The characteristics of a successful business owner can be the difference between a business’ success or failure. Whilst there are plenty of character traits that contribute to the soaring highs of business ownership, we’ve outlined 7 commonly shared characteristics that will have you on the road to success:
A successful business owner is: Passionate
Understanding the “why” behind your business is the backbone to becoming a successful business owner. Your passion for the idea, product, or service, will be what intrinsically drives you to continuously move forward, put in the extra hours, and go above and beyond. When times get tough, it’ll be your passion that’ll ground you as you remember the “why” behind what you’re doing. There may be other motivating factors that drive you in the short-term (e.g. profitability, flexibility however the success and longevity of your business will always start with how passionate you are.
A successful business owner is: Resilient
Resilience and tenacity are key characteristics that determine just how well a business responds in times of trouble. Reality check – even with plenty of passion, 90% of start-up businesses fail. A common cause is the business owner giving up when things don’t go as planned. You should be prepared to face setbacks and willing to find solutions to problems. Whilst contingency plans are good practice, there is no way to foresee every issue that may arise. This is where a tenacious spirit and resilient attitude will serve you well.
A successful business owner is: A Delegator
As a start-up or small business owner, you will wear multiple hats often. The key to success is knowing which hats to wear and which to delegate or outsource. Primarily, it’s best for you to spend your time in core business functions where your passion and skills are utilised, and then delegate/outsource non-core business functions. This enables you to keep focused and work strategically which will keep the business moving forward.
A successful business owner is: Accountable
Taking responsibility for decisions and actions is a common trait of successful business owners. They know that regardless of the involvement of others, ultimate accountability lies with them. Since ‘success’ is generally linked with the bottom line, it’s imperative that business owners are financially accountable. Knowing how to manage a budget, handle cash flow, ensure correct reporting, administer payroll, etc. are all important operating aspects. If you don’t have the knowledge or expertise in these areas, then consider the point above and delegate or outsource to someone who does.
A successful business owner is: Open-Minded
The ability to be open-minded and consider different perspectives or solutions is a key characteristic for success. This doesn’t mean you need to necessarily agree or take on board every piece of advice, however it does mean that you are willing to explore the alternative idea/suggestion and weigh it up. Being open-minded acknowledges that others may have better insight which will help your business reach a new level of success.
A successful business owner is: A Visionary
Successful business owners not only have a vision for where they want their business to be, but also an understanding of how to get there. Whether they are big-picture people or detail-oriented thinkers, they need a balance of both mindsets in order to flourish. It is wise to consult with others who have the complementary mindset to you, especially when formulating the company’s vision and setting the strategic goals that will enable you to take your business from A to B.
A successful business owner is: Humble
Whilst self-reliance and a degree of arrogance are commonly associated with successful business people, it is humility and self-reflection that has the most impact on the level of success. Realising your own limitations (and therefore asking for help), accepting constructive criticism, crediting and learning from others will enable you to maintain a growth attitude. In the words of entrepreneurial giant Richard Branson, “I’ve seen life as one long learning process.”
Sharing in Success
At Arabon, we love to help support our clients to reach their goals. If you’d like to speak with one of our experienced accountants about supporting you to become a successful business owner, then call us today on 1300 ARABON or visit our website for more information.
