Do You Have the Right Qualities to Run Your Business?

Many people dream of starting their own businesses, but few people actually go out and make their dreams happen. And, among those who do, there is no guarantee of success. In fact, around half of new businesses fail within their first year. The takeaway: you need to be realistic about your expectations and about your own ability to successfully manage a business. While there is no guaranteed way to tell if your business will be successful, there are some qualities necessary to be an excellent business owner and operator. If you possess these qualities, then you greatly improve your chances of business success.  Another very positive way to help assure success is to purchase an existing business with a proven success record.  This is where Sunbelt Business Brokers can provide a great deal of guidance to help you along in this process to realize your dream of owning a rewarding and successful business.

Business Smarts

It helps to be smart if you are running a business. But there are different kinds of smart. The “right” kind of smart for a business owner is a very specific kind. Successful business owners tend to be quite practical minded—able to accurately determine consequences and benefits that follow their actions. Furthermore, business owners also need to have “street smarts.” They have to be shrewd and capable of putting the business’ survival and best interests above everything else. Of course, some of these necessary business “smarts” can be learned. Just because you don’t possess a lot of knowledge on how to run a business just yet doesn’t mean you can’t ever. Reading business books, researching business operating tips online, and talking to successful business owners in order to gather advice and encouragement can all help a person to develop those all-important “business smarts.”

Attitude Makes All the Difference

While being intelligent can certainly go a long way in making your business venture successful, it is also important that you possess the right attitude. You have to be positive; you have to believe in yourself and your capabilities and you have to believe in your business. Being positive, however, doesn’t mean being blind; you have to acknowledge both your strengths and your weaknesses, and you have to find ways to reinforce the strengths and minimize the impact of the weaknesses.

In addition to being positive, it is also important for a business owner to have a “can-do,” “never give up” attitude. Running a business is tough work, and things don’t always go as planned. You have to be willing and able to deal with problems as they come and to not let obstacles get in the way of your drive.

Don’t Follow, Lead

Finally, good business owners are good leaders. It’s one thing to know what you want to happen for your business; it’s another thing entirely to know how to lead and encourage a team so that its goals are the same as yours. Good leaders are, first and foremost, good communicators; they know how to clearly tell others what they want and need in order to success to happen. Good leaders are also good motivators; they give their workers a reason to want to help them. Even if you don’t currently consider yourself a good leader, know that this skill can be learned through research and consistent practice.

What other skills do you believe a business owner needs to have in their personal toolkit?