6 Common Characteristics of Successful Small Business Owners
All businesses are hard work. More so for small business who have employees of 500 and below. While there is no “one size fits all” theory when it comes to small business success, studies have shown that the success of a business can be accounted to these common characteristics of successful entrepreneurs.
Do you have what it takes? Read on below:
Have a clear vision for the business. Do you know exactly what type of company you’re creating? What are you building towards? How do you see the company in five years? How many employees do you think you’ll have by then? How much revenue do you think you’ll be making? Determine exactly where you see your business is heading and build towards that. Having a vision makes it easier for you to make critical marketing, branding, and financial decisions.
Have self-belief, work hard, and disciplined dedication. Most successful entrepreneurs have confidence not only in themselves but also in their partners and employees. They work hard with intense focus when it comes to their business idea. It may appear as stubbornness to others but it’s also because of this disciplined dedication that they get the work done within the time frame that they’ve set.
They are flexible. Just because you are spot on when it comes to your business idea does not mean that you only follow whatever is in the written strategic plan that you have. The industry will throw you a lot of curve balls and the most successful entrepreneurs know best how to adapt to these changes and make adjustments accordingly. Always remember that your business idea (product or service) is for a specific market and you need to be able to satisfy that market’s needs.
Be budget-minded. It’s never wrong to dream big, especially during the first few times you’re pitching your idea. However, a successful entrepreneur are financially-savvy and has impeccable money management skills. To manage your business operation, you need to be financially aware of the budget you have and build your work around it. You need to be able to make smart decisions when it comes to spending as this can be a make or break for your small business.
They are honest. You know that cliche “honesty is the best policy”? Well, whatever industry you are at, no matter how old you are, this is applicable in every aspect of your personal and professional life. As a small business owner, honesty is a crucial characteristic. You have to be honest to your customers, employees, clients, vendors – and most importantly, yourself. The best way to approach your branding and marketing goals is by being honest about just how much you can provide and do for you business. Once you determine this, the next step is to basically do it the best that you can.
They are sociable. No, you don’t have to be everyone’s friend just to run your small business successfully. However, it helps that you know how to communicate to people. Part of being an entrepreneur is pitching your ideas to different investors, showcasing your business to partners and clients, and doing so means you need to be able to interact well with a wide variety of people.
As a small business owner, you’re likely juggling a lot of responsibilities. But by incorporating these characteristics in the way you run your business and interact with people, you’ll soon find your way heading up the ladder of entrepreneurship success.
Best of luck!