Ceo Says Majority of Wealthy People Are Small Business Owners
Riverside, Calif. (April 5, 2016) – "The largest group of wealth [in the U.S.] is found in small business ownership," Ron Burgess told the audience at California Baptist University on April 4.
Burgess is the CEO of RedFusion Media and author of "Finding Your Crack in the Market." Burgess has been a business consultant on growth strategy for more than 30 years. The Dr. Bonnie G. Metcalf School of Education at CBU hosted Burgess.
"There are wealthy people in [the business world], such as CEO's for large Fortune 500 companies, but they are a small percentage. The bulk of wealthy people are small business owners," Burgess said.
Burgess said that 70 percent of the U.S. economy is comprised of small businesses, but only half of them survive after five years. He said his research indicates several noticeable traits of a successful small business.
"A well thought out competitive strategy and the ability of the business owner to become a leader are the two main characteristics of running a successful small business," he said.
"It is the cherry on the top to have a successful business with a good leader," Burgess said.
Burgess said it is also important to find a business's position in the market to ensure success.
"Consumers are influenced by brand, influenced by things that are not quantifiable, which is why you need to have a niche in the market and have a good image," Burgess said.