3 Traits of Successful Business Owners

3 Traits of Successful Business OwnersEighty percent of entrepreneurs fail within the first year and a half of starting their business.

That’s a shocking number.

Many people are born with an entrepreneurial spirit but when it comes to running a business they fall flat on their faces. There’s no wonder why: running a business is hard work. You have to effectively manage employees, remain competitive, and worry about finances through the first couple rocky years.

However, most successful business owners possess these three common traits.

Excellent Leadership Skills

Some people are natural born leaders while others slowly learn valuable leadership techniques. Regardless, it essential for a small business owner to have excellent leadership skills.

As a business owner you have a vision of what you want your company to look like. In order to execute your vision you need to guide your staff.

You’ll have to educate your team and even make cuts when necessary. Neither one of these things is an easy feat. You’ll also need to earn the trust and respect of your employees to be an effective leader.

Don’t worry though. If you think you’re lacking in leadership skills you can attend classes at a place like LDL. You can even send your staff to take appropriate classes on leadership, sales, or management.

Strong Self-Discipline

Entrepreneurs need an immense amount of self-discipline and self-motivation to make it. In the beginning budgets are small and work is demanding. As an entrepreneur there is no one standing over your shoulder urging you to get things done. It’s all up to you.

To be successful you have to be committed to getting the job done. When first starting out you’ll have to manage many (or all) aspects of your business. You’ll have to work long and hard hours. Once your business grows you can start delegating tasks but the initial time investment will be inevitable.

A Competitive Spirit

Different types of businesses pop up each and every day. There’s a ton of competition in almost every field. And in order to rise to the top you have to find what makes your business unique.

You can’t be scared of competition. You need to keep a careful eye on your competitors, learn from them, and discover what your unique value proposition is.

You will always have competition. You need to be confident in your business and aware of your market.

Conclusion

You can be one of those 8 out of 10 entrepreneurs who rise to the top. Work on your leadership skills, commit yourself to success, and find your unique business standpoint.

With hard work, strong leadership, and determination you’ll be able to thrive in today’s economy.

What do you think? Would you add to the list?

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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