Small business ownership is not for everyone. It takes a special human being to own a small business and be successful at it. However, many people jump into small business without giving much thought to what is required to succeed. Their decision is based on the myths that exist out there about owning a small business.
Before you start down the path of small business ownership you need to think long and hard to see if you have what it takes to be a small business owner. While Some people consider online MBA programs to gain business knowledge it also helps to have these personality traits for success as small business owner. We regularly talk to number of colleagues and clients who themselves are small business owners to understand what personal traits make a successful small business owner. Based on this as well as our own experience as small business owners we have come up with 5 traits every successful small business owner needs. Here they are:
Risk Taker
It is easy to spot a budding small business owner amongst group of kids who are just learning to walk at a day care. The kids who start walking without any support even when they keep faltering have potential to be small business owners. While those who are very careful when getting up and hold onto the support all the time may not be able to make it. I know, we are simplifying things here, but look at those who have made it as successful business owners – Donald Trump (number of bankruptcies), Mark Zuckerburg (Harvard dropout) and so on. All of them took number of gambles and some even failed multiple times before becoming successful businessmen.
Decision Maker
Are you one of those who needs at least 5-10 minutes before placing an order at a restaurant while the waiter and everyone around you are waiting patiently? You cannot afford to dillydally on making decisions for every small item when running a small business. You need to make hundreds of decisions every day. If you cannot think on your feet and make quick decisions you should think hard about owning a small business.
Organized
Small business owners need to take care of hundreds of items and interact with number of different people every day in the process of running the business. After all, they are not called Chief Everything Officer for no reason. If you cannot keep track of all things and stay on top of the tasks you cannot be successful. That is why it is important that small business owners are organized and do not drop the ball on any item that can hurt their business.
Delegator
One of the ways the small business owners can take care of hundreds of items is by delegating tasks to others. You cannot expect to do everything yourself and not drop the ball on some items or wear yourself out. Small business owners have to be excellent delegators.
Responsible
Unlike working for someone else the small business owners bear ultimate responsibility for their success or failure. If the business fails it is you who will suffer the most. For every issue or problem the employees will look at you for directions. The buck stops with you! If you cannot accept the responsibility that comes with small business ownership it is not for you.
What other traits would you consider important for small business owners?
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