Survey reveals traits of successful small business owners
A survey of 2,000 current and former small business owners has revealed that successful business owners take time to rest and spend time with family, ask for help and are willing to spend money.
Fifty-eight per cent of successful business owners surveyed by Xero said spending time with family in the evening was crucial to their success.
Twenty-eight per cent per cent said they turned off their phones and laptops after business hours.
According to the study, successful business owners are more likely to ask for help than those who failed. Successful business owners are 2.4 per times more likely than those who failed to turn to a mentor or support group for advice. They are 1.6 times more likely to have an excellent relationship with a financial adviser.
Successful business owners are also 2.5 per cent times more likely to spend money on marketing campaigns and 4.1 per cent more likely to use software to manage finances.
Financial mismanagement was one of the most significant reasons for failed businesses, with 65 per cent citing this as a key reason for their failure to get a grip on finances.
The survey also revealed that 58 per cent of successful business owners had held a corporate position before taking the plunge into entrepreneurship.