Member Article

What makes a successful small business?

While a detailed business plan and extra finance can contribute to the success of a small business, according to experts from Keele University Science and Business Park (KUSBP), it’s often the personalities behind the business that determine real success.

David Webster, CEO of Hanley Economic Building Society, is a member of KUSBP’s Nova Centre panel and is part of the team responsible for identifying fledging businesses that will most benefit from the business support services on offer at the Centre which, as well as low cost office space, provides guidance from industry experts and access to academic knowledge, innovative research and specialist resources. Here, David explores the attributes that lead to success and why more businesses are turning to the Staffordshire business park.

Setting up a business today is more challenging than it was ten years ago, but achieving success isn’t as hard as many people are led to believe. While financial backing is critical for small businesses and something being addressed through schemes such as the government’s Funding for Lending initiative, it’s not necessarily the be-all-and-end-all for new enterprises. Instead, when it comes to getting a successful business off the ground, key personality traits such as drive and enthusiasm are fundamental attributes for any entrepreneur and are certainly something we look for when considering new tenants for the KUSBP’s Nova Centre.

As well as drive and enthusiasm, resilience - or grit - is something else that business owners need to have. Inevitably, every start-up will face setbacks during their journey, a point that’s perhaps more poignant given the current economic climate, but a resilience and a tenacious approach from the off can help secure success, even in tough market conditions.

In the ever evolving world of business, start-ups also need the ability to quickly adapt to new market challenges, such as changes in technology or legislation. This is perhaps one area where small businesses have a strong advantage over larger corporations. When coupled with strong market knowledge, this ability for swift and nimble decision making can enable small business owners to implement the right changes, at the right time, putting them in good stead for long-term success.

As part of my role in the Nova Centre, I am also aware of how much knowledge exchanges between academics and business can really enhance the competitive advantage and productivity of small businesses. Providing crucial support to small companies in the early stages of operation, the Nova Centre is a prime example of how a collaborative approach can help small companies reach their goals and, since moving into the centre last year, a number of our start-ups have already expanded their teams following significant business growth. Most universities now run their own business networks and initiatives for local small businesses, meaning additional support and expertise are readily available to tap into and access to these schemes should be a prime consideration for any new start-up.

While any level of support for small businesses is welcomed, whether in the form of financial backing or academic expertise, when it comes to running a successful business, it’s the entrepreneurial spirit that will drive growth. Enthusiasm and drive - with a good dose of grit - at every stage should form the foundation of every business model.

This was posted in Bdaily's Members' News section by Keele University Science and Business Park .