5 Personality Traits Every Small Business Owner Should Have

Remember, the most important ingredient for success is YOU.
Organize written on calendar
Organization is a key trait for small business owners to possess. (Photo: xtock/Shutterstock)

Think you’ve got what it takes to send your business to new heights? Well, your personality is crucial in determining whether your business will thrive or take a dive.

Debra Murphy, a marketing advisor to small business owners, revealed to us the five top personality traits that help define successful owners.

1. They’re driven

Business owners who stand out are constantly looking for new ways to improve and new ideas to make their enterprise thrive. They’re not content to stick with what they know, and they’re not afraid to take risks.

“You need to constantly learn new things,” Murphy said. “You have to have a thirst for knowledge.”

Bottom line: Never stop searching for ways to be better.

2. They delegate

Most successful business owners don’t micromanage every single detail of their business. They trust their employees and know when to let go.

“They know how to delegate,” Murphy said. “At some point, you will run out of energy cycles and the ability to do it yourself. The ones I see growing their businesses know enough to let go and release responsibilities to someone who has the time and expertise to expand a certain area. Whether it is HR, marketing or finances, business owners need to trust and hire people and delegate the tasks that they can do better.”

3. They collaborate and communicate

Communicating well with people goes hand­-in­-hand with being collaborative.

Having the ability to communicate well with others, while also listening to your most trusted advisors, is essential for growing your business.

“Successful business owners leave their egos at the door. If the ego gets in the way, then they won’t delegate,” Murphy said. “Those who are very open to listening will see the best results. If you’re smart, you will surround yourself with good people. If you listen to them, your business will improve and move in the right direction.”

4. They’re forward­-thinking

Like a good driver who keeps his eyes on the road at all times, successful business owners must be focused on their business model.

“Successful business owners are constantly thinking, and they are long­-term thinkers,” Murphy said. “They see opportunities. They see the value of a business idea and focus on that opportunity. Sometimes it takes a while for that opportunity to come to fruition, but the ideas are always there. They are always thinking, ‘How can this help a group of people solve a problem?’ They are always looking for that great creative idea.”

5. They’re organized

In order for their business to efficiently flourish, a successful business owner establishes a business process, which maximizes efficiency, accelerates improvement and facilitates business innovation.

“They realize they need to have systems and process. They have things written down and they’re organized. There is a system and a process for everything to work,” Murphy said. “I have worked with a business owner who didn’t have a system and is now realizing, ‘Oh, we need to have processes in place,’ so that his business can really shine.”

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