Being the owner of a small business can arguably be one of the most enriching experiences. However, it can also be one of the more stressful ventures anyone could dare embark upon. Having complete control over all of the finer details of your business is one thing. Yet also needing to make sure these vital details are operating at peak efficiency is another. All these details can be both incredibly exhilarating and crushingly exhausting. Suffice to say, not everyone has what it takes to be a small business owner. It takes key characteristics of small business owners to succeed at growing their own organization.
This is further reflected in the grim fact that greater than one in five small businesses will fold in their first year of operation, and by the end of a decade, only a scant 30 percent will still be solvent. With such a high failure rate, what exactly drives the type of person who nonetheless aspires to become a small business owner, despite mounting evidence of possibly losing everything? For the aspiring entrepreneur, these four traits allow them to stand apart — and even ultimately flourish — in the vast sea of start-up failures.
A Visionary Mindset
Every small business begins as just a spark in someone’s thought. It’s a hunch or a whim that somehow manages to expand into a full-fledged enterprise. On any given day, most of us are struck by inspiration. But how many of us actually follow those ideas through to their culmination? For many of us, inspiration is quickly dismissed. We might promptly return our focus to the other day-to-day demands that otherwise distract us. However, for the successful small business owner, that ember is encouraged to grow until it becomes the start of an exciting new venture.
That’s where the visionary mindset steps in. Successful characteristics of small business owners include exploring their ideas. This helps them develop roots and traction. In turn, the have a “go-getter” attitude to build their business from the ground up. Furthermore, this mindset and similar characteristics of small business owners allows them to look into the future for problems and solutions. Important considerations such as what will define the foundations of their small business are crucial to consider. Sharp small business owners will also set their minds to looking at today’s current trends. Additionally, they look at emerging trends and try to predict the needs of their target audience. These characteristics of small business owners are the cornerstones of being a visionary and successful.
Not surprisingly, for a lot of small business owners, taking those first steps into building their company is often a leap of faith. They have the ideas and the ambition, and they’re more than willing to see where it takes them. While not all of them may be fully versed in the failure rate statistics, they’re not exactly idealists, either. Their expectations are firmly grounded in reality, and they’re acutely aware of the financial and emotional risks they’re taking. Yet, despite this, they’re not afraid to go all in. That takes courage, and these leaders have plenty to spare.
This doesn’t mean they’ll be foolish with their resources and capital funding, though. Yes, there will be setbacks, and those can seem devastating when they occur. But knowing when to trim back expenses and effort also takes a special kind of resolve, especially if they feel tantalizingly close to cracking the code to success, yet still aren’t quite getting there. Courage wears many faces, and knowing when to persevere when the odds seem insurmountable — as well as when to accept defeat and cut their losses — can be the bravest effort of all.
The Art of Persuasion
It’s one thing to believe in yourself when starting a new business, but it’s another one entirely to convince others to believe in you. For successful small business owners, they have ample reserves of this ability, and they can easily coax other people to see the world from their perspective. Turning a business venture profitable is more than just the selling of goods and services. You also need to be able to build a team of staff who are also equally willing to help you grow your business. Then once you have them on board, your next challenge is converting the public into sharing your enthusiasm.
Getting closer to your launch date can be incredibly tense, and maintaining a strong front is especially vital during this time period. Your employees may start to feel those first twinges of doubt, and you need to be able to suppress them before they proliferate and spread. Failure to do so can harm your bottom line, and potential clients may also start to grow wary and develop cold feet. With an unwavering sense of confidence, backed by persuasive charisma, you can keep the door to prospective opportunities wide open for yourself and your business at all stages of growth.
The Inherent DNA
Some of the most prevalent traits shared among small business owners and entrepreneurs are actually written into their genetic code. It’s certainly true that serendipity and chance can play a large part of success. However, many factors contribute to consistency and victory. Much research is done on the human mind and “what makes people tick.” Research now tells us that the smallest things really do make the biggest difference. In other words, it’s not a coincidence that a small business owner wakes up one day deciding to start their own company.
Instead, it’s part of their inherent makeup. For instance, something as seemingly simple as having strong leadership skills. Genetic researchers say that DNA sequences point to leadership abilities. This occurs organically in natural-born leaders’ DNA. The same can be said for other essential characteristics. Intelligence, self-control and the ability to get along with others are a few characteristics of small business owners. As it turns out these, are attributes in DNA. It is not a twist of fate. A closer look at the single cell multiomics inside each and every person further demonstrates this. This underscores its value in determining who might fail and who may go on to succeed in small business.
The Last Word on Key Characteristics of Small Business Owners
There are many obstacles to overcome when being a small business owner. And it is an indisputable truth that not everyone is cut out to thrive as a business owner. Becoming a successful entrepreneur can seem like an arduous uphill battle. However, by being fully aware of your own limitations is a great start. Also, maximizing your innate strengths to your benefit, can help you overcome a myriad of barriers. Small business owners that some challenges are necessary. Occasional failures can suppress your growth potential. Making adjustments and being willing to start over is a key characteristic of successful business owners. Also recognizing those hidden talents already present within yourself is crucial. Endeavor and be persistent and you may very well become the next small business success story.