Small Business Owner Success Traits

Some of the necessary traits of the person who is pursuing a small business startup are passion, attitude, character, willingness to learn, their skills and talents and adhering to test key business principles. You must have a strong combination of these traits. If you don’t, failure is more likely.

You can have a ton of passion for a business or industry, but you must have skills and aptitude as well. What are your natural God-given talents that you’ve enhanced through education, experience and by building skills? The reality is we aren’t always good at what we are passionate about and vice versa. The trick is to find a combination of both, and then to find the under-served market that you can uniquely provide value to.

We talk about character as a trait necessary to starting a small business. Character isn’t just honestly, but also the patience to oversee a startup. It requires confidence, courage and a calm, assertive manner to avoid too much stress and frustration.

Today’s small business owner is faced with constantly new technology and theories. You must be prepared to be learning things like marketing, accounting, human resources theory, communication and technology. Basic software like Quickbooks, PowerPoint and basic web design are areas you will likely need some proficiency in.

Everyone that you love and interact with socially is going to be impacted by your decision to start a new business. When planned well, your new business should not always be all-consuming, but in the beginning (the first year, minimum) you can absolutely anticipate more stress and less time.

The person most likely to be impacted by your business startup is your spouse or partner. If you have children, this can be even more profound. Set up extra support systems for child care and transportation and keep the lines of communication open.

You do not want to lose a marriage because of your business. It happens! So YOU have to be willing and able to set boundaries around the business as well while fostering open communication with those who are impacted.

A lifestyle issue to watch involves your spending habits. In the early phase of starting your new business cash will be tight. I don’t know many people who know how to start business without cash issues. Since cash is tight it’s best to get a real handle on what you spend and make sure in the start up phase that you are keeping personal spending to a minimum. The more cash you need for personal spending the greater the strain on the business.

Watching personal spending is a commitment both you and your spouse or partner need to have to give your business the best chance for success. It’s always a good idea, no matter what stage of business you are in, that you manage your personal spending well.

Remember, you WILL have a personal life, but your small business is going to be a large part of it. Keep family as involved as they should or can be. A spouse or life partner is often the biggest part of an owner’s success! It was true for me.

With 30 years of consulting experience, Steven Schlagel offers training and coaching for startups, entrepreneurs and small business owners. Check his site for more articles to increase your success!