11 Qualities of a Successful Small Business Owner

Every business owner is perpetually searching for the secret recipe to success. Some find it and some don’t. While every situation is unique with its own set of challenges, there are a set of traits that are pretty accurate indicators of entrepreneurial success. Keep reading for 11 qualities of a successful small business owner.

One of the first qualities you must have to be a successful business owner is the determination to start a business. Seems obvious, although so many people talk big, but can’t actually make it a reality. The first step to having a successful business is taking that first step. After that, there are certain qualities that are helpful in order to be successful. 

11 Qualities of a Successful Small Business Owner

1.) Creativity

Having an imagination and creativity allows a successful small business owner to think outside the box. It comes in handy when determining marketing strategies, attracting the right customers, and creative design, including logos, store windows, or informational pamphlets.  Finding creative solutions to address customer issues and imagining new ways to improve and grow your customer base are necessary for any small business owner.

2.)Patience

This is an absolute must! The patience of a small business owner is tested daily. When a shipment doesn't come in, an employee calls out sick, or a customer is disgruntled, patience will be key to maintaining your cool when it seems like everything is going wrong. If you don’t have patience now, start making it a virtue or you could lose employees, partners, customers, or motivation for why you started this business in the first place. Everyone has their limit though, so check out our article “Maintaining a Healthy Work-Life Balance”.

3.) Ability to Delegate

“If you want to go fast, go alone. If you want to go far, go together”,  according to an African proverb. One person can accomplish many things, but they will be unable to go the distance with continued growth without the help of others. The ability to delegate is invaluable and will make the difference between a $100,000 business and a million dollar business. As a small business owner, your time should be devoted to things that only you can do. Working towards growth and imagining the future is difficult when you are exhausted by inventory, keeping the books, creating schedules, and a multitude of other tasks that could be delegated. If you don't allow somebody to take on some of these tasks, you will become burnt out,  and that won't be beneficial to you, your business, or your customers.

4.) Willingness to Take Risks

If you want to be a hustler, you have to take risks.  For example, the act of starting a business is a risk in itself. Where it is always helpful to have a rational, money savvy person in your corner, at the end of the day your grit and courage is going to determine whether or not you are successful.  Plan ahead, do your research, and if it doesn't work, it's not a failure, it's a learning experience. Learn from it, and try again. That is how winners are made.

5.) Money-Savvy

Being money-savvy and being a risk-taker don't always go hand-in-hand, but they can. There is such a thing as a safe risk.  For example, everyday we take our life in our hands when we drive a cat, but this is a calculated risk. Being responsible with the business's finances allows the small business owner to take risk that has the possibility of success. If understanding money is not your strong suit, hire a bookkeeper and/or an accountant to explain it to you and answer your questions.

6.) Goal-Oriented

You must have a strong vision, know where you're going, and how to get there if you want to be a successful entrepreneur.  Goals can be short-term or long-term. They can be related to the business directly,  such as how to maintain loyal customers or goals can be personal, like taking a marketing or accounting class to better understand tall areas of your business. For more help see our post “How to Set Achievable Goals”.

7.) Passionate

Passion means that you love what you do and you're eager to be the best at it. As a small business owner, it also means that you have to be tenacious. Everyday, you have to walk in and hit the ground running like your pants are on fire. Others won't feel your passion unless you show it to them, and it can be contagious. Dig deep and approach every day like it's the first day. 

8.) Desire to Continue Learning

If we stop learning we stop growing. There will always be something more to learn about how to improve and expand a business. As technology advances there will be new opportunities for automation, outreach, and investment.  This could include conferences or meetup groups with others in your industry, subscribing to a related magazine, reading a book to improve your knowledge, listening to a podcast about your industry, or networking through a co-working space with others that have skills that are different from yours. Coworking spaces are excellent ways to find work space that will have you money with access to others with different industries, knowledge, and information. 

9.) Ability to Prioritize

When the you-know-what hits the fan, you have to know your priorities.  Sometimes it is easy to get lost in the minutiae, especially when everything seems overwhelming. It may seem silly but making a list of your top priorities, whether general or specific, will help keep you grounded.  These lists should be reviewed regularly or displayed where you can see them so you can act accordingly when problems seem to be coming at you from all sides. The ability to put something on the back burner while you take care of a fire may feel guilty at first, but it could also be the best thing you could do with the time and resources available.

10.) Sociable/Personable

Even as an introvert, it is possible to be sociable and personable. You will have to be approachable to your customers, investors, employees, and business partners.  The opposite will ensure that no one comes to you when there are problems that need fixing and it could drive away necessary players in your business, especially the customers.  If you are not the face of the business, that's fine, but there are others you will need to get along with.  You will not be able to do everything yourself and delegation and communication are essential for a successful business, so dealing with people is an inevitable part of business ownership. 

11.) Proactive

Don't wait until something is a problem before it's handled. A small leak can turn into a much larger problem if it is ignored. Being proactive means anticipating what the customers will be looking for, based on current trends and what your competitors are doing.  It also means that taking care of a small issue, such as a dispute between employees or an outdated computer system, can prevent major headaches later when both employees quit and the computer system crashes. Being reactive, instead of proactive, will almost always be more expensive, more of a headache, and we'll take away from the focus on the customer or product. 

While there is no “secret sauce” needed to become a successful business owner, there are certain qualities that are pretty good indicators for success. Every successful business owner possesses the desire and the drive to keep going, no matter the circumstances. Good luck to you!