The risks for achieving successful business ownership are great.
According to the Small Business Administration (SBA), fifty percent of all new businesses fail in their first year, and ninety-five percent fail in their first five years. Running a business demands commitment, unwavering tenacity, and passion in order to provide the energy and focus required to be successful.
Brett Wilder, the founder and CEO of the Financial Management Group, Inc., has coined the term "the quiet millionaire™" to discuss those business owners who are successful. In his new book, "The Quiet Millionaire: A Guide to Accumulating and Keeping Your Wealth," he identifies the common traits of this type of business owner.
He believes that the quiet millionaire™ business owner is people-oriented.
They possess motivational leadership qualities, which derive respect, loyalty and trust with the people they serve and work with. This in turn enables them to leverage their time in order to successfully grow the business.
They stay true to who they are and believe in their business mission, which sustains the self-respect, high-energy, tenacity, and mental toughness required to succeed.
"If you do not know where you are going, you will not know how to get there."
The quiet millionaire™ business owner has a well-thought-out written business plan, which sets down the specific destination (goals and objectives) for the business, provides a comprehensive plan for reaching the destination, and then monitors the progress along the way towards success. They are willing to risk investing in their own business venture and assume control over how to operate for achieving a financially profitable return.
"A business operating without a vision is running blindly on a course to nowhere."
The quiet millionaire™ business owner is creative and intuitive about business opportunities that are not readily apparent to others. This creative intelligence comes about because they are passionate about their business vision, causing constant heightened awareness of and receptivity to new ideas. They do not let the criticism of detractors affect their competitive spirit and enthusiasm during the tough times, while at the same time remain open to receiving worthwhile advice and intelligent contributions from supporters.
The quiet millionaire™ business owner maintains moral integrity, and is always honest and sincere with people so that the truth prevails and trust is developed. They usually possess a strong religious or spiritual belief, which ensures healthy humility as well as sustains them when times are tough and motivates them to help others have meaningful lives when times are good.
In addition to expanding on these traits in the book, Wilder also looks at maximizing and sharing the rewards of business, preserving assets for and during retirement, and succession planning and exit strategies. For more information about how to follow the quiet millionaire's path to successful business ownership, visit http://www.quietmillionaire.com/.