‘Emotional capital’ needed to succeed in new businesses

Creating an atmosphere free from chaos, automating business operations and maintaining a positive demeanor are the keys to successful business formation, according to entrepreneur and author Clate Mask.

Many entrepreneurs find themselves quickly becoming workaholics who spend too much time at the office and not enough with family, and this is a major factor that causes burnout and the failure of many small businesses, writes Mask at Small Business Trends.

Mask has developed a plan that helps guide small business owners past the daunting work of starting a business. He says entrepreneurs first need to build “emotional capital” – the “passion and enthusiasm” that gets a business owner out of bed every day.

He also notes that entrepreneurs need to be confident leaders for employees and not seek approval or advice too frequently.

Additionally, automating business processes and using computers to minimize labor-intensive tasks is critical to reducing workload. Mask says big companies automate everything they can – and small businesses should be no different.

The U.S. Small Business Administration reports that approximately half of small businesses fail within their first five years, but notes that the higher income potential attracts many entrepreneurs.