What are the key traits shared by successful business owners?

As an entrepreneur, it is deeply satisfying to bring a business idea to fruition and guide it to profitability. But how does a new venture reach its optimal functioning level? Are there any tricks, or is it the plain old grind that keeps the till running and the customers coming? Research shows that successful business owners and entrepreneurs tend to share some powerful characteristics, which we break down below.

Risk-taking

Every founder has to take risks to get their idea off the ground.  The willingness to make bold decisions despite naysayers and private worries is what sets entrepreneurs apart from the crowd. And if faced with a setback or failure, they hunker down, learn from it and trudge back on.

USP

All business owners need a unique selling point that makes their product or service better than that of competitors. If you can communicate the benefit of your company’s USP to users or clients, you have won an edge in the market. 

Persistence

When business owners and entrepreneurs face setbacks and hurdles, they dig in their heels. Persistence is the name of the game. Their individual tenacity and the business’ doggedness in the face of adversity sets them apart from companies that fold and dissolve into oblivion. 

Clients first

Every business has two facets. One comprises workers, owners and stakeholders, and the other comprises the clients. However, the latter is what really keeps the company afloat. If a company does not have a customer- or client-first attitude, it alienates the very reason for its existence. Successful business owners recognize this and act accordingly.

Targeted marketing

This is a universal rule applicable to every business worth its salt. Targeted marketing is the way forward for companies in terms of being noticed in a busy marketplace and securing clients, accomplished by clearly communicating your USP.

Vision and leadership

A successful entrepreneur or business owner is able to influence employees to follow them into battle every day. This requires vision and exceptional leadership. Think of a business leader without a vision like a rudderless boat, floating wherever the market decides. Likewise, you need to be a leader within your company to ensure your people have a face to turn to in times of uncertainty. A solid leader in the team knows their place in the hierarchy and gives their 100% to the betterment of the business, which inspires their team.

Onus on employees

Sometimes, business owners and entrepreneurs think the company is all about them. This is a regressive belief, as a company is made up of many individuals that help it function on a day-to-day basis. Placing some of the onus on employees for the business’s success goes a long way toward making them feel responsible for and invested in the work they do.

Flexibility

No business entity can afford to be rigidly set in its ways. Successful business owners and entrepreneurs recognize the continual need to adapt and change. Think of a plant that weathers all storms but eventually bends over in weakness as opposed to one with the flexibility to move with the wind and become stronger.