10 Traits of Successful Small Business Owners

10 Traits of Successful Small Business Owners

As a small business owner, you might feel that in order to be successful, you need to offer your customers a great product or service at an incredible price. While these are certainly important goals, there are a number of character traits that a small business owner like yourself should ideally possess to run a thriving company.

For example, the following 10 traits are all common characteristics of successful entrepreneurs:

One: Persistence

One of the key traits of a successful business owner is persistence. Running a small business can be challenging, especially in the early months, and it may be tempting to throw in the towel when the going gets tough. However, a successful entrepreneur will get back on the proverbial horse when they are thrown off and will be more determined than ever to make their business dreams a reality.

Two: Technologically Advanced

We live in a tech-driven world, and your customers are probably looking to place orders and follow up with any questions from their mobile devices. This is why being technologically advanced is one of the necessary traits of a business owner. Be sure your website is mobile-friendly and be ready to offer multiple ways to reach your customers including text and email. And make sure you have the technology to meet all of your customer needs, including projectors for presentations, copiers for paperwork, and IT services that keep all of it running smoothly.

Three: Self-Reliant

Yes, you want a solid team of employees to work for you. But as ThriveHive.com notes (1), you must ultimately be willing and able to do everything yourself if need be. You should still expect to have a great team to back you up, but this trait means you can take over in a pinch and not panic, but rather get everything accomplished.

Four: Confidence

Let’s get one thing straight right off the bat: confidence is not the same as cockiness. Successful entrepreneurs are not arrogant or boastful, but rather confident in their products and business plans. Being self-confident can help your customers to trust you and your services and lead to an increase in sales.

Five: Visionary

Another trait of a successful small business owner is the ability to be a visionary. Never content to rest on your laurels, you always have a plan for your company—including how you want it to grow, how you want to best serve your customers, and how you can communicate these goals to your employees.

Six: Smart with Money

Successful entrepreneurs are very adept at creating and sticking to a business budget. They also know when to make adjustments to the budget, perhaps by reducing spending during a lean month or making key investments in staff and equipment when profits are higher. This trait also includes knowing how much money your company is bringing in and where each dollar has been allocated.

Seven: Passionate

If you don’t care about your company, neither will anyone else. This is why successful entrepreneurs are passionate about what they do. This trait will give you the oomph you need to work long days and weekends as you get your company off the ground and will inspire you to constantly think of ways for your business to expand its products or services.

Eight: Open to New Ideas

As a small business owner, you have probably invested so much time and effort into your company plan, it may be difficult for you to accept any variations in your goals. But a common character trait of successful entrepreneurs is the ability to listen to and accept new ideas. If you don’t do this, you may find your company stuck in a rut, instead of incorporating feedback from your team and customers and working to improve your business.

Nine: Create Goals

Another common trait of successful entrepreneurs is the ability to create a tangible list of goals. Getting a business off the ground can take up so much time and be so all-consuming, it may be difficult to keep specific goals in mind. Rather than vague plans like “increase business” and “add to our product line,” successful small business owners create more specific goals like “increase customer base by 10 percent this month” and “add six new items to the inventory by the end of summer.”

Ten: Humble

Successful entrepreneurs know that they didn’t make it to where they are today on their own, and they are more than happy to acknowledge those who helped them along the way. Humble business owners will ask for assistance when they need it and are grateful for the help. They will also know that it takes a team effort for a company to be successful, and they will never take anyone for granted who helped them achieve their goals.

Let us know how these work for you!

 

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