As a small business owner, you know that running a business is hard work. You may have already faced the ups and downs that come with establishing a successful business. A good owner is the backbone of a small business and crucial to its success. Knowing the characteristics of small business owners that set them apart from others can help you identify your strongest areas and how you can use those qualities to the benefit of your business.
Below are the 6 most important characteristics of small business owners.
Confidence comes from knowing yourself and your abilities. Where arrogance makes you blind to your weaknesses, confidence accepts and acknowledges those weaknesses. As a confident small business owner, you understand both your best skills and biggest areas of improvement. You can use this confidence to bravely take your business outside of your comfort zone without acting rash.
If you have confidence in yourself and your business, business goals become much more attainable. You won’t be held back by fear of making the next move for your company. On the other hand, you’ll be able to see your limitations and will be less likely to make a silly mistake when managing your business. Another added bonus of being confident is the perception of your employees, vendors or potential lenders. You’ll become a respected leader. People trust you and your confidence is likely to rub off on your employees.
Running a business doesn’t always go as planned. Whether it’s a setback on a project timeline or a rejection for financing from a traditional lender, you have to be persistent to make it work. Every time something goes wrong with the business you, as a persistent business owner, look for solutions to the problem. Sometimes this means pushing forward through barriers until you get through and sometimes it means finding a completely new route to the goal.
Your business is going to face problems. As one of the main positive characteristics of small business owners, persistence helps you get through these problems and come out more determined than before. When you face a setback, such as being denied funding for your next project, you jump straight in and find a solution. Just be sure that your persistence doesn’t hold you back from enjoying a work-life balance.
You need to know what your customers want from your business and have a plan to achieve those goals. Being goal-oriented works directly with persistence to keep your business heading towards success. Creating goals, however, includes more than just the final outcome. If you’re a good goal-setter, you know that achievable goals come from careful planning, research and honest communication with everyone involved. Even with the main goal in mind, it’s important to focus on each step to reaching that goal by creating micro-goals along the way.
Goal-setting can help your business feel more organized and unified, whether you have a team of 10 and more or it’s just you. When you’re a goal-oriented leader, you show others that you aren’t just driven, but have the plans in place to succeed. With attainable goals in place for your business, you know what your next step needs to be – even when the future is murky.
4. Budget Conscious
Planning, setting and sticking to a budget is one of your most important jobs as a business owner. Most success metrics for businesses are measured by financials. Being budget conscious can help grow your business from barely staying afloat to a successful and established brand. As a financially savvy business owner, you recognize that setting a budget is only the first step. You’re always keeping an eye on where business financials are headed in the future. You can use a financial checkup to help make sure you’re on track.
Part of deciding on a budget is knowing when you need extra working capital for various business expenses and projects. Whether you’re planning a move to a new location or need money to cover an invoice, loans for small business owners can help you get the money you need.
Likeability is often taken for granted. A positive attitude and approachable personality make it easier for your employees, other professionals and even customers to be open and honest with you. In the long run, being personable can bring positive results to your bottom line. Engaging with customers and building a relationship leads to repeat business and word of mouth recommendations. A friendly personality can also help relieve a stressed customer or employee when something goes wrong.
Having a likable personality doesn’t have to mean you’re constantly smiling and always perky. Everyone understands that we all have bad days. Instead, being personable means, you know how to handle stress and won’t take a bad day out on someone around you.
You might think of your business as your baby. You’re not alone! Many entrepreneurs and small business owners see the businesses they’ve built in this way. This mindset is really no surprise when you consider the time, resources and finances most business owners put into their businesses. Your employees and customers will be able to see your passion as a business owner. This passion can help excite new employees or gain the confidence of a potential client.
While some jobs can be done for a long time with no real passion, owning a business isn’t one of them. As a business owner, you spend a large amount of time focusing on your company. Unlike a traditional career, you have to have a passion for what you do or you’ll eventually face some sort of burnout.
Getting the Resources You Need
Running a successful business starts with a great business owner. As a small business owner, it’s important to recognize both your good and bad qualities to make your business a success.
These characteristics of small business owners help businesses grow and overcome difficult challenges. One of the biggest issues faced by a small business owner is securing financing. You can use your best small business owner characteristics to help you get the funds you need for your business.