Small business owners are a unique group of people, but there are a few quality characteristics that tend to tie together successful small business owners. If you are considering starting your own business, in the middle of launching, or just at a point where you are looking for that “next level,” remember that success starts at the top. So take a look at this inventory of characteristics that successful business owners have and see where your strengths and weaknesses are. Then make a plan to improve your weaknesses and take your small business from startup or struggling to the business of your dreams.
Failure is a natural part of success. But it takes an attitude of persistance – of getting back up and moving forward after a mistake – before long-term success will happen. Just look at some of the top business people in the world and you will see that many had more failures in a few years than most people have in a lifetime. For instance, Henry Ford went broke 5 times before he started his Ford Motor Company and Harland David Sanders, founder of Kentucky Fried Chicken, submitted his fried chicken recipe 1,009 times before a restaurant approved it (Source: Onlinecollege.org).
Everybody has a string of successes at some point. It’s the ability to get up and try again that matters.
Small business owners who are wholly devoted to their companies are usually the ones who are doing the best in the business. These owners love what they do, how they do it, and will defend what they do and how they do it until the day they die. Their infatuation for their work is so contagious that they can make even the most doubtful customer an emphatic believer.
Part of being a small business means that you’ve got to be flexible and quick-moving in order to keep up with trends, threats, and opportunities. Being a small business actually helps you with this! It is much easier to transition and to change when you’ve got fewer people than when you’ve got too many people. Your small business will prosper if you can keep up with the ever-changing world of technology and trends.
Successful small business owners have that inspirational and whimsical glint in their eye that suggests big dreams. They are never content with the current state of their small business, but they can visualize and verbalize what they want to see in the future for their company, and they confidently press on to actualize those goals.
People want to work for/do business with small business owners that enliven and excite them. These owners exude energy, confidence, and positivity for what they are doing. They inspire their workers and through their inspiration, their staff work harder and more creatively. While their company may have ups and downs (as every company does), they don’t allow set-backs to get them down. Rather, they resiliently press on, believing that they can and will succeed. It’s a positive form of persistence with the day-to-day challenges that arise.
Similarly to being optimistic, successful small business owners know how to give credit where credit is due. Public recognition for a job well done goes a long way. Rather than boast about their own successes, these owners are humble and brag on how wonderful their staff is. This integrates the company relations, creating a positive work environment, and earns them respect.
One commonly overlooked trait of successful owners is their fascination with learning. These owners want to know how things work and new ways to do old things. They constantly ask questions simply out of curiosity. They also look at other companies that have succeeded and failed to see what it was about those companies that brought about their end result.
Are there any more characteristics that you think are vital to the success of a small business owner? What are your strengths and weaknesses in this list of traits?
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