Traits Of Successful Business Owners
While each business owner is different, there are a variety of traits of successful business owners that are commonly shared. While some traits are inherent in the personality of the business owner, others are learned and developed with time and experience. Since life is a process of small steps toward a final destination, wherever you might be in your journey as a small business owner, take a few moments to reflect where your persona fits the profile.
Which traits of successful business owners are important? While there are many to consider, here is our priority list below:
1 – Driven | Persistent
Most small business owners have a persistence and drive to be successful. Their business is an extension of themselves and a reason for getting up in the morning. Starting and managing a business through its stages of growth, always presents a series of challenges and obstacles. This require determination, commitment and motivation to see things through until they are resolved. If you are not driven to succeed in your business, you made the wrong career choice and should become an employee instead.
2 – Collaborative | Delegates
As the business owner you run the show. You make the big decisions. You wear multiple hats every day. But you have only 24 hours a day. Thus delegating unimportant tasks helps you have time to focus on other work that require your expertise and energy. One of the traits of successful business owners is knowing this and always delegating unimportant tasks.
You need to collaborate with your employees, partners, vendors and clients. This is leveraging your internal and external resources to enhance the development of your business. When you delegate work to your team, you share the responsibility, which promotes teamwork, increases productivity and eventually strengthens the organization. This allows you to “move up” and enhances your ability to work strategically.
3 – Consistent | Reliable
As the business owner, you are the face of the organization. What you do or don’t do sets the standard for everyone. Your employees, customers and vendors constantly will evaluate you based on your consistency, honesty, reliability and transparency. They invest their time and energy reflecting what your actions and standards bring to the business.
Since you are responsible, not necessarily directly doing (remember delegating), a myriad of tasks, your employees will rely upon you to lead and guide them. Your business customers will rely upon you to deliver consistent quality of products and services. Your vendors will expect reliable and consistent payments. If your consistent and reliable, there are few “surprises” for those that depend upon you.
4 – Passionate | Motivates
What gets you up in the morning? What motivates you to do the things that NEED to be done rather than what you WANT to get done? Unless you are passionate about your work/business, it will be difficult to overcome the challenges of the daily grind of managing a business.
You should believe in the product or service that you’re selling, because if you aren’t enthusiastic about your business, neither your employees and customers will be. In addition, if you’re passionate about your small business, you’ll inspire your employees, interest potential customers, and you’ll be willing to go the extra mile to ensure that your company is thriving.
The business owner typically works long hours, under consistent stress, with greater responsibilities when compared to an employee working for someone else. This requires a high level of energy and motivation. A business owner must be willing and able to give an extra effort at all times since it’s their own money and reputation on the line.
5 – Adaptable | Problem Solver
The business owner, if organized, will make plans for the day. By noon it is likely that the plans have to be changed due to “circumstances’. One of the traits of successful business owners is acknowledging the need to anticipate and be flexible to changing circumstances. With few exceptions, everything doesn’t always work according to a plan.
Your business needs to anticipate and plan for activities. Whether a product launch, new client introduction, loss of computer network, key employee absence, your business needs a plan. While it’s important to be as prepared as possible, you should try to be adaptable too. For instance, if you unveil a new product and it doesn’t sell, you’ll need to be flexible and find a different way to sell it or devise a new plan.
When you change the plan, you are in problem solving mode. You need to keep an open mind and consider different perspectives. This often results in positive changes for the business that you are forced to adapt to by circumstances unplanned. Small business owners who are willing to consider alternative ideas, different personnel, alternative vendors and try new processes may be more likely to reach significant levels of success.
6 – Financially Responsible
One of the traits of successful business owners is managing the money. Normally business success is tied to financial success, since this provides the resources (the “juice”) for its growth and development. A successful small business owner becomes very adept at creating budgets and sticking to them as he/she manages the operation of the business.
The business owner has a fiduciary responsibility to investors and a morale responsibility to the business employees to be disciplined in the management of the business financial resources. This ability to know what funds you have available, its operating costs, where to reduce expenses, and how to make smart decisions when it comes to spending and investment can often determine the future success of a small business.
7 – Leadership | Confidence
There are leaders and there are followers. When you decide to manage a business, you are the leader. As President Harry Truman’s sign on his Oval Office desk said: “The Buck Stops Here”. You need to put the same sign on your desk. There is no delegating this responsibility.
You must be able to lead your team so that you all can march in step and drive results. You need to ooze confidence, and “walk-the-walk” particularly when you have doubts. There are those who are natural leaders. They know how to command attention and inspire the people around them. If your are not a “natural leader”, it’s possible to become a better leader by asking your staff for feedback, observing other business leaders, and setting a strong example for employees through your actions.
Traits Of Successful Business Owners – Conclusion
Seven traits of successful business owners is presented with examples of their use in a business environment.
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