Personal Strengths and Weaknesses
Studies conducted by BMO Bank of Montreal Institute for Small Business have identified six critical abilities contributing to the success of small business in Canada.
The Six Success Factors
- Self-motivation
Self-motivated people tend to have the stamina to make it through start-up challenges, and the follow-through to reach long term goals.
- Business and industry knowledge
The irreplaceable start-up factor, business and industry knowledge, is usually gained through experience. Experience gives your vision a solid foundation. Experience enables you to assess situations and make good, grounded decisions.
- Organizational and management capabilities
If you are going to succeed in small business, you will need to organize and manage your time, the details of your business and the people who work for you. Delegation is an effective organization and management tool.
- Marketing skill
No small business can succeed without an effective means of communicating its products and services to its target market and customer base. Good marketing strategies make the difference between moderately and highly successful businesses.
- Customer/Vendor relations
All businesses need a product or service to sell and a number of customers who will buy. The capacity to develop and maintain good relationships with your suppliers and distributors is central to entrepreneurial success.
- Vision
All businesses are built on the ideas or visions of individuals; However, to have a vision is not enough: to turn your vision into a success.
