5 Character Traits of Successful Small Business Owners
As the world slowly returns to a new normal, small businesses are beginning to reopen. Some businesses are just starting out, some are struggling to find their footing again, and some are continuing to do what they’ve always done in hopes of continued success. Putting pandemic stress aside for a moment, there are a few key qualities small business owners and entrepreneurs find incredibly valuable in day-to-day operations.
Whether you're starting new venture or simply beginning again as you reopen your doors – we’ve done our research and have determined the top five character traits of small business owners that will help contribute to successful small business ownership.
A key component of small business success is being able to extensively research your market and product. This also includes being able to tap resources for funding and for a customer base. Perhaps it’s examining and discussing loan options with the SBA or maybe it’s speaking to someone who has already opened a business in a similar field. There are many things to learn when it comes to opening a small business. Consider reaching out to your local Chamber of Commerce or even a community college in your area to educate yourself on the need for your business or product locally, as well as to introduce yourself to other professionals in the area who may be able to assist you further down the road.
One of the best ways to secure and retain a customer base is good and frequent communication. Whether it’s regarding the sale of a product, important policy changes or the status of a service, customers have largely reported that second to quality, what keeps them coming back to a company is an open line of communication. If you’re looking for some communication motivation – this list has some tangible ideas to help you get started.
Whether you remember to contact a customer after a life-changing event, share a little of your own personal story with others, or maintain positive, professional interactions with other local business owners - building and maintaining relationships with people is vital to your success. At the very core, apart from a quality product or service – business success is largely built upon the relationships you form with those around you. Just like personal relationships, business relationships take time and effort – so don’t expect it to happen overnight. In order to see results, you must put valuable time into creating authentic and lasting professional relationships.
When you envision yourself owning a business, it may be a nicely painted picture of flexible scheduling, no one telling you when to come or go and perhaps a few afternoons spent on the golf course. While eventually some of these visions may become a reality, you need a solid foundation and years of work before taking time off to hit the links. Any successful entrepreneur will tell you they didn’t get where they are by rolling out of bed at 11 in the morning and working casually for a few hours before heading to happy hour. Successful business owners must be self-motivated to put in a full day of work, especially when no one is watching.
Finally, imagine buying a product from someone acting unsure of the quality of what they’re selling. You probably can’t. Why would anyone purchase goods or services from an individual who didn’t declare this was a quality product or optimum service? In order to market yourself and your business, confidence in what you’re doing is fundamental. Know your product and/or the service you are offering inside and out. Once you've familiarized yourself with all there is to know, speak with concise assurance or no one is going to buy what you’re selling.
Perhaps your business is opening back up after a lengthy shut down or perhaps you’ve found a niche market and are considering taking a leap of faith. Consistent use of the characteristics we’ve shared will take you a long way towards success and until next time, we’ve enjoyed talking shop with you.