What Makes A Good Business Owner?
10 Essential Character Traits
What does it take to be an entrepreneur? What skills, character traits or personality do you need to have, to be successful a startup or business owner?
Do you know if you have them?
Being an entrepreneur or starting your own business does put you in the minority compared to the ‘employed’, but more and more of us are starting businesses than ever before.
And the good news is that anyone can learn the skills necessary to start their own business.
But is that enough?
Is it enough to have the business skills and knowledge? Is it enough to know about sales, marketing operations, finance and everything lese you need to operationally run a business? Will having those skills guarantee your success?
As any business owner will tell you, starting and running a business takes far more than just having the right knowledge and expertise.
It takes the right kind of person too.
After all, as the founder of your business you are its heart and soul. You are the visionary and the driving force that will transform your dream into a reality.
Starting a business and being entrepreneurial is about having the right personality and mindset.
It’s all on you!
It’s wise not to underestimate just what it takes to be a successful business owner. Here’s my 10 most important character or personality traits you need. Are you ready?
10 Entrepreneurial Character Traits
What’s the purpose of your business? Why are you doing what you’re doing? Is it about creating a lifestyle you want, impacting a community, or serving a bigger cause?
Having a clear purpose is your driving force and guiding light. Without it your business will lack focus and direction, particularly when things get tough, which they undoubtedly will at some point.
Starting a business is fun, creative and exciting. But growing it can be hard, dull and boring and times.
You need the tenacity to be able to stick with it for the long terms and deal with the day to day challenges, whilst still retaining your passion, motivation and energy.
As a startup you are constantly pulled in all directions, dealing with sales, customers, support, admin and every other aspect of running a business.
You need to have focus to be able to identify and separate out the urgent tasks from the really important ones.
You need to be able to focus on the big goals to feed your motivation and passion and also focus on the smaller actions that will move your business forwards every day.
As a business owner you need to have a strong connection with your audience. You need to understand them and their needs.
You need to empathise with your audience’s challenges and frustration if you’re going to be able to attract, engage and convert them into customers.
Having an empathy with your customers will give you insights on how to continually make your business relevant to their needs.
One of the biggest benefits startups and small businesses have over more established businesses, is their agility. The ability to be able to quickly change and adapt to different challenges and environments is important characteristic both of the business and business owner.
Having a belief in your skills, abilities, business idea and your purpose are essential to building greater emotional resilience within your business.
There will be many who doubt you and your business, so you need a strong sense of self-belief. This comes naturally to some business owners, but is a challenge for others.
In either case it’s important to continually invest in yourself and your learning to strengthen your self-belief.
Starting and building a business takes sustained levels of energy and commitment. It’s often very challenging and frustrating journey, but it’s also exciting and rewarding too.
It can be an emotional rollercoaster, so your drive and passion need to be unwavering in order to succeed.
Having a good level of self-awareness and knowing your strengths and weaknesses will underpin your growth and success.
We all have naturally affinities to certain aspects of running a business from sales to markets, production, operations, finance etc.
We cannot and are not good at everything, so know your weaknesses and find ways to offload those tasks and activities to others.
Having a vision of what your business could look like is incredibly powerful. To be able to use your imagination to see exactly how things could work before they’ve even been build or developed is a valuable entrepreneurial skill.
Having clarity around your vision is the fuel for your motivation and drive. It also brings real focus to your purpose, allowing you to battle through the challenges with real conviction.
10. Risk tolerant
This may be obvious, but probably not fully explored. We all know that starting a business is risky, particularly when you look at the business failure rates.
If you risk averse, then growing your business will be a struggle as every day you have to make potentially risky decisions. Being risk tolerant allows you to make those decisions quickly and easily.
So, do you have what it takes?
There are no rules for what makes a great entrepreneur and no guaranteed recipes for business startup success.
Growing a business is not predictable and doesn’t have set rules, nor does it follow a clear pathway. It’s a journey.
A journey with a beginning, middle and end. A journey that’s full of challenges, obstacles, frustrations and rewards.
Regardless of what you do and the success you achieve, it’s important that you enjoy the journey and celebrate your successes along the way.
Remember; It’s the journey rather than the destination that actually matters.
We wish you every success along the way!
If you’d like to learn more about how a community of like-minded startups and business owner help each other grow their businesses, then contact us.