Do You Have What It Takes to Run a Successful Business?
Being a "regular Joe/Jane" and working a 9-5 job is what many of us are good at. We set the alarm clock. We wake up. Get ready for work…and we come home.
Day in and day out – that's what we do. And a vast majority of people are good at it. We thrive at doing what we do best, and often enter our golden years doing exactly that.
But running a successful business isn't at all like succeeding in a 9-5 job.
Entrepreneurs need several distinct traits, usually not associated with "regular people", to be successful. That's not to say that most successful businesses aren't run by people just like you and I.
It's just that it takes a different mindset to be successful when you are your own boss. And here are a few traits that successful entrepreneurs often have:
- Unlimited passion: A successful business is driven by the passion of its leader/s. If you are not passionate about the business you are running, chances are that you'll soon be disillusioned and bound to give up when the going gets tough.
- Long-term vision: Successful business people are visionaries. They see the "Big Picture" very clearly. You need to be able to see where your business is headed 5, 10 and even 20 years from today. It is that longer-term outlook for your business that will help you successfully navigate the company through shorter-term turbulence.
- Attention to detail: Team members working for a company will often have a hierarchy of superior/subordinate relationships to check and verify details of their jobs. But as a business owner, you may not have that luxury. Since the buck stops with you, it is imperative that (in addition to the big picture) you are able to navigate through the minutia of your business.
- Financial savvy: Hiring an accountant and knowing finance yourself are two different things. As a successful entrepreneur you must possess intimate knowledge about your business finances. Not having that trait might compromise your ability to make successful business-critical decisions.
- Willingness to delegate: Successful business people know that they can't do it all on their own. If you want your business to grow, you need to be willing to delegate. However, remember that "delegation" does not = "abdication"! Keep your finger on the throttles at all time, and be willing to step in to help a delegate if he/she needs assistance.
- Speak for the customer: Knowing what your customers want, and then being their biggest advocate within the company is what will eventually make your business a success.
- Fostering team spirit: Your business is only as successful as each team in your organization. Good team communication and exceptional inter and intra team coordination is key to keeping your team motivated to achieving success.
- Leverage technology: Successful entrepreneurs are never technology-shy. If you want to succeed then you must embrace technology and make it an ally in your success.
- Don't shun celebrations: The best way to encourage success is to celebrate it! No matter how trivial your success is, take the time to bask in its glory and celebrate it with your team.
While all of these traits will help you ultimately succeed in whatever venture you embark upon, there is one trait that you absolutely must have in order to ensure success: Knowing whether what you are about to embark upon is really what you want to do.
Too many entrepreneurs face failure because they failed to recognize that the enterprise they started wasn't a good fit for them. Don't be one of those business people!
You Don’t Need all of These Traits to Succeed
Not all successful business ventures are owned/operated by people that have all of these traits.
However, what makes you a successful entrepreneur is your ability to get the best outcomes by applying the traits that you do possess.
Additionally, where you see a lacking in a particular skill that is essential to the success of your business, you must have the ability to acquire that skill from elsewhere (hiring professionals, contracting, and outsourcing).