Are successful small business entrepreneurs born or developed? Small Business Entrepreneurs are some of the most multi-talented and diverse people out there. A successful entrepreneur puts on many different hats at the same time.
No less important than great business ideas are the actual people who bring these ideas to life. In fact, the quality of your personality plays a huge role in determining whether your business will stand on its own feet or crash.
According to a conducted study, most successful small-business owners share a common set of traits and qualities that help them succeed in their entrepreneurial journey. And in this post, we will be examining some of the qualities of highly successful small business entrepreneurs.
For small business owners and entrepreneurs, every day is about solving problems. Successful business owners are able to think quickly, make decisions, and adapt to changes in the market at speed. How will you solve the problem of not having enough cash flow? How will you solve the problem of having dissatisfied customers? How will you tap into a new market to expand your client base?
Passion is the most important trait of the successful small business entrepreneur. They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better.
3. Always curious.
Stand out small business entrepreneurs have a trait of constantly searching the internet to find a way they could improve their business, retain their employees and innovate their products. If you’re the type who can’t stop asking questions or wondering what the competition is up to, then you’ve got the small business DNA in your blood.
4. Highly Competitive.
Many companies are formed because an entrepreneur knows that they can do a better job at execution better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own company’s track record of success.
5. Technologically Aware.
The great business owner put a higher value on keeping up with the latest trends in technology. They figured out how best to track their packages and kept company email in high gear. Most of all they were convinced that technology helped make their business more efficient.
As an entrepreneur, you alone are responsible for your own success. Therefore, you must be able to promote yourself and your business on a continuing basis. According to the Entrepreneur website, self-promotion is one of the most underutilised marketing tools available to entrepreneurs. You need to possess the confidence in yourself and your business idea to tell the world about it through relentless marketing.
6. Time management.
Managing your time effectively is key to growing your small business. Two ways to effectively manage your time are to bucket tasks and plan blocks of time for the work you want to do. By grouping tasks together, you can focus on one type of work at a time and power through it. By planning out your day in blocks of time, you have a realistic idea about what you have time for and can, therefore, better prioritise your daily activities.
It might seem like a successful small business owner would be the type to micro-manage every detail. But a study found that knowing how to collaborate was the single most important trait for someone running a business with less than 50 employees. The best bosses knew how to delegate tasks to others, forge strong relationships with team members and create opportunities that motivated everyone on staff.
Communication is crucial to growing your business. This means effectively communicating to your clients as well as with your team and other third party business partners. Communication is equal parts listening and talking. As a business owner, you can empower your team by communicating your goals and ambitions with your team. What are your goals for your business? How does your team fit into this? Listening to the goals and opinions of the people on your team will also help to grow your business.
In the professional world, visionaries are not naive. They are innovative thinkers who have the ability to think outside the box and see solutions that other people can’t. Creative intuition is essential in establishing the foundations of a successful business great ideas and unique solutions that are packaged and branded in a smart way.
10. Never Give Up.
The life of an entrepreneur or small business owner isn’t easy. There’s always more work to be done. And on any given day there may be significant ups and downs, such as landing or losing a big client. Never give up. Build up a tolerance to the downs and realise that if you keep focusing on attaining your goals, you will be successful.