Growing a small business is no easy task.  To achieve success, not only is proper business planning required, but also the right attitude and mindset. Years ago, as director of a SBA Women’s Business Center, I delivered a speech for a US SBA award winner that I coached through the business planning process.  Proud and elated, I rejoiced with this woman because not only did she complete the arduous task of business planning, but she also became a successful woman business owner.  I was asked to announce her and to share a few words about her achievement to a room of 600 people. I stated, “Debbie has the D.I.C.E. to succeed.”

Truthfully, still to this day, I believe that a start-up needs to have the D.I.C.E. to succeed. And no, I am not referring to game pieces.  D.I.C.E Is the acronym I came up with to describe the character traits required to achieve small business success. This ended up being the motto at my Women’s business Center, “Do you have the D.I.C.E. to succeed?”

Determination

While working on starting a business, things will go wrong. Things may not go as quickly as you would like.  It is easy to get discouraged.  Small business owners must be driven to success and want to grow their business. However, when self-doubt creeps in, an entrepreneur will focus on what “can be done”. Having determination and a growth mindset will empower the small business owner to focus on finding solutions rather than just on the fact that there are problems.    Challenges are perceived as obstacles to overcome, not as game overs.

Intelligence

This does not refer to I.Q.  Entrepreneurs need to have the ability to communicate effectively (“word smart”), and they have to be able to understand and interact effectively with others (“people smart”).  Additionally, they must have the capacity to understand oneself and to use such knowledge in their business planning and strategy, and business owners must be able to think logically, as in understand numbers.

Commitment

Having commitment refers to the ability to focus on the goals and the big picture, while having the clarity to see where and how they are going to get to their goal.  Entrepreneurs do not quit when facing a challenge.  They stay committed to their goals and do not give up.  According to Jack Welch, “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”  The key in the quote is “relentlessly drive it to completion”.

Enthusiasm

Without enthusiasm, it is difficult to overcome challenges.  To start a business, you must have a true passion for your work.  It is imperative to either develop a business based on your passion, or to incorporate your passion into the day-to-day operations of your business.

New businesses often fail due to poor planning, and by working through the business planning process, one discovers if he or she has the “D.I.C.E.” to succeed.  According to the U.S. Bureau of Labor Statistics, approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first ten years.  Only 25% of new businesses make it to 15 years or more.  The business planning process will only develop your business fantasy into a strong reality, or the business planning process will unveil that your business idea is not viable or that you do not have the “D.I.C.E.” to succeed.  True entrepreneurs will continue throwing the dice until they move forward.  They do not allow fear to paralyze progress.  They keep playing with others until they win.

I will leave you with a quote from Sharon Beason, “Do not equate entrepreneurship with overnight success.  You’ve got to be laser-focused, ready for tough times and have lots of patience.”

If you have questions on how to craft a business plan, MPWRSource offers a Business Planning Bootcamp which utilizes the CORE FOUR Business Planning Course to teach aspiring or existing business owners the information and skills in business planning. Reach out to the MPWRSource Squad for more info today!