Increasing profit margins, paying down debt, increasing the effectiveness of advertising are some examples. In each case, the entrepreneur should compare this year s performance to the year before. The entrepreneur should look at growth in sales, the number of new clients, etc. Guide to Small Business, points out that growth is one key factor indicating survivability of a business. Businesses which grow can survive.
Some business owners measure their success by their company's position within the greater industry.
Yet, for most small businesses, industry position, even if meaningful, is difficult to ferret out. The above are the more conventional measures of business success. However, they are far from the only measures entrepreneurs use. One of the best measures of success is the quality of the products you provide. Being proud of your products, sincerely feeling their usefulness, and making meaningful improvements in your company s products or services are big factors making many entrepreneurs feel truly successful.