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Bruce Croxon is a digital pioneer and owner of several successful small businesses, including one that sold for 180-million dollars. He currently helms Round13, a company dedicated to incubating and investing in start-ups. He’s also an investor on CBC Dragons’ Den. He’s partnered with Sage to help provide advice and expertise on getting small businesses off the ground.
Sometimes, company leaders think they have most of the answers. Many times this rings true – after all, who knows the business better than the person who created it? That being said, it’s never a bad thing to ask for help.
Even if the leader thinks he or she knows everything to know about the specific industry and his or her company, there are of course still ways to improve. This can mean a little tweak, or a big business change. Asking for help or advice here and there is something that all responsible company leaders should do on a regular basis – the old adage that it doesn’t hurt to ask always rings true. This can also help identify bad habits.
So what are three things that some small business owners consider ceasing if they want to see success?
1. Thinking they can do it alone.
No matter how experienced the leader is, he or she cannot go it alone. That might mean making the big decision to bring on a partner or something as obvious as hiring employees to delegate tasks to. Simply throwing a few ideas around with an industry veteran might uncover new keys to success.
“[There are] very few people that I’ve met in my career that have all the answers or can really go it alone without the support of business partners or like-minded individuals,” explained small business expert Bruce Croxon.
2. Staying fixed in their beliefs.
If small business owners are set in their ways and are resistant to change – something that’s relatively common if they think they’re always correct – the results can be disastrous. This is truer now more than ever, as we live in an age where new technologies are always being developed. The opposite is also true – if the leader decides to pursue new avenues, he or she might discover new ideas, open the target audience and ultimately see more revenue and success.
3. Being too radical
There is always the chance that by embracing too many new possibilities, the company could stretch itself thin and end up not having the dedication and resources to pursue lucrative leads. As such, being open to change but taking a conservative approach to what the business can and cannot do is key.
In his experience, Bruce Croxon found that slow and steady wins the race – startups that are conservative and solid are often able to grow for a long time and compete with big players on their level.
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