Many people have trouble getting their business to the next level. As an owner, you spend a lot of time and money on your company. If your business growth stalls, it can be really frustrating. Sometimes the solution is your work on your own personal development. Use the tips to improve your skill set.
Take a personality assessment
As a starting point, take a personality test to determine how you prefer to use your perception and judgment. Myers-Briggs is the most popular assessment tool.
These assessments evaluate you based on pairs of personality types. For example, Myers-Briggs will determine if you prefer to make decisions based primarily on logic and consistency, or based on people and their circumstances.
Knowing your preferences is critical, since you need to work with people whose preferences are different than your own. Say, for example, that you’re a business owner and an engineer by training. You lean toward making decisions using logic. To balance your decision-making process, you need sales-oriented managers who will consider the needs of people.
Take some college courses
You may need training in a new area to grow your business. Look into taking college courses to grow those skills.
If you own tax preparation business, for example, you might want to add financial planning services. Attending financial planning classes while you manage your business can be challenging. Gwynedd Mercy University explains that many schools offer flexible class schedules to meet the needs of their students.
Find a mentor
You may benefit from finding another business professional that can serve as your mentor. A mentor can use their experience to help you make better business decisions.
A Kauffman Foundation study interviewed many leading entrepreneurs to determine the skills that they most need for success. A mentor can help you develop these skills:
Drive for daylight: A race car driver needs the skills to find open areas on the racetrack to pass other cars. Just like the driver, a business owner must quickly adapt to change. Your customer tastes may change, or you may face a change in your industry’s regulatory environment.
Finding the gap: Entrepreneurs need to find ways to better serve clients. Uber is a great example. This firm uses technology to improve the way people find and hire drivers. Many customers prefer Uber instead of traditional taxicabs.
Fail wisely: The entrepreneur community’s view of failure has changed dramatically in recent years. It’s now expected that entrepreneurs will have to try and fail before they create a successful business. The important point is that you need to learn from failure and apply that knowledge as you move forward.
Your mentor can provide a “reality check” for the business owner. Mentors can look at a business situation and provide an honest, unbiased assessment. Find a mentor and ask them to help you develop these success traits.
If your company is struggling, consider the personal impact you are make on the business. Take steps toward personal development. You may find that making personal changes can help you grow your business.
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