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6 Common Traits of Successful Small Business Owners

Small BusinessKristin RumianComment

Let's be honest -- owning a business is not something that is right for everyone. Being an entrepreneur and small business owner is something that takes motivation, drive, (a lot of) time and a lot of trial and error.  There's no magic formula for small business success, but there are certain traits that all successful small business owners have.  

Experience

Small business owners succeed because they know their industry and know it well.  They work at their craft every single day, research new industry trends whenever possible and basically live and breathe their business.  In order to succeed in business you need to know your industry and be passionate about what you do.

Transparency & Honesty

Successful entrepreneurs and small business owners succeed because they are 100% transparent and honest.  They disclose the workings of their business to their customers, they're 100% honest about what their customers will get in return for their investment and they don't hold anything back.  Your customers and clients want to know about you as well as your business.  They want to know that there are people behind the brand and they look for transparency and honesty when choosing a company to work with or purchase from.

Motivation & Drive

Motivation and drive are too large parts of becoming a successful entrepreneur or small business owner.  You need to stay motivated and driven in order to keep your business going everyday, in order to work as hard as you possibly can to keep your business successful and the motivation to overcome any obstacles that you may face while growing your business. 

Self Discipline

It's so hard to stay focused and put blinders on when you have so much else to do during the day; especially is your business is virtual-based. Working a home-based business can be one of the hardest things you choose to do because there are so many distractions.  You need to have self discipline, you need to stay motivated, focused and set a work schedule for yourself and you need to keep at it until you succeed.  Successful virtual-based business owners have stayed focused on the goal and not allowed themselves to get distracted. 

Goal-Oriented

Business owners who succeed write up detailed short term and long term goals for themselves and their business.  They also write up smaller Actionable Goals that are stepping stones to accomplishing the big picture.  Without goals, where would a business be?  

Goals motivate the business owner and employees, they provide a clear picture of where the business is going and how they are going to get there.  When you set goals for your business, it's best to think long-term goals.  Where will your business be in 5 years?  How much product/services do you hope to sell within 5 years?  How will your business grow each year?  Those are important things to think about.

Patience

Starting your own business takes a lot of patience.  It takes time to get a return on your investment and results do not come automatically.  In fact, the first year that you are in business you probably won't even break even, let alone turn a profit.  Success takes time and profit takes time.