Do you have what it takes to be a small business owner?
As a small business owner, you must fulfill many roles, which continuously change between entrepreneurial, decision making, informative and interpersonal. You must also wear many hats, including being the business strategist, marketing expert, sales person, product/service specialist, bookkeeper and human resources specialist. There are specific characteristics of a successful small business owner that make this possible.
You need the right attitude and personality. It also takes perseverance and a strong character. It is unlikely that you possess all the individual characteristics and attributes required to be a successful small business owner. Therefore, surround yourself with talented people that complement those areas where you fall short. Also read 5 Golden Rules to be a Good Small Business Partner
14 characteristics of a successful small business owner
Let’s look at 14 characteristics of a successful small business owner:
- Passionate: Possibly, the most noteworthy characteristic for small business owner success is true passion. Without a strong belief in your business vision, you will lack the drive and motivation to see you through the tough times ahead. What’s more is, you must absolutely love what you do to be both happy and successful.
- Adventurous and Risk-taker: Successful small business owners are willing to take risks and to try out new ideas and methods. Starting a small business involves great risk, with the possibility of huge financial losses. Taking a risk is one thing, but not having a roadmap to success is just foolish.
- Visionary and Future-oriented: Successful small business entrepreneurs always see the bigger picture and think outside the box. They see opportunities everywhere and are always focused on moving forward. Further, they have ability to visualize the future before it happens.
- People/Relationship-Person: A successful small business owner is a people-oriented that enjoys and is particularly good at interacting with others. Business success is built on relationships with business partners, employees, vendors and customers. You need to value every relationship, be a good listener and give credit where due.
- Innovative and Creative: Innovation, imagination and creativity are critical for success as a small business owner. It all starts with a novel idea that should be original, new, fresh or unusual. To be successful, you cannot be satisfied with the status quo. You should constantly think of new ideas to grow or improve the way you do business.
- Optimistic: Successful small business owners are hopeful and confident about the future. They stay positive and prefer to look on the bright side of things. They also view problems as opportunities. In addition, they seldom dwell in the past and don’t let things get them down.
- Self-motivation, Drive and Determination: As a small business owner you need the willpower, desire and willingness to do what it takes to be successful. As your own boss, you need a strong sense of purposefulness and discipline, and you do not expect others to cheer you on. You need to be resilient and be able to bounce back after setbacks.
- Curiosity: Another one of the important characteristics of a successful small business owner is the strong desire to know or learn something new. Part of this is becoming business savvy and being better equipped to handle future business challenges and opportunities.
- Independent and Self-reliant: A significant part of small business owners’ success depends on the ability to think and act independently. In addition, they are stubborn in a positive way and do not rely on others for strength and support.
- Persuasive: You must inspire a shared vision and be able to get others to do or believe in something you want them to. You need persuasiveness to sell yourself, ideas and business concepts. To achieve this, you must be business savvy, understand what motivates others and know what you are talking about.
- Resourceful and Flexible: Successful small business owners are willing and able to easily respond to altered circumstances or conditions. They adapt quickly to changes in the external and internal business environments. In addition, they can find quick and clever ways to solve problems and overcome difficulties. Furthermore, they make the most of their limited resources and spent time and money wisely.
- Decisiveness: Successful small business owners can make decisions quickly and effectively without procrastination. Indecisiveness can easily cause lost opportunities, escalate workplace tensions and compound problems.
- Respectful, Ethical and Acts with Integrity: Successful small business entrepreneurs are honest with strong moral principles in the way they do business. Remember, respect is earned and to get respect you must show respect.
- Self-confidence: Finally, another one of the essential characteristics of a successful small business owner is self-confidence. You need a strong sense of yourself and trust in your abilities, qualities and judgment. Without self-confidence you will struggle to get business and work with employees and customers. Self-confidence does not mean arrogance and you should always stay humble.