What Makes a Great Business Owner?
Sometimes, owning a business isn’t just about having the entrepreneurial or business school skills required to keep the trains moving. Being a small business owner also requires a slew of character traits that come together to result in a successful endeavor. Today, we wanted to run through some of the personality “types” that make up a great small business owner. Let’s get started!
Drive
Athletes and entrepreneurs have something in common, and that’s drive. It’s tough to start a business, and definitely not for the faint of heart. You’ve got to have the willpower, determination, and bravery needed to start something from the ground up. You’ve got to be relentless in your pursuit of great financial backers, allies, partners, and employees. And you’ve got to be tough enough to handle the rejections and adversity you might face when starting a business from scratch.
Confidence
Great ideas can’t take a foothold if there is no confidence backing them up. Powerful business owners not only have the energy to pursue their dreams, they’ve got the confidence too. And confidence is contagious—once prospective business partners see how much you believe in your business pitch, they’re more likely to believe in it too. The most successful salesmen are the ones who know they have a breakthrough product.
Fiscal Responsibility
A smart small business owner also knows the importance of owning a budget and sticking to it. It’s easy to let all the bells and whistles of starting a business quickly take your budget from manageable to monstrous. Understanding where to cut corners and where not to is key—as is being realistic. If there’s a must-have item that will pay itself off in the long-term but requires immediate cash, business owners also know they can turn to a responsible financial partner to help bridge the gap.
Independence
Starting and maintaining a business can be a lonely endeavor, to be sure. Great business owners have a certain degree of self-reliance that allows them to forge ahead without the input of others. There will always be times when the folks you were looking to for advice aren’t available, and it’s important not to get stuck when there are roadblocks.
Curiosity
No, you don’t always have the right answer. This can be a tough pill to swallow for some, but it’s an important lesson that business owners need to realize. Being open to other peoples’ opinions and insights is key to creating and sustaining a successful company. Ask questions, seek out expert advice, and never be too proud to admit that what someone else is doing might be a great solution for your business.
The Financial Pantry, ARF Financial’s marketing and financial blog, is a great resource for small business owners. We have articles offering advice on everything from the today’s top industry trends to what’s happening in the financial industry. Browse through our resources, plus take a read through our white papers and case studies for even more information on loan products to help your business thrive.