Owning an emerging growth company gives you independence and control, flexibility, and the opportunity to innovate and adapt in exactly the ways you want.
Still, there are challenges, from stress about lack of cash flow to the headache of hiring and keeping staff to the involved process of marketing and advertising. That’s why owning an emerging growth company isn’t for everyone. Here are the top-10 traits shared by most emerging growth companies.
- They are motivated. As an emerging growth company, you can be your own champion. If you don’t have the drive to succeed, your business is on the road to failure.
2. They are disciplined. You’re the boss. If you can’t keep yourself on task, who will?
3. They care. If the company isn’t at least part a labor of love, why bother?
4. They are confident. When challenges arise, you have to believe you and your business can rise to the occasion.
5. They are creative. Whether it’s innovative solutions or clever marketing, your creativity will keep your business humming.
6. They are humble. If you’re aware of your flaws and deficits, you can minimize their impact.
7. They are good with people. You’ve got to have what it takes to win over the clients and retain good employees.
8. They are good with budgets. Your bottom line depends on sound financial decision-making.
9. They are open-minded. As many emerging growth companies learned during the pandemic, you have to be able to adapt. Being receptive to new ideas is key to flexibility.
10. They are resilient. Hardships are impossible to avoid. When you’re knocked down, how quickly do you get back up?
(Written by Andrew Waite; Editing and revisions by Nicole Liddy)