Today you may have noticed that starting a business is as simple as a few clicks of a button. Be that as it may, statistics have shown that of all the businesses started, only about half of them succeed more than a year.
Though there are a lot of factors that play into this, the very foundation of any business begins with its leader and their ability to effectively manage the tumultuous and obstacle-ridden path of entrepreneurship.
Though anyone can come up with an idea, it takes a person with a special set of skills to make that idea a success. Do you believe you have what it takes to run a successful business? Compare yourself to these traits below:
11 Traits You Must Have to Run a Successful Business
1. Big Dreamers
To be a successful business owner you must possess an innate ability to dream big. You must not only have big ideas, but you have what it takes to bring it to fruition. You’re not at all deterred by the obstacles and the naysayers, but are driven by those challenges to see your vision come to pass.
2. Educational Experience
Even though you can run a business without any formal training or educational experience, some of the best to do it have core knowledge and understanding of the industry they’re trying to get into. Take Shailesh Dash, for instance, a successful financial advisor who has made millions in the medical, educational, food and beverage, and logistics industries. Prior to gaining industry experience, he is a postgraduate with a degree in Business Management and a member of the CFA Institute as he understands the importance of having an educational background and continued knowledge in the financial sector to be a true success.
3. Good with Money
Businesses don’t launch and immediately turn a profit. It can take a while before revenue is generated. Therefore, to be successful, you must know how to not only allocate funds to finance your vision but how to effectively manage those funds once they’re received. A true entrepreneur knows that every penny must be invested for the betterment of their business and are diligent about keeping their finances under wraps.
Any successful business owner realizes that they can’t reach the top without collaborating or getting help from others. They are fully aware of their strengths and weaknesses and are not afraid to call on help or hire staff to help fill in the gaps. Shailesh Dash realized this.
Starting a financial advisory business in 2010, he went on to hire more than 53 competent employees to assist him. As a result, he now has several business locations and is grossing billions of dollars every year.
It goes without saying that successful entrepreneurs are also great leaders. They have learned how to effectively manage both their personal and professional lives. They are able to make effective decisions and rely on those they’ve hired for support in reaching a common goal.
Effective leaders not only know how to give advice but respect the opinions of others. They are effective communicators, team players, and understand the importance of leading by example.
6. Risk Takers
No matter what kind of business you choose to start, they will be risks involved at every turn. One decision could be the difference between failure and success, and the best business owners take this seriously.
They are not afraid to step out on faith and try avenues that others haven’t. Yet they are also wise enough to know when jumping out the window will be detrimental to their brand.
In the beginning stages of starting a business, a brunt of the workload falls on the boss. Not everyone can handle the stress, however, those who succeed are natural-born hustlers.
They are willing to work long hours with no breaks in between to see their dream come to fruition. They don’t mind getting their hands dirty and making sacrifices because they know the potential of their brand.
Every idea you have in business won’t work, every avenue you try to travel down won’t be an easy one. However, the best business owners have “thick skin”.
In other words, they don’t allow one, two, or even three wrong decisions or failures to deter them from their main goal. They are resilient and use their mistakes as valuable lessons that help them move forward.
9. Goal Oriented
Success is the main goal for any entrepreneur. However, those who excel at running a business are those who are constantly setting smart goals and actionable steps towards reaching them.
They understand that this may mean reevaluating and altering processes, but ultimately they are driven by success and are willing to break down the bigger picture into smaller pieces to master them with ease.
10. Willing to Improve
A drive business professional knows that there is always room for improvement. Despite their current level of success, a good small business owner will constantly look for ways to do things better. Whether this means relying on technology, hiring more staff, adding on new products and services, or expanding into a new demographic, they are willing to do what it takes to be the best.
Anyone can make a lot of money, but it takes a special person to do their job – even if they’re not getting paid. The true champions are those who are so passionate and positive about what they’re doing that they aren’t driven by dollar signs. Their passion instead drives them to do what it takes despite how long it may take for them to reach their goals.
So, how did you compare to the many required skills to be a successful entrepreneur? If you didn’t check out in all categories, it certainly isn’t the end of the world. While some are born with many of these qualities, some learn through experience or training. Use this as a template to weigh your strengths and weaknesses and begin diligently working towards improving yourself. Go back to school, consider a managerial or supervisory role, work with a mentor, and read informative sites on how you can be the best version of yourself it is only then that you’ll be able to take yourself and your brand to new heights.
Author: Anne Davis