6 Essential Traits of a Successful Small Business Owner

There are so many inherent traits that are necessary to be a successful small business owner. So many in fact that there are thousands of small books published on the subject every year, containing hundreds of “subjective” traits that experts and novices deem as essential to success.

Keep reading to learn about a few of essential success traits that I’ve learned about through experience and research.

Beauty salon owner

1. Clear Vision

No business owner will ever be successful without a strong vision of their company – both now and in the future. Even if you manage to get lucky and build a successful business without a clear plan of how you got to where you are, the business is doomed to failure without some forward planning. Some entrepreneurs rely on hiring other people to determine the business’s vision and to make a plan for the future.

Regardless, a clear vision is vital to small business success. Check out the following article on Entrepreneur.com about using a clear vision to start your company on a strong note.

2. Self-Motivated

Being self-motivated is just as important as having a clear vision. If you don’t have a reason to get out of bed in the morning, there’s no way you’re going to have the inclination needed to strike out into the world and make things happen.

When you have a J.O.B., someone else is securing investors to fund the business, doing all the marketing legwork needed to get customers in the door, bringing experts in to improve the company, etc.

3. Customer Service Oriented

This should be self-explanatory to most of you. However, it’s worth noting that if you aren’t a customer-service-oriented-person, you really need to have someone at the helm of your business who is.

Thousands of companies go bankrupt every year because of owners who don’t know how to deal with customers, and yet are also unwilling to let someone who’s qualified deal with the customer-service side of their operation. See this Forbes article about why businesses fail to grow.

Managing small business finances

4. Thick Skin

There is going to be lots of people who try to push you down along the road to small business success: The competition, potential investors, the bank, employees, suppliers, etc. The list goes on and on, and you still have to manage a personal life that’s bound to be fraught with difficulties as you continue to grow your business.

You need to have the mental fortitude to not sweat the little things, and to also deal with the big things without giving yourself an aneurism.

5. Marketing Savvy

The knowledge of when and how to market your business to prospective clients is crucial to your small business’s success. Many business owners hire people to take care of this portion of the business once it takes off, but marketing savvy is really important when you’re starting a business and there aren’t a lot of funds to get the ball rolling.

Guerilla Marketing” is a skill that every small business owner should have in their tool chest.

6. Work With Others

To be able to collaborate and work effectively with others, is to have all the knowledge needed to succeed at your disposal. You don’t need to be smart to be a successful business owner: A successful small business owner knows when to seek the advice of others, and also when to delegate work or authority to people who can do something better than they can.

The ability to work with others is what separates a true business owner from someone who simply works from home to earn a paycheck. It takes much longer to accumulate wealth and other resources if you don’t seek the help of others.