4 Characteristics of Successful Small Business Owners

4 Characteristics of Successful Small Business Owners

Small business owners are among the bravest and most productive people in society. Did you know that, according to government statistics, small businesses account for an incredible 99.9 percent of all businesses in the U.S. and almost half of all employees? Yet, an astounding number of small businesses fail every year. What separates the successes from the failures mostly boils down to leadership. 

 Let us take this opportunity to discuss four essential characteristics for every successful small business owner:

 1. Passion. Call it passion. Call it enthusiasm. Call it drive. Whatever you call it, small business owners must have it in spades. Successful businesses are imbued with a sense of mission, and that starts with the owner. Owner enthusiasm should emanate from the core purpose of the business, which has the impact of motivating others to tackle challenges and strive for a greater good. Passion propels businesses beyond spreadsheets. It is contagious and helps others buy into your vision.

 2. Results. While passion is essential, it should be plugged into a structure or plan that is designed to deliver results. Without results, businesses cannot survive. Most successful business owners create goals. They strive for specific outcomes and measure progress. This provides clarity about where the business is, where it is going and how it is going to get there. Goal setting, strategic planning, and innovative adjustments are extremely important.

 3. Accountability. Leaders must be accountable for their performance, not just employees. If you make a mistake, own it, make adjustments, and do better. Nobody respects a boss who blames others and dodges accountability. On the contrary, businesses grow stronger when leaders embrace imperfection and show others how to overcome challenges. 

4. Persistence. In business, as in life, things do not always go according to plan. That is true no matter what industry you are in. The most important characteristic when facing changes and challenges can be persistence. Successful business owners have grit. Setbacks will invariably occur. Rejection is going to happen. Things will go wrong. Success requires not giving up. Business owners must persist through thick and thin, and always seek to grow.

If you or someone you know would like more information, or guidance about related legal matters, contact our office today to schedule a meeting.

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