May 08, 2018

12 Traits that All Business Owners Should Have

With 27.9 million small businesses in the U.S., which means there are just as many (if not more) entrepreneurs who started these companies. Although small businesses come in a variety of sizes, industries, and are based in different geographic areas, there are certain traits that can make an individual a better business owner.

If you’re interested in starting a company, or already own one, you should reflect on the personality traits that can benefit your business. While some of these traits are innate qualities, there are some that you can improve or adopt going forward. Keep reading to find out the 12 traits that you should have if you want to be a successful small business owner!

A Small Business Owner Should Have These 12 Traits:

1. Persistent

Running a small business isn’t for the faint of heart. You could start a business that is slow to earn sales, or face challenges later on, such as increased competition or limited cash flow. Due to this, it’s pivotal that you remain persistent in troubling times. Individuals who get frustrated and give up when their business isn’t prospering likely won’t last in the long-term, so remember to be unrelenting, even when you run into setbacks.

2. A Strong Communicator

As a small business owner, you’ll need to be able to communicate effectively to your employees, customers, partners, vendors, and anyone else that you come across in your day-to-day operations. If you’re a strong communicator (in both verbal and written interactions), you’ll be more likely to secure loyal customers, make big sales, and have satisfied employees, just to name a few examples.

3. Curious

The best entrepreneurs are usually individuals who aren’t afraid to question how things are done. They want to solve problems, and are willing to find the solutions to issues themselves. In addition, they’re curious about how every aspect of their business works. For example, they’ll take time to learn a new skill, like coding, or will spend time researching new marketing trends. So, if you want to open a business or already own one, try to be more curious in your day-to-day tasks. You’ll be surprised at how much you can accomplish!

4. Honest

To run a small business, you must have integrity. Customers can easily recognize when a business isn’t transparent, and if you participate in dishonest practices, you won’t be successful in the long-term. If you make it a priority to always be honest when handling business matters, you’ll avoid legal, financial, and other significant issues.

5. Passionate

If you aren’t passionate about your small business, it likely won’t last. You should believe in the product or service that you’re selling, because if you aren’t enthusiastic about your business, you can’t expect your customers to be! In addition, if you’re passionate about your small business, you’ll inspire your employees, interest potential customers, and you’ll be willing to go the extra mile to ensure that your company is thriving.

6. Independent

Running a business will require that you’re able to work and think independently. You may have to wear many hats, especially during the initial stages of opening a business. This is especially true if you’re opening a business by yourself, and don’t have help from a business partner. If you’re serious about your business venture, you’ll benefit from being self-sufficient and motivated to independently handle your operations.

7. Financially Responsible

One of the most important responsibilities when owning your business is being able to responsibly manage your company’s finances. This means paying bills on time, following a budget, researching the best possible prices for inventory, and ensuring that you’re paying your taxes correctly. If you’re astute at financial management, you’ll be an even better business owner!

8. Reliable

As a business owner, you’ll be responsible for a myriad of tasks. From payroll to ordering inventory to providing customer service, being reliable is pivotal. Your customers should be able to rely on you to provide consistent products or services, while your employees will rely on you to lead and direct the team. If you’re reliable, you’ll likely be running an overall better business.

8. Organized

Many people don’t realize how crucial organization skills are. If you’re a scatter-brained person who frequently loses important paperwork or doesn’t know how to keep things orderly, it can be a detriment to your business.

9. A Natural Leader

As an entrepreneur, you must be able to lead your team so that you all can drive results. Certainly, there are some people who are natural leaders; they know how to command attention and inspire the people around them. Still, it’s possible to become a better leader by asking your staff for feedback, reading leadership related-books, and setting a strong example for employees through your actions.

10. Calm

Running a small business can come with considerable stress. Individuals that fold under pressure or are quick to panic might make decisions that they regret. While it can be challenging to remain calm when your business is low on cash, loses an important employee, has a security breach, or faces a weather-related disaster (just to name a few examples), it’s crucial that you stay level headed.

11. Collaborative

Although we mentioned earlier that being independent is an important trait to have, you should also be able to collaborate with your employees, partners, and potentially other entrepreneurs. It can help you expand your business’s reach, and allow you to bounce ideas off other people.

12. Flexible

Having a plan for your business is crucial, but unfortunately there will be times in which your plans are unable to come to fruition. While it’s important to be as prepared as possible, you should try to be adaptable too. For instance, if you unveil a new product and it doesn’t sell, you’ll need to be flexible and find a different way to sell it or devise a new plan. Keep an open mind, and be prepared to change your plans if necessary!

Next Steps

Now that you’ve learned about the qualities that successful business owners should have, consider your own strengths and weaknesses. If you noticed that there are some traits mentioned in this post that you don’t have, it’s never too late to work on yourself! Try to improve any flaws that you have, so that you can become a more effective entrepreneur.