Traits of the Successful Business Owner

There are 7 traits need to begin and run a successful business. If you are considering starting a small business, you may very well be thinking, “Do I really have what it takes to be successful?” I believe that we all have success within. The trick is to find the tools to bring out the Entrepreneur within you and then understand how to utilize them to make your small business dream a reality. During the course of bringing my small business ideas to fruition, I’ve discovered that there are seven traits that come into play consistently. So as you are searching for your inner Entrepreneur keep a look out for these 7 traits.

1- Passion

A successful entrepreneur must have a passion for their business. Not to be confused with profits or a desire to make money, but rather a true love for providing the services and products of the business. A sure way to have a business fail is to start it solely to make money. If one pursues an enterprise that they are truly passionate about, the profits will follow.

2- Creativity

Henry Ford once said, “Thinking is the hardest work there is, which is probably the reason why so few engage in it.”  The successful entrepreneur understands that there are no preset answers when the unexpected is encountered.  Creativity and the ability to adapt are needed in every aspect of developing a successful business.  From the business plan, to the day to day problem solving, to the hiring of personnel, the successful small business owner is always looking for innovative ways to improve each of the business processes.  The successful business owner is the person who thought of a screw to hold the wood, not the person turning it.

 3- Drive

Especially true for the beginning entrepreneur, one must have an inordinate amount of drive to succeed.  Often falling back on excuses, many lack the self-discipline to put forth the extra work required to build a business.  It seems there are two types of people, those that keep their tails moving and what I think of as the wood butts. . .

 “I would, but I don’t have the money to get started.”

“I would, but I work 10-hour days.”

“I would, but I have kids to take care of.”

“I would, but don’t know how to start.”

 The successful entrepreneur makes solutions not excuses.  A person’s spare time is when businesses are started and wealth is made, understanding that it can be a slow, time consuming process.  This leads to the next trait in a successful entrepreneur. . .

4- Patience

In the current age of instant gratification, people, especially young ones, tend to give up if there are no immediate rewards.  A successful business is like growing a garden; it takes a lot of time, preparation and care in the beginning with very little visible result.  When the seeds don’t sprout overnight, many people just stop watering and walk away.  The plants die before they even had a chance to break ground.  Continuing to nurture your business will eventually lead to blooming profits.

 5- Organization

From the business plan to the office supplies a successful entrepreneur must be organized.  This is the life blood of any company; in fact the word “organization” is a common substitute for “company” or “corporation”.  The task of maintaining all of the working parts of a fledgling business can not be accomplished without organized leadership and this starts with the founder.  

6- Relationships

The ability to communicate and build relationships is the cornerstone of a successful business.  Whether dealing with clients, investors, or employees, the ability to garner trust and support will determine the ultimate fate of your endeavor.  Anyone dealing with a business wants to know that there is a responsible, capable individual in charge.  Without the ability to develop these relationships, the entrepreneur is merely an individual with a passing thought. 

 7- Courage

Finally, it takes a great deal of courage to be a successful entrepreneur.  Constantly breaking new ground at both the personal and professional levels involves a large amount of risk.  Unlike a typical job there is no one to fall back upon.  You are the captain of the ship and when the storms hit, the crew is looking for you to chart the course.

Not every venture will be successful, but the courage to keep going or even start over, will lead to success.  Remeber not to invest in a business to make money, but rather in yourself to make happiness.  Any endeavor should result in one of two ways . . .as a success or a lesson.  Failure can only be achieved by quitting.