What Does it Take to Become a Successful Business Owner?

By David S. Chang

When it comes to starting a business, many people think it must be easy, provided of course you’ve got a good idea of what you’re going to sell. Starting a business can be easy, however, managing and making your business successful is a different story. Each component requires different things you need to learn.

There are things that are common to every type of business. They are vital, whatever the size and scale of your enterprise. You don’t necessarily need to learn them all at the very beginning, but sooner or later, there are certain skills you need to be knowledgeable and skilled in. Here are just a few of them.

Being Able to Analyze the Market

It’s all well and good having an idea, but it pays to analyze your market before you get too far. Not thinking through your product or service will almost certainly lead to disaster. A good place to start is to talk to someone else in the same industry and ask what they think about your idea. You want to ask people who can give you candid comments and those who are able to point out the holes and flaws in your plan. Once you know what these are you have to work out how to fix them before starting your business.

Writing a Business Plan

Before starting your business take the time to write a business plan. A business plan serves a number of purposes. In the first place, it makes you think through all the important issues that are going to arise in the future. You also need to work out how you’re going to deal with those issues. One of the purposes of having a business plan is for it to act as a road map. It is also meant to be a guide. In order to write an effective business plan, you have to work on your planning skills.

Learn How to Manage Your Money

When you first start your business, you’re going to need to have a fair amount of money set aside as there are going to be initial costs. You also need to be able to cover expenses for the first few months of operation. Where are you going to get this money from? In the first instance, you’ll be asking those who are close to you for their financial support. You might need to take out a second mortgage on your home or sell some of your assets. Don’t rely on a bank to lend you some startup cash as they tend not to be too eager to take such a risk.

All these important skills you need to be working on could mean you need to consider taking a college or university course. Check out Walsh University’s online BBA programs if you want to increase your knowledge. Subjects such as business ethics, communication, financial and managerial accounts, and project management can be included in your online program.

Hone Your Negotiating Skills

There are many occasions that require good negotiating skills if you’re running a business. You might need to negotiate better prices from some of your vendors. Negotiating skills are very useful when dealing with employees. You also need to be good at negotiating when it comes to preserving your cash. Without cash reserves, your business is going nowhere, so you have to be prepared to fight for them with all the negotiating skills you can muster.

Being Able to Bounce Back

Running a business is never going to be plain sailing. There are going to be setbacks and disappointments, and you need to be able to pick yourself up and bounce back. The mark of a successful business owner is that they are always able to look to the future and examine the worst things that could happen to them. Being able to recognize such things makes it far easier to manage.

As well as these 5 skills sets, there are certain personality traits that are common amongst those who have started successful businesses.

7 Essential Character Traits for Business Success

  • Drive – starting a business can be very challenging, so it’s vital you have the drive to deal with the challenge. You have to want to see your business succeed and be prepared to do what it takes to achieve your business goals.
  • Confidence – in business, being a confident person is a valuable character trait to have because it fosters trust and respect. There is a fine line between confidence and arrogance or egotism, and it’s vital you don’t step across that line.
  • Passion – you are bound to encounter a number of challenges, at least in the beginning. To help you get over these hurdles, you need to be passionate about what you’re doing. Many of the world’s successful business owners have made substantial progress because their business revolves around something they love
  • Humility – never be afraid to ask for help when you need it. Don’t be afraid to admit when you’re wrong. Always give credit where credit is due and be able to accept constructive criticism from others. It’s all about keeping your feet on the ground and not forgetting where you came from, however successful you become.
  • Self-Reliance – while you should never be afraid to ask for help, you should also be confident making decisions yourself.
  • Focus – as a small business owner there are going to be a huge number of tasks you find yourself responsible for. Throughout the day you’ll be wearing a number of different hats. If you can block out any distractions and focus on the task in hand, you’ll be more productive.
  • Open-Mindedness – this is a vital trait because it allows you to look at things from a different perspective. To achieve success, you need to be open to new ideas and processes.

 

One last thing worth mentioning is that you have to know when to step back, relax and unwind. You’re not going to be a very successful business leader if you’re tired and worn out.

David S. Chang

Award-Winning Entrepreneur, Wealth Manager and CEO | Chief Editor, Author, Keynote Speaker, Consultant ArtofThinkingSmart.com | Political Consultant | Army Officer National Guard | Living To Fulfill Needs, Solve Problems, and Live Passionately!

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