Personal Characteristics of a Successful Business Owner

personal characteristics

Not everyone is cut out to be a successful business owner from the get-go. It’s always a learning process. But there are some personal characteristics which will put certain people ahead of the rest straight away.

Firstly, this article isn’t designed to put anyone off trying to start a business.

If you don’t recognize yourself being described by this article, it’s never too late to improve your outlook and behavior. Some things come naturally to certain people more naturally than others.

Developing leadership skills and all the other traits I discuss here is possible for anyone. But it isn’t an overnight task, it’s a long-standing mission to change your attitude and behavior. But you can get there!

Here are the set of personal characteristics that time and again push successful business towards their goals and ambitions.

1. They’re Versatile People

Successful businesspeople are never stumped. They’re always ready to move on the next challenge, even if it’s something they’re entirely unfamiliar with.

The key to overcoming challenges is being able to learn things in order to tackle new problems. By taking an optimistic but realistic approach, they’re able to overcome obstacles.

Of course, they also need to have a firm grounding in their particular area of expertise. It’s a balance. But they don’t get flustered just because something new has turned up.

2. Their Time Management is Top Notch

So few hours in a day, so much work to do. Only by being fantastic at managing their own time can a business leader really excel.

It’s one of the most vital personal characteristics on this list. No one is inspired by people who dither and mess around.

People are inspired by those who dedicate themselves to the cause, follow through with promises they make, and always meet deadlines.

If you’re a well-organized person, your employees will spot this trait and do their best to copy. This results in higher productivity.

If you aren’t, your employees may question your dedication and ability. This lack of faith can be hugely damaging to your company, least of all in terms of staff turnover as members of your team seek new opportunities under other leaders.

It’s not easy, but you must put time management at the core of any productive business strategy. Otherwise, you’re just wasting time.

3. They Take Risks But Know When to Back Down

If nobody ever took risks, the world would be a very boring place. There’d be no innovation whatsoever.

Excellent business leaders know this and are willing to take risks in order to succeed. But they also recognize that it’s a fine balance, and know when to play it safe.

Under their control, companies move ahead down exciting paths. But they rarely fall foul of problems, particularly when issues are easy to foresee.

4. They Have a Vision

True visionaries don’t just have a vision, they make it their reality. Not only this, they lead their team with a set of values designed to achieve that vision.

You need to be able to see the big picture and drive movement towards those end goals with pace. However, a true leader also has time for the minutiae when it’s clearly important.

Missing out on small details which later turn out to be vital could be the downfall of any business.

So trust your team and listen to them when they bring you problems. They’re not doing it to ruin your day – they want your advice and leadership.

5. Their Personal Characteristics Include Management Skills

This really goes without saying, but I’ll say it just to be sure.

A leader needs to be acutely aware of everything going on in their business, from a senior level all the way down to the operations team.

This is particularly true in a small business where there are not so many experienced people leading their own departments.

In terms of personal characteristics, it’s their ability to think logically and set up their business processes and procedures in the correct way which see leaders succeed.

This isn’t straightforward by any means, but it’s of vital importance.

6. Their Knowledge is Astounding

An incredibly in-depth knowledge of your area of specialism is the key personal characteristic you need to nourish in order to be a thought and business leader.

This is something you can only develop with time and effort, but there are some practical things you can do to keep up to speed.

The first is to read widely across a range of media in your sector. Trade magazines, newspapers, other thought leaders’ blogs and social media are all great places where bright new ideas are publicized every day. So keep an eye out.

The second is to attend conferences regularly, meet new people and learn new things. It’s a cliche to say think of your brain as a muscle, but it’s sort of true. The more you exercise it, the better it gets.

Talking with interesting people is one of the best workouts it can get.

The third is simply to think! Challenge what you believe and probe your new ideas for weaknesses every day. That doesn’t mean flip-flop on your business’ direction, it means to develop your ideas until you’re sure your ideas are as honed as they possibly can be.

Keep up With the Cutting Edge

Although these personal characteristics are hugely important for an entrepreneur, they’re not the only arbitrator of success.

You need to keep up to date with all of the cutting edge trends in your industry. And all the news outside it which may ultimately have an impact on it – markets, emerging technologies, and so forth.

My blog is your essential guide to entrepreneurial success. It covers a number of subjects, from management advice to reading recommendations and emerging technologies such as blockchain.

Take a browse and learn something else new today. And you’re very welcome to reach out if you’d like to talk about receiving tailored business advice or discuss an investment opportunity.

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