Management
The Characteristics of a Successful Business Owner
A good business owner is not afraid to make decisions. There is nothing wrong with making a mistake if you can see it, admit it, accept responsibility for it, and learn from it.
It is important for you to know the characteristics of a successful business owner. When you objectively examine your strengths, if you come up lacking in any one important trait (as all of us do), you can fix that by hiring personnel that can fill that void. For example, you may be great at sales and at raising money, but lacking at organizational skills.
A good business owner is not afraid to make decisions. There is nothing wrong with making a mistake if you can see it, admit it, accept responsibility for it, and learn from it. Being indecisive brings your business to a standstill, and nothing is either accomplished or learned. You need to be willing to move along and try something else, and keep doing so until you get it right.
You need to have a strong, but honest character. It will set a standard for your employees and will enhance the reputation of your company. But don’t be stubborn and pushy. If you are a people person, and get along well with others, you will have few problems with vendors, customers or your employees.
Pay attention to the financial status of your business. If you haven’t got a good head for that, hire a good and conscientious bookkeeper or accountant. This is not the place to cut costs…you need to be on top of both accounts payable and receivable, payroll, and taxes.
No matter how passionate you are about your business, you need to be willing to learn from others who have more experience than you do. Listen to others and then try their suggestions if what you are doing is not bringing in the desired results. This is not a weakness. It only proves that you are totally committed to your business, your customers and your employees.
Being detail oriented will keep the organization of your business running smoothly. If you are weak in this area, or don’t have time to give it the attention it needs, hire someone who will. By being aware of your strengths, and hiring people to fill in any gaps, you will be able to maintain your positive attitude, knowing that your business will be successful.
Be aware of the true value of what you are selling. Don’t undercut prices to make a sale if it won’t cover cost. Conversely, don’t overprice out of greed. You will only lose business and respect.
What do you think makes a good business owner?
