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Articles of Interest

The Six Traits of a Successful Small Business Owner 

   Posted by Craig Wagener D.Optom, MBA, PhD

 


The odds may be stacked against you, as a small business owner, for long-term sustainability of your business. Since the statistics show that one in two small businesses does not last beyond the five-year mark, a frightening statistic for sure, but be encouraged, you do not need to be among the failing businesses when you can be among the successful!

 

Careful and continual work will maintain your ‘edge’ and outperform your competition. A balance of personal fulfillment and passion are required to sustain one’s business, with a sincere desire to maintain a balance between personal and business goals.

 

Business owners need to be continually evolving and adapting to market needs, planning for the future, and comparing their businesses to those of successful competitors. Learning from others successes gleans knowledge that allows one to modify a business plan, incorporate new perspectives and methods into a business model.

 

Do you have what it takes to be a successful business owner?

 

1. The ability to collaborate. A successful business owner is one who can delegate tasks to others. He needs to be able to supervise those responsible for the delegated tasks. He also needs to be able to inspire and encourage a team of people and build strong relationships with employees, vendors, and ultimately with customers.

2. Generally,  successful business owners are self-fulfilled and love being the rudder that steers future success. They derive great satisfaction from strategizing and striving toward goals. Their sense of determination and ambition enables them to achieve anything they set their minds to, thereby fulfilling their ability to decide how much income they want to generate.

3.  The ability to plan both short and long-term is another trait that is commonly found in this group of people. They are likely to have a well thought-out plan for the short term day-to-day running of the business as well as a long-term plan for how to run the business in the future.

4. Good entrepreneurs are always reading and asking questions. They are curious and want to learn everything from, why a particular business failed, to how to find, motivate, and keep good employees.

5. In our social media world, the best small business owners are tech-savvy and invest time and money on their company's website and are likely to "rely a great deal on technology to help make their business more effective and efficient.


6.  Successful founders are proactive and always seeking ways to differentiate themselves from their competitors. They were less worried than other small business owners about the state of the economy, and more likely to look at adversity as "a kick in the rear to help you move forward."


Successful small business owners are a special breed of highly motivated, curious, and collaborative individuals. They have learned how to effectively balance their personal and business goals, take advantage of other peoples’ expertise, and continually seek to learn from comparable industries so that they can be the best over their competitors.

 



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