Some small businesses fail and some struggle while others are very successful. There are many reasons for this, of course, but one of the most important is the character and approach of the owner. Here are 14 common characteristics of successful small business owners.
1. Willing to Take a Risk
Many successful small business owners leave good jobs – this is just one indication of their willingness to take risks. Another is investing their own money when getting a return is far from guaranteed. After all, there is a big difference between spotting an opportunity in the market and going for it.
2. Driven to Succeed
Successful small business owners are also very driven, constantly working to improve multiple aspects of their lives, including their career and their business. Resting on laurels or being happy with the status quo is alien to them.
3. Focused on Achieving Goals
Being able to set and then focusing on achieving goals is another important character trait. This includes short-term, medium-term, and long-term goals, plus it includes regularly reviewing progress and making adjustments as required.
4. Confident, Enthusiastic, and Passionate
Successful small business owners are good at inspiring those around them whether that is clients, employees, business partners, suppliers, or family members. This requires confidence, enthusiasm, and passion.
5. Self-Motivated and Self-Reliant
There is often no-one to get you going in the morning or help you through the day when you are a small business owner. Therefore, being self-motivated and self-reliant are essential character traits.
6. Ability to Separate Work and Family Life
Running a small business requires hard work and, sometimes, long hours, particularly in the early years. Working constantly to the detriment of family life, however, quickly leads to burnout. Small business owners that make a success of their company are good at switching off when they go home – often literally when it comes to mobile phones and laptops.
7. Seek Advice from Experts
Successful small business owners know they don’t have all the answers. In addition, even when they do think they are making the right decision, they are open to other opinions. This is why the best small business owners regularly seek advice from mentors, financial advisors, accountants, and other experts.
8. Invest in Technology to Improve and/or Automate Processes
Technology can improve productivity and the service you offer to customers, so successful small business owners are willing to invest.
9. Invest in Marketing
When things are tight, marketing is often the first thing that gets cut. Forward-thinking small business owners, however, understand the essential role that marketing plays in making a business successful. Therefore, they invest, in good times and in bad.
10. Closely Monitor Their Finances
Reading financial reports is not the most interesting aspect of running a business, but it is absolutely critical. Successful small business owners understand this.
11. Committed to Lifelong Learning
Being an expert in almost any field or industry requires a commitment to continuous personal development. This applies to already respected small business owners as much as anyone else.
12. Able to Focus on What is Important
Small business owners have to deal with a lot on a daily basis. Most of these things are periphery, however. The best can cut through this to keep their focus on the things that will have a real and positive impact on their business.
13. Open to Change
Having a plan is important but being stubborn and resistant to change despite the evidence is foolish. Therefore, successful small business owners embrace change.
Running a business is not easy and dealing with setbacks is part of the day-to-day. Successful small business owners need to be resilient to keep believing and keep going.
At Gilroy Gannon, we help small business owners make a success of their businesses. Contact us today to speak to a member of our team.