10 Attributes Every Successful Business Owner Possess

While some people are contented with having a regular job and climbing up the corporate ladder, some are not. These second group of people prefer owning their own business. They like to be at the helm of their own business affairs. They like to be their own boss.

While this is awesome, business owners can however be grouped into two general classes; the unsuccessful ones and the successful ones. Being a successful business owner means being good at managing a lot of things including personal and business finance.

The class of successful business owners is a difficult one to group together. Each individual is different and has a unique cocktail of attributes that they bring to the table.
However, research has shown that there are certain attributes common to almost all of them. Here is a list of the 10 most common ones:

Clarity of purpose

Before venturing into entrepreneurship, successful business owners know why they are doing it. For some it is for the autonomy it offers them, for others the profits they hope to accrue. These days, a great number of people have resorted to entrepreneurship as a tool to help change the course of certain things in the world. Maybe even because they desire a break from the monotony of 9-5 jobs or just because running their own business suits them better. Whatever their reasons are, successful business owners know the purpose for their having a business and hold on to this.

Solo Starting

Starting a business can mean venturing into an otherwise unknown terrain. It can also mean going against the popular consensus telling them “not to bother as it is too stressful and uncertain”. But, since a successful business owner cannot afford to listen to the “cannots” or “should nots” around them, they turn deaf ears to these and launch their business, believing that others will catch up with them when they are ready. Being solo starters also mean that such business owners will take on several roles on their own, until they find competent hires to help share the workload.

Organised Finances

Successful business owners know that it is more profitable for them to halt the launch of their business until they have sufficient business finance necessary for launch and continuity. Ensuring continuity is important because for most start-ups, it takes a while before they become profitable.

It is definitely better to wait to ensure continuity instead of launching a business as soon as you get the idea. Chances are your business will fold up a short while after otherwise, due to insufficient business finance. Having organised finances also means being able to allocate funds prudently. If you do not do that, you may find out eventually that one part of the business gulps up more finances than other aspects which are equally important to the business’ success.

Creativity

Being a successful business owner means knowing that there is no room for rigidity. Sometimes the target market might change, sometimes new laws might be passed or old ones redesigned, sometimes new industries open up. When these things happen, a successful business owner knows to tailor their goods or product offerings to meet the new requirements. A successful business owner also knows that they cannot afford to keep on doing things the same way over time. They regularly change their organisational model by giving their customers new and exciting offerings or simply redesigning their existing products.

Confidence

Confidence comes in handy when people question the rationale behind the business or when the business is faced with challenges. Successful business owners have unwavering confidence in themselves, in their business and in their ability to steer their business to greater heights. This confidence helps them block out naysayers and helps them overcome whatever challenges they are facing per time.

Decisiveness

Many times, business owners are faced with tough choices which they have to make. They often have to make on-the-spot decisions that can make or mar their business. What marks successful business owners out is that they do not procrastinate when it comes to decision making. Instead, they are action takers who are also not scared to take calculated risks. Facebook’s CEO , Mark Zuckerberg’s in his now popular take on risk taking said “in a world that is changing so quickly, the biggest risk you can take is not taking any risk”.

Competitive

Irrespective of the success of their business, successful business owners do not rest on their laurels. They are constantly on their toes, seeking out the competition and finding ways to stay on top of their games. They know they can do things better and they transform this knowledge to actual action.

Passionate

For successful business owners, passion is the fuel that drives them to do better and be better. Because they truly love what they do, even when things are taking a downturn or seem to be at a standstill, their passion fuels them to steer their business to greater heights.

Integrity

Brian Tracy, a world renowned motivational speaker, believes integrity to be the second most important attribute of successful business owners. Integrity which basically means “doing what you said you would do”. It not only makes businesses thrive but also serves as a form of advertisement for businesses. If, for instance, you are a baker and a customer brings a design they want you to recreate, if you commit to doing this and actually make good on your promise, not only have you fulfilled one goal of every business, customer satisfaction, but you have also gained for yourself one (more) loyal customer who can trust you to make good on future promises and even refer your services or product offerings to others in need of same.

They Celebrate Small Wins

While this might seem inconsequential, it is another common characteristic of successful business owners. Celebrating wins not only serves as an incentive to the employees but also as a reminder to the business owner of how far they have come. It helps them cherish their business growth and celebrate themselves and their efforts more.

While the list of attributes successful business owners possess is actually inexhaustible and of course varies between individuals, these 10 can be found in all successful people, irrespective of which industry their business is in. Seeing how relatable these attributes are, they are also tips anyone venturing into business can mirror. You can be sure that if you can master all of these attributes, you will be well and truly on your way to being a successful business owner.

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