7 Top Qualities of Successful MWBE Entrepreneurs
After coaching over hundreds of MWBE Entrepreneurs and Small Business Owners over the past several years, I started to notice a trend. I observed that above and beyond the technical skills required to run a small business that successful MWBEs demonstrated several key behaviors that lead to running a profitable and thriving small business. Here is a list of the top 7 qualities of successful MWBEs:
- Goal Oriented/Focused: I’ve observed that the most successful MWBEs are those that have clearly defined goals both professionally and personally. This month for example, I met with several MWBE clients who analyzed the results of their business activities in 2015 and made adjustments to create goals for 2016. Some MWBE clients focused on increasing revenue, some added new products or services, and others focused on increasing profitability. Bottom line is the successful MWBE entrepreneur knows exactly what he/she wants, and has actionable steps to get there as well as tools for measuring results at specific intervals. I should also mention that accountability is also built in the program and that distractions are avoided until specific goals are reached. On the personal side, successful MWBEs are inclined to set goals around personal improvement, this year there is a big focus on health and wellness. Successful MWBEs understand the role that wellness plays in running a thriving business.
- Self Confident/Enthusiastic: we all know how difficult it can be to run a small business, however what I have found with successful MWBEs is that they weather the storms without complaining, instead they are likely to be more action oriented. If they observe something they don’t like, they find ways to engage and come up with solutions. They tend to be on the front lines, they are the ones you see at multiple events, and on boards of varying organizations. These MWBEs are walking their talk by uplifting, sharing resources and helping other MWBE firms. Successful MWBEs tend to have a high level of discipline and self-control – these are folks you can count on, if they say they are going to do something they do it, if they tell you they will be somewhere at 9:00 am, you can set your clock by them. Successful MWBEs have a high level of energy and they are enthusiastic about the future – they see the glass as half full.
- Collaboration: another thing I noticed about successful MWBEs is that make it a goal to collaborate with others. These MWBES are inclined to have a network of people who they exchange and refer opportunities with – there network includes both large and small firms. They have a habit of being more open to strategic alliances, teaming, joint ventures and sub-contracting relationships. When approached with a new opportunity, they will look to find ways to add value and leverage their own position by including other MWBEs. These business owners are the “go to people” for referrals and quality leads for everyone. Everyone knows them and they know everyone!
- Goes Above and Beyond: when you talk to the clients of successful MWBE firms serve, the one thing that stands out is that their clients absolutely love them, and they tend have a tendency toward having more long term relationships. These MWBEs are known for delivering a consistent high quality product/service. They are focused on pleasing their customers and exceeding expectations. Successful MWBEs don’t nickel and dime their clients, they are invested in creating a mutually beneficial relationship and consistently adding value.
5. Leadership: successful MWBEs understand their role as leaders in their organizations and in the community. To that end, in their businesses, they have mastered the art of delegating tasks and managing people. They don’t work in their business – they work on it. They continually invest in themselves by reading, attending workshops, taking classes and working with coaches to fine tune their leadership skills. Successful MWBEs also are very self-aware; they lead by example and always walk their own talk every day, everywhere even when no one else is looking. Their behavior is consistent at the office, at the grocery store, at restaurants, etc.
6. Learns from past mistakes: many great thought leaders describe “failures” as blessings in disguise and an opportunity for learning. Successful MWBEs feel the discomfort of failure as others do but use it as a tool for self-reflection. Instead of wasting time on blaming themselves and others or engaging in self-defeating thoughts, they reflect and ask the right questions; “What is my role in this situation?”, “Is there anything I could have done differently”; “What signs did I ignore” and “What is the lesson/learning opportunity”. This type of thinking turns “problems” into “solutions” and helps guides the entrepreneur from making the same mistakes over and over again.
7. Financial Stewardship: successful MWBES know how to manage money, they lean towards being prudent; they are very conscious of what and how they are using money. Successful MWBEs have the confidence to negotiate better deals, ask for discounts and charge more for their services. They also understand their balance sheets, profit/loss statements and cash flow management. They are on top of their finances and have strong teams (accountants, bookkeepers, financial advisors) that assist them with making decisions. Successful MWBEs make saving and investing a priority putting them in a position of strength as economic times change. They are focused on long term goals for their business as opposed to personal short term satisfaction (larger salaries, bigger house, and nicer cars).
