subject: Top Traits of Good Business Owners [print this page] Top Traits of Good Business Owners Top Traits of Good Business Owners
It is just a very appealing idea to be in control of your own business, but it needs a few character traits that must be present if you'd like to be successful. While small business isn't for everyone, individuals that possess the following traits usually tend to do well.
Persistence
Being in business isn't all sunshine and roses, and you'll need persistence to get through the peaks and valleys. Persistence, just like a muscle, can be built and expanded. I highly recommend that you begin working on "bulking up" your persistence muscle to make sure that when you're running the business you'll be able to survive the inevitable rough times.
Know Your Numbers
Numbers are to business as water is to a beach. A person can't have one without the other. If you aren't good with numbers you are going to need to work on that. This won't mean becoming a financial wiz, there are people you'll be able to hire for that, but you do need to learn how to make money, how to hold on to your hard-earned money, determine if you are profitable etc. Even if you have a bookkeeper or accountant you still need to know what the numbers are and what they mean to your business.
Adaptability
If there's anything constant about running a business, it is that things always change. That can cause a great deal of stress for individuals who value stability and comfort. You'll need to stay focused on your goal to stay on purpose when you fine-tune the way you do business and react to fluctuating market conditions.
Risk Assessment
It certainly is a gamble to start any small business, but you can make more educated choices than you currently make. If you become proficient at gauging the risks of the decision before you, you will be more intelligent in running your company.
Continual Education
You should strive to always be improving your processes, systems, and people in your business. As the owner, the most important person in your business is you! So you can't stop learning, you cannot stop being open to new ideas, and you also can't stop actively trying to find ways to improve and grow the business. There's always new techniques and new tips on how to be more efficient and effective.
Being Responsible
It's your business. Therefore it is up to you to make the challenging decisions, deal with the outcomes of your decisions and actions. If something fails you are the one that has got to fix it. There isn't going to be a boss that you can call to manage things for you. If you're not a fan of being accountable for everything owning a small business just isn't for you.
Marketing Acumen
You need to understand how to market your business. Sometimes it is ad placement in the papers and such or establishing an extensive marketing and advertising plan. The point is that you need to know something. You need to know how to get information regarding your business to the right people so that you can grow your business.
There are more traits that are required to run your own business, however these are the primary ones. Every one of these traits are things that can be worked on.
