Small businesses are the engine of the U.S. economy. The U.S. Small Business Administration recently estimated that 99.9 percent of all businesses in the US have less than 500 employees and as such are considered small businesses. The U.S. Census Bureau data corroborates these numbers, revealing that 98.2% of total businesses have less than 100 employees and 89.3% have fewer than 20 employees. According to the U.S. Department of Labor, small businesses employ roughly 52% of the private workforce and produce 51% of its total output. Small business is vital to our nation’s economy, no matter how you look at it!
Having spent the majority of my professional career in small business, I am often intrigued by lists of best practices in our industry. An associate of mine sent an article published by Steve Strauss that you might find interesting if you are presently engaged in or thinking about starting a small business. http://www.openforum.com/idea-hub/topics/managing/article/9-traits-of-a-great-small-business-steve-strauss
Mr. Strauss offers keen insight into what makes successful small businesses tick:
1. They are about more than money.
2. They are fun.
3. They are creative.
4. They are led by a charismatic entrepreneur.
5. They have a great team.
6. They experiment and innovate.
7. They risk failure.
8. They work hard and play hard.
9. They strive to be the best.
If you run a successful small business I have no doubt that this list is not unfamiliar to you. A few items I would add to the list would include:
10. They have a dedicated team, passionate about the product and service they provide.
11. They attract “uncommon” employees, who love wearing many hats and who have a vision for growth.
12. They thrive on value-centered, meaningful relationships with clients.
One of my greatest delights is seeing other new enterprises spin-off from businesses that I’ve worked in or run. Some were purchased after the start-up phase was complete while others were started from scratch, but the common thread was always a charismatic, daring and value-oriented thinker and more importantly, “doer,” who had determination, patience and creativity.
My hat…or is it hats(?)…are off to you if you own, run, work in or are considering launching a small business. The risks are high, but I can think of no other work situation as rewarding.
Gregory Hake 
GREAT POST!
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We don’t have our own business nor do any of our close friends and family and we’ve never been inclined to but I did enjoy this post. It was rather like having a window into a world I never realized existed.
We are clients or patrons of many small businesses but I’ve never thought of them as a business; only as our doctors, attorney, insurance agent, Realtor, cleaners, gym, repair shop, salon, bike shop, etc. Most of those I’ve mentioned we do feel like valued customers and wouldn’t think of going to anyone else.
I was surprised at the actual numbers of small businesses there are, I thought we were the majority. Good to know.
I really appreciate the care and services we receive from our local businesses, we really depend on them for information and assistance. My hat is off to you as well. Thanks for your dedication and we’re so glad you do what you do!
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I wrote the column Gregg referred to. Thank you all for your kind words!
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I love working for myself, I get all the credit and the blame.
There are a number of free tests on-line that will tell you whether you are suited for it and if your timing is right. When it works its the best; when it doesn’t it’s painful. Great post makes me remember why I love my business.
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I’ve noticed during my career that most of us who have worked in small businesses or owned them will usually continue to choose that over the alternative of being in a large corporation.
I think opening those creative doors in our mind is so satisfying that to close them would be like shutting down a part of ourselves. If you are an idea person, someone who needs very little structure or encouragement to press on, someone that loves to build on what already is or you’re passionate about the subject; it could be a perfect fit and outlet for those characteristics, to be exercised.
I’ve been fortunate to be around a few people whose vocation was also their avocation. They weren’t necessarily the owners either. They just were fascinated actually enthralled by their subject. It was the thing that all the other facets of their lives revolved around. They are like constructive tornadoes pulling in everything around them and but leaving in their path excitement, innovation and uncharted roads to explore.
In the book “Flow” that was one of the keys to a consistent experience of enjoyment vs just pleasure in our lives. To have the opportunity to be constantly challenged and the satisfaction of the continual successes.
These can be the immeasurable advantages of being involved in a small business.
Great subject as it affects so many in this country.
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There are many advantages to working with and in a small business for the individuals who are so employed, in particular as compared to working for a larger business. Some of them include:
1. The sense of contribution, of truly making a positive difference in the world. It is easy to get caught up in the politics etc. of larger businesses but in a smaller business each person and their contributions are significant.
2. A much more personalized career; you are not just a number or an insignificant and easily replacable part of an organization but instead are a crucial part of something. Certainly there is much more awareness of genuine service to the clients and customers of small business’ because of this. Each person whether they be an employee or a client, know that they are appreciated and important.
3. Flexibility. For those who are creative this is a huge factor.
4. Unlimited opportunity, certainly from an income perspective but also from an advancement opportunity. There are truly few if any boundaries for growth, both on a personal and business level.
5. More of a sense of community; a small business by nature is deeply involved in and committed to the serving of their community.
I know that there are many other advantages as well but I do want to add this one: “in looking back at ones life it is imperative that one knows that they truly have made a contribution to the world – without that knowledge there is a sense that a life has been wasted”. That won’t happen when one is part of a genuine as described in Gregg’s article small business!
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What a great article. Any time someone loves their job and enjoys those they work with it is a blessing. So many people get up and go to work every day with a chip on their shoulder dreading every moment and working for the weekend.
Fortunately I work with several companies that have these traits and it is noticed by the quality of the products and the customer service they provide. This takes staff loyalty and hard work in every area which starts at the top. When the owners of a company possess these traits, it will certainly attract and bring those traits out in those they work with in the day to day operations of their business.
Here’s for working in the moment being your best and allowing the fun, creativity and hard work to flow naturally, the weekend then rolls around before you know it!
Have a great day!
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Thanks, Gregg. These are all important points for each one to consider as to the quality and purpose of their work environment. I recall a quote to the effect that “I don’t want to come to the end of my life and find that I have just lived the length of it. I want to have lived the width of it as well.” It seems like many pine for the day of retirement, with very little that is personally fulfilling or meaningful leading up to that day.
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Simple, awesome points for anyone who wants to be a successful part of a small business team.
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This is a great list of attributes. I work in a small business, and it is these traits that let you stand out to your customers. It is obvious when looking at a business as a consumer if the things on this list are lacking, or if they are thriving. I enjoy working in a small business, and wearing many hats. Thanks for the support!
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Having been a small business owner myself, and now part of a creative team at a small business, I emphatically agree with his (and your) points. I appreciate what Mr. Strauss notes in his article about the characteristics of a small business owner. They run their business with an undercurrent of altruism (they want to make a difference and add value in the world). They are bold. Any small business owner will certainly agree with his assessment that “everything is hard before it is easy” – it takes vision, commitment and perseverance where many would start dropping like flies. I love his point that “the staff that gets it (see your points #10 and #11) and comes along for the ride is rewarded appropriately.” The best small businesses are not content to be good (“good is the enemy of great” – tweet that everyone!). Lastly he says “Whatever the case, greatness is the goal; mediocrity is not tolerated.” Fantastic post about what is (or should be) at the heart of a small business – something that is indeed ‘value-centered’ and ‘meaningful.’
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