As an individual, what personality trait would you say defines you? Is it your charisma, or maybe your sense of humor? While each person has a lengthy list of traits that make up their entire personality, there are just a few traits that make them stand out as a successful business owner. When you think about what makes you the kind of business owner you are today, some of your key traits come to the forefront of your mind.
Of course, not every business owner today shares the same set of personality traits. While some traits are key to finding success as a business owner, not every entrepreneur needs to possess Steve Harvey-level people skills and the IQ of Mark Zuckerburg. Although excelling in those two areas certainly helps in the business world! We’ve come up with a few key traits that we’d like to highlight as valuable for a business owner to have. Keep reading!
What starts a business and ultimately keeps a business running is a vision. The original vision you had for your business led you to create a strategy and set goals. Being goal-minded keeps your vision forward-focused, constantly driving your business forward. Successful business owners today don’t sit on their hands and simply enjoy the fruits of their labor. No, they’re perpetually pushing forward and looking for the next way to improve their business. A successful business doesn’t plateau. A successful business requires an owner that constantly sets goals for the company and strives to achieve those goals.
Related: 3 Ways to Prepare Your Children for Life as an Entrepreneur
One thing a business owner learns quickly is that running a business is expensive. As a business owner, you have to make decisions every day, and those decisions often affect your business finances. Therefore, it’s imperative that any business owner implements an effective budget. Without a budget, a business just simply won’t be successful, because it will likely run itself into the ground from lack of tracking expenses. The success of your business is directly linked to the success of your business. Knowing when to reduce costs and when you have the funds to make extra expenses can make the difference between financial ruin and financial gain, especially for small businesses.
Related: Creating Your Business Budget in 6 Simple Steps
Independent vs. Dependent
While it is important that a business owner knows how to rely on his team to get a job done, it’s also equally important to be self-reliant. Depending on your team is essential when a number of tasks need to be completed, but some decisions only require you. A very common trait among business owners is the ability to think independently of their team. Making decisions for a business can sometimes run a fast pace, and an owner can’t afford to slow down business because their employees can’t come to a decision. A great business owner knows when to take responsibility and push a situation forward on their own.
Just as running a business successfully requires intention, so do your finances. Whether business or personal, Good Life Financial Advisors of NOVA are here to assist you in all your endeavors. Contact us today to learn more!