track of your finance will mean you will not be celebrating your 10th year anniversary for your business anytime soon.

All successful businesses learn and master the particular skills in financial planning for the business, so that business may grow and succeed.

Recommendation:

Want to learn about how you should read financial statements? One of the best ways is to learn is by reading, or you can learn from some of the best course provided by Udemy. A website with tonnes of online courses which you can learn almost everything.

Check out our articles on some of the key traits to success of billionaires for some of the most insightful trait of the billionaire that you can learn from. There you will also learn the 3 simple steps to get things done and be successful.

5 Things You Need To Do

Warren Buffett

“The most important investment you can make is in yourself.”

Traits To startup Success

7 Traits of Business Success:

  1. Leadership
  2. Business Culture
  3. System and Structure
  4. Developing Talents
  5. Work Environments
  6. Brand Identity
  7. Financial Literacy

Just reading about the traits to successful business startup will not make you successful, you will have to follow through and act. Remember your road to success is in your hands.

There are also some amazing traits of billionaire that you may want to learn and be successful.

Here are some resources what will help in guiding you to your success.

What guides me in my journey are some of the many books I read for the past years. There also many words of wisdom said by those who have achieve what we want to achieve and to learn from them is the shortcut to our goals.

Here are some of the Best Quotes You may want to put at your bedside and remind yourself.

Taking your First Step is always hardest, But it is the Most Important Step to Greatness

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Disclaimer: I am not your financial adviser or lawyer, information found in our website are just my opinions and should used for entertainment purpose only. You should always ask your financial adviser or lawyer for any financial or law related advice.

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