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The traits of a successful small business owner include their skills and talents, their character, their attitude, their passion, and their dedication to learning and adhering to key business principles. Without these traits, you won't succeed. No one can.
Passion for a particular industry or business is important, yes, you you can't do it on that alone. You have to have the aptitude and skills. Your natural talents that have been enhanced through experience and education and skill development are required to build your business. Then you must find the under-served market that you can cater to.
We talk about character as a trait necessary to starting a small business. Character isn't just honestly, but also the patience to oversee a startup. It requires confidence, courage and a calm, assertive manner to avoid too much stress and frustration.
You must be committed to being a lifelong learner if you are going to be a small business owner. You must study marketing techniques, accounting principles, technology, human resources information and communication skills. You may have to learn Power Point, QuickBooks, basic web design in addition to staying on top of industry trends within your specific business!
Everyone that you love and interact with socially is going to be impacted by your decision to start a new business. When planned well, your new business should not always be all-consuming, but in the beginning (the first year, minimum) you can absolutely anticipate more stress and less time.
Your spouse or partner is the person most likely to be hit hard by this loss of free time due to your startup venture. It can impact your relationship financially and emotionally. It is imperative that you set up a strong support system for things like child care and transportation and to be open to listening to concerns.
You do not want to lose a marriage because of your business. It happens! So YOU have to be willing and able to set boundaries around the business as well while fostering open communication with those who are impacted.
One major lifestyle issue to get a handle on in advance of a business startup is your personal spending habits. Starting a business often drains your cash reserves and it can be easy to get into financial trouble if you don't stay aware. You will have to curb your personal spending until your business starts to turn a profit.
Watching personal spending is a commitment both you and your spouse or partner need to have to give your business the best chance for success. It's always a good idea, no matter what stage of business you are in, that you manage your personal spending well.
Remember, you WILL have a personal life, but your small business is going to be a large part of it. Keep family as involved as they should or can be. A spouse or life partner is often the biggest part of an owner's success! It was true for me.
Passion for a particular industry or business is important, yes, you you can't do it on that alone. You have to have the aptitude and skills. Your natural talents that have been enhanced through experience and education and skill development are required to build your business. Then you must find the under-served market that you can cater to.
We talk about character as a trait necessary to starting a small business. Character isn't just honestly, but also the patience to oversee a startup. It requires confidence, courage and a calm, assertive manner to avoid too much stress and frustration.
You must be committed to being a lifelong learner if you are going to be a small business owner. You must study marketing techniques, accounting principles, technology, human resources information and communication skills. You may have to learn Power Point, QuickBooks, basic web design in addition to staying on top of industry trends within your specific business!
Everyone that you love and interact with socially is going to be impacted by your decision to start a new business. When planned well, your new business should not always be all-consuming, but in the beginning (the first year, minimum) you can absolutely anticipate more stress and less time.
Your spouse or partner is the person most likely to be hit hard by this loss of free time due to your startup venture. It can impact your relationship financially and emotionally. It is imperative that you set up a strong support system for things like child care and transportation and to be open to listening to concerns.
You do not want to lose a marriage because of your business. It happens! So YOU have to be willing and able to set boundaries around the business as well while fostering open communication with those who are impacted.
One major lifestyle issue to get a handle on in advance of a business startup is your personal spending habits. Starting a business often drains your cash reserves and it can be easy to get into financial trouble if you don't stay aware. You will have to curb your personal spending until your business starts to turn a profit.
Watching personal spending is a commitment both you and your spouse or partner need to have to give your business the best chance for success. It's always a good idea, no matter what stage of business you are in, that you manage your personal spending well.
Remember, you WILL have a personal life, but your small business is going to be a large part of it. Keep family as involved as they should or can be. A spouse or life partner is often the biggest part of an owner's success! It was true for me.
About the Author:
With 30+ years consulting experience, Steven Schlagel provides training and coaching for startups, entrepreneurs and small business owners. Check his site for more articles to increase your success!
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