The 5 key personality traits of a successful business owner

Business News | 1 May |

It’s National Small Business Month.  What are the key personality traits of the successful business owner?

It takes something special to risk everything and jump into the entrepreneurial ring. The business owner gives up the security of a regular paycheck, the predictability of schedule, and luxury at the end of the day to know – no matter how much you care – that it is someone else’s problem.


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Fortunately, there are those willing to take the leap. Here are a few of the personality traits of those who succeed.

Ruth Urban is president and CEO of On the Money, an accounting advisory, bookkeeping and profitability consulting firm in Phoenix.

1. They are personable, collaborative, honest and humble. For good or bad, it is hard to succeed in a cocoon. Relating to customers, vendors, employees, and the community is critical.

2. Successful entrepreneurs are lifelong learners. They are “open” – open to advice from experts, open to change and open-minded. Owning a business is a journey. There will be others that can save you from making the mistakes that they did – listen and learn. If something is not working or you find a different path, be willing to change as you go. Be flexible.

3. Being a business owner means making yourself accessible. Opportunity often doesn’t knock a second time. Be responsive. Show up as a leader in your field.

4. Money management and a sound philosophy around money are critical. Business owners understand their numbers, are budget-minded and monitor their finances. They are willing to invest to grow – whether it’s in marketing, tech or accounting.

5. Business owners are passionate about their mission. To reach their goals, they must be willing to take risks. They have the confidence to know that although risky, their decisions are deliberate and not made recklessly. Entrepreneurs succeed because they are willing to take the risks that others won’t.

Clearly, only a few match the profile of a successful business owner. What a boring world it would be without these crazy few. Clearly, only a few match the profile of a successful business owner. What a boring world it would be without these crazy few. Remember, “Whenever you see a successful business, someone once made a courageous decision.” – Peter Drucker

 

Ruth Urban is president and CEO of On the Money, an accounting advisory, bookkeeping and profitability consulting firm in Phoenix. The company’s mission is to help businesses take control of finances. Ruth serves as a trusted advisor to clients, helping them build highly profitable businesses.

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