5 Traits of Highly Successful Small Business Owners
Being a small business owner is not for the faint of heart. It takes hard work and dedication.
Regardless of the type of business you run, there are a few traits that every successful small business owner possesses. Understanding these traits can help you keep your business moving forward - and towards your version of success.
While running a business comes naturally to some people, we all have different strengths. A creative may struggle with managing the finances of their business, where an accountant may struggle to create engaging blog posts.
Finding the right balance of traits and strengths to run your business is tough — but you can acquire the right mix with diligent practice and a little self-awareness.
Here are five traits of highly successful business owners:
1. Goal-oriented
Those who are driven by their goals are more likely to create the plans and agendas necessary to meet their next milestone. They are always keeping the future in mind as they plan for themselves and their business.
The goals might look different for each business owner, but one thing stays the same. Successful business owners must be goal-oriented and keep their organization on track with what’s most important. Not having a clear vision for your business leads to confusion for you, but also for your team and ultimately, your audience. Just like you need to know who you are as a person, you also need to know who you are as a business.
2. Transparent
The importance of honesty in business can’t be overstated. Especially when it comes to small businesses, owners must be transparent with not only their consumers but also with their team.
Small business leaders must be willing to share their thoughts, ideas, and even challenges with others in order to receive respect and achieve results. Transparent and honest business owners are ones that take the high road, refuse to lower their standards, and ultimately set the foundation for a successful business.
3. Open-minded
Successful business owners need to be approachable and receptive. Whether you’re a Harvard grad or a stay-at-home mom-turned-boutique-owner, leaders need to know what they don’t know. Keeping an open mind, learning from others, and hearing others’ opinions and ideas allow businesses to move forward in any industry. This is even more true when working with a business coach or mentor.
The best small business leaders hire and use a team of smart, capable staff members. Teamwork makes the dream work, baby! When you hire someone, trust them enough to let go. You know what they say about two minds being better than one, so arm yourself with as many capable brains and helpful tools as you can — you’re guaranteed to be successful.
4. Accountable
As small business owners, we often escape being the subjects of critique. After all, we are our own bosses! But avoiding criticism isn’t the way to continue growing and improving. Successful biz owners take responsibility for their actions and acknowledge both their achievements and failures as owners.
In fact, some of my biggest lessons have come from failures! In order to foster the support and respect of those around you, it’s crucial to remain accountable. Be open to feedback, and regularly check in with your team. Ask them what problems they are encountering, what processes they love, and where they see room for improvement. Your business will be better off for it.
5. Passionate
While many people punch the clock just to get a paycheck, I’m guessing that as a business owner, that’s not you. You started your business because you loved it: whatever “it” is. Combined with all these other tips, passion is what keeps your business alive and long-term.
In the long run, businesses are going to last when they are cared for. Passion is what keeps us going. It inspires continuous learning, long hours, excellent customer service, and the drive to be better. Step back, remember why you started, and tap into that.
As of 2021, there are 32.5 million small businesses in the U.S. - that’s 99.9% of the U.S. economy! Being successful in the long run requires hard work and dedication, as well as grit and perseverance. But, it’s so worth it when you’ve made it.
And if you want help creating your goals (see tip #1!) and motivation (see tip #4!), join us inside the Upleveler Society, a membership filled with fellow female founders and leaders who are learning how to run successful businesses with more joy.
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