Most Popular in:
Business Success Part 1: What Makes a Successful Company?
By: Cathy Christensen
Posted: March 30, 2010, from the April 2010 issue of Skin Inc. magazine.
Cygalle Healing Spa hasn't been very affected by the economy due to its location and focus on holistic wellness. "I'm in the right marketplace at the right time," says Dias.
page 6 of 7
And although you can—and should—research business decisions extensively, there is something to be said for going with your instinct. “As an entrepreneur, I have the luxury of being a benign dictator,” says Wurwand. “If I was in corporate America and needed to make a decision, I would have to quantify it, but I am able to go with my gut. If you’re having thoughts and strong gut instincts that may not be quantifiable, it is important to go with them. We’ve never really been wrong when we’ve done that. Your gut is sifting through all the experiences you’ve had and is giving you a strong direction,” she says. Owen explains it by saying, “It’s important to take a risk when you know it’s time. If I would have known the success and failure rate of small businesses, I never would have opened mine.”
Also, although being a small-business owner requires you to put in long hours at the office, it is important to find balance in order to maintain a strong company with a solid direction. According to Wolfgeher, you have to know when to call it a day. “I figured out when to turn it off; at 6 or 7 PM, the computer’s off, that’s it, on with the new. When you are building your business, you need to work from a position of balance,” he says.
Along with shutting down work in the evenings when possible, successful entrepreneurs also recognize the importance of fitness and spirituality. “I find my own quiet time for prayer and reflection. My faith helps a lot because I know things will always work out, and it’s just a matter of how. I also exercise daily,” says Owen.
Wurwand, who prefers the word “resilience” to “balance,” also finds peace in these efforts. “You have to be fit and strong. I can’t imagine being able to make the decisions I make every day if I wasn’t fit. I’m not going to get sick as often, and I feel mentally prepared. It de-stresses me,” she says. “Also, whatever spiritually reassures you or strengthens you is important. Some form of a deep belief that there is a bigger picture and a bigger plan reassures me that I’m not a runaway train.”
A stronger business
So, what does make a successful company? Although everything is relative to different situations, it is important to have passion, pay attention to the details, keep on top of the competitors and know that change is the only thing that remains the same.