Entrepreneur traits that every small business owner should develop…
Starting and running a small business requires more than just having a good idea and some capital. There are certain attributes that will come in handy, to succeed as a small business owner. Whilst it’s not necessary to have every one of these, here are some of the key traits to have!
Courage is essential for small business owners, especially when you’re taking the plunge and starting your business. Courage allows you to navigate uncertainty, take calculated risks, and embrace innovation – especially in the ecommerce industry – which is constantly evolving. Courage will give you the power to make tough decisions, persevere through challenges, and adapt to changing market conditions.
The ability to adapt to changing circumstances is important in the world of small business. The market is constantly changing, and small business owners need to be able to pivot and adjust their strategies accordingly. Being adaptable means being open to new ideas, being willing to take risks, and being able to change course when necessary.
Humility is an often-overlooked trait in the world of business, but it is crucial to success. Being humble means being open to feedback, admitting when you’re wrong, and being willing to learn from others. It also means putting the needs of your customers and your team ahead of your own ego.
7. Being financially savvy
Understanding the financial side of your business is essential to its success. Small business owners need to be able to manage cash flow, create and manage budgets, and make strategic financial decisions. This means being financially savvy, understanding basic accounting principles, and being able to read financial statements.
6. A friendly, customer-focused persona
The customer should be at the centre of everything a small business owner does. Understanding the needs and wants of your customers is essential to creating a successful business. This means taking the time to listen to feedback, providing exceptional customer service, and being responsive to customer needs.
Small business owners need to be creative to succeed. Whether it’s developing new products or services, finding new ways to market their business, or solving problems creatively, being able to think outside the box is essential. Creativity is what allows small business owners to differentiate themselves from their competition and stand out in a crowded marketplace.
4. Self-motivation and discipline
Small business owners are responsible for driving their enterprise forward, especially in the online space. They must be self-motivated, setting and pursuing goals independently. They need the discipline to prioritise tasks, manage time effectively, and stay focused on important objectives without constant supervision.
3. Being a leader
As a small business owner, you are the leader of your company. This means setting the tone, creating a vision for the future, and inspiring and motivating your team. Even if you’re yet to build a team, the way you set initiatives and achieve your goals working solo, determines the success of your business, and whether customers shop with you again. Being a good leader means being able to communicate effectively, building trust and respect with your team and customers, and leading by example.
Passion is what drives many small business owners. It’s what motivates them to get up early and work late into the night. Having a passion for what you do is essential to succeeding as a small business owner. It keeps you motivated, focused and enthusiastic about your work.
Resilience is the ability to bounce back from setbacks and failures. In the process of starting a small business, there will inevitably be setbacks—and potentially even failures. Whether you’re bringing in less customers, or facing a financial setback, being able to pick yourself up and keep going is crucial. Resilience is what allows you to keep pushing forward, even when things get tough.
In conclusion, being a successful small business owner requires a certain set of traits. The entrepreneur traits we mentioned above can be developed and honed over time – it’s important to recognise their importance and work to develop them as a small business owner, especially in the online space, where ecommerce, what people want and expectations of businesses are constantly changing.