7 traits that separate successful small business owners from failures

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Small Business owners can have many different personality traits that can define what kind of entrepreneur they are going to be. Managing others plus your thriving small business takes some key successful traits to make it a strong lucrative business. Having good leadership skills to see who and what you need to accomplish quickly is a necessity. Having passion verse an unenthusiastic driving force can put the brakes on your momentum. Organization verse inefficient managing of your finances can lead to a broken business. Budget driven verse always using the excuse of a fun business shopping spree will allow the vision to stay afloat. And finally, to be resilient and multitasking while not giving up on times of disorder and stress will continually bring your small business high achievements.

Good Leadership Skills

Having good leadership skills can mean a variety of things. Knowing when your strengths and weaknesses can pull your business into the tanker or lead you down a path of victory and profitability. You may thrive on order and are detail oriented in nature but lack the motivation to lead your sales force into gaining higher returns. So, hire a sales manager who has the background and achievement to push your business to the next level. Also lead by example and be humble to accept that working with a team full of strengths and able to accept criticism with your team on how to come out on top as a team.

Passionate vs Unenthusiastic

Having business relationships with people that are passionate about what they are doing can breathe new light into everyone around them. They are engaged with the tasks at hand. Having an unenthusiastic owner gives the vibe that you are not truly into your business and can make vendors, clients and employees look your small business over to the next when it comes to working with you. Your attitude will visually project into your business so make people drawn into it.

Confident vs Timid

Have you ever shaken someone’s hand and received the weak noodle handshake? That is just one of the many characteristics a timid owner might have. You want to be confident and hold yourself with high standings. Not to be confused with egotistical. Having a firm handshake and looking someone in the eyes along with following through with what you promised shows you are strong and hold what you say and do to heart.

Organized vs Inefficient

Having an inefficient flow to your business will drive you directly to failure. I’m not saying you need to run out and create a visually organized workspace. Some highly efficient leaders and small business owners can have a disorganized desk but know exactly where and how to make things happen. Now having structure can lead to others seeing through your chaos, but having the ability to pinpoint your business in the exact direction you have planned for it to go in your business plan will have less of a chance for the misfortune of failure.

Budget Driven vs Spending Spree

When you receive vendor invoices and must push that payment off until next month due to the shopping stress you just had on new office furniture will lead you down a one-way track to the deterioration of your small business. Setting yourself up to be budget driven and maintain the edge to overspend. Small business loans allow the extra room for things that may occur like broken down machinery, or a production line that is not performing correctly can help with managing the daily costs of running your business and not let you convince yourself that you need something you may not really need. Preparing for those things that come up may require you to investigate a small business line of credit to have in your back pocket for emergencies, so it doesn’t dry up your businesses budget.

Resilient vs Give Up

When the first little bump in your small business occurs having a resilient characteristic instead of just throwing in the towel will allow you to overcome obstacles and keep on trucking through. Also having the sight to know when changes in your business plan might need to be made may look like you are giving up, but you are weathering a storm that if not changed, could lead to a real failure. Sometimes downsizing retail space and opening the product to more online shops, could lead to higher sales and more profit. Your resilience in having the foresight to know your customers are still in need of your product, but lowering your overhead opens more available cash to increase inventory.

Multitasking vs Single Tasking

Having the ability to multitask and contribute to the end goal allows you to wear many hats and do a variety of tasks at the same time. You must have the ability to prioritize your tasks in an order where things get done efficiently. Those who are single task oriented start and complete tasks in an order but may not be as functional and quick with the results. If you can accomplish more quickly and just as efficient multitaskers get the job done!

With all small business owners, the end goal is all the same and that is to have a successful business. How and if they get there is all based on traits that they use to run their business. Successful owners can consider failures not an option.