If you’ve read the previous post, you should have a fairly good idea about the attributes common to most business owners. What you may still be wondering about is how you measure up.
The purpose of these next two sections is to explore your business ability in greater detail. As you progress through this section, answer the questions posed to you with a simple ‘yes’ or ‘no.’ Nobody’s peeking, so be honest! The idea is to discover your entrepreneurial aptitude so that you can objectively evaluate whether you’re ready to start a business now or have a little more work to do first.
Top Ten Traits of Effective Business Owners #1 – #5:
- A Dynamo
Entrepreneurs dislike being confined to the traditional life of “grow up, go to school, get a job, retire.” They are tolerant of the uncertainty that comes with living “outside the box.” They are wary of habits and routines – anything that might stifle their ability to think creatively. However, the successful entrepreneur will manage her dynamic tendencies where necessary so that she can focus on the task at hand and get the job done.
- All Grown Up
Being a business owner requires a great deal of self-confidence and emotional maturity. To succeed in business, you must be able to make decisions independently with self-assurance and avoid overreacting or burying your head in the sand when things don’t go your way. Most entrepreneurs are generally optimistic people who can negotiate their feelings and manage stress in a sensible and level-headed manner.
- Channeling Your Inner MacGyver
Effective entrepreneurs are resourceful. They excel at spotting needs in the marketplace and finding out ways to fill those needs. Where other people see a problem they can’t fix or may not even notice one, entrepreneurs see a business opportunity. As a business owner, you should be adept at recognizing the resources available to you, pinpointing your customers’ needs, and finding a way to use one to help the other.
- Devil’s Advocate
As an entrepreneur, you will benefit from being objective. It’s important to be able to make decisions independent of your personal preferences or feelings. Successful entrepreneurs are able to listen to the suggestions and advice of others without taking their critiques personally. They also actively seek feedback and take full advantage of the information they gather from it.
- Feet on the Ground
Being realistic means being aware of yourself, your business, and even the economy as they are. You must be able to assess the merit of your ideas realistically, letting go of the ones that just don’t work (no matter how much you love them). You must also have a keen sense of your strengths and weaknesses so that you can do the work that suits you best while supplementing your team with the right talent.
Watch for our next post for the remaining 5 traits of effective business owners and to see if you have any, a few or all of them.
Ronald Lorne Smith