There are three key skills that will determine success or failure for a small business owner. Oh, I know a clear, thought-out business plan is necessary to get the business off the ground and running. I also know it's necessary to have adequate capital to be able to make the business financially viable in the market. And it's important to have a product or service that meets a specific need in the marketplace.

But, as important as these are, they are secondary to three self-management skills that the business owner needs to master.

The first is the skill of focus. Know when you are at work. Don't allow yourself to be distracted. This skill is especially difficult for you extroverted entrepreneurs. Take the time at the beginning of the day to plan how your day will be spent. And then stay on task. Oh, I know you're the boss and should be able to do what you want. But what you really want is to have a business that will still be around in five years.

Self-management skill number two is the skill of self trust. Be willing to do the tasks that you don't like to do or that you aren't very good at. For some of you this is cold calling. For others it is number crunching and staying within the budget. Either you have to be able to afford to hire someone to do the tasks you don't want to do, or you have to be willing to learn to trust yourself to get them done - in a timely way.

The third skill is the skill of balance. Know when you are not at work. Maybe you've forgotten your mother's name or your children's birthdays. Or you've forgotten what fun it is to read a good mystery book. Or to hold hands in a romantic movie. Business is what you think about and talk about. You've forgotten about life. Balance is the key.

These three self-management skills are critical to the success of a small business. Unless you master these skills, your business will, at best, flounder and not grow, at worst the business will fail.