5 Traits of Successful Business Owners
Successful entrepreneurs value honesty, transparency, and realism. They consistently follow through on their commitments and hold their employees and suppliers to the same standard.
Countless books have been written about the factors contributing to entrepreneurial success, such as developing a leadership mindset, creating a compelling vision, or becoming an effective communicator.
However, many management books only focus on one factor as the key to unlocking success and prosperity, suggesting that, for example, a vision or a specific sales technique alone can guarantee growth.
In reality, achieving business success is rarely the result of one trait alone but instead a combination of several.
Trait #1: StronG Sense of Purpose
Why did you decide to become an entrepreneur?
I often hear from business owners that making a lot of money is their prime motivation. While money can be a good motivator, it is seldom enough to give them the strength to persevere during setbacks and overcome obstacles.
When entrepreneurs encounter situations that throw them off balance, their sense of purpose drives them to persist and try again. Thomas Edison once said, "Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time."
Trait #2: Customer-Centric
Successful business owners understand their companies from their customers' perspective.
What challenges and frustrations do their customers face? What do these customers consider the biggest obstacles standing in their way?
Understanding these challenges, frustrations, and obstacles leads to developing products and services that empower customers to overcome these obstacles, resolve their challenges, address their frustrations, and ultimately improve their lives.
Trait #3: Simplicity-Driven
Complexity is like a villain who will do everything to obstruct an entrepreneur's path to success.
Some business owners have accepted complexity as the norm and are paying the price in less growth, lower profits, and unhappy customers.
Complexity can show up everywhere, including in marketing messages. If these messages are convoluted, customers won't listen. Asking customers to understand unclear marketing messages drains their energy, just like navigating a complex bureaucracy, causing them to tune out or look elsewhere.
Simplicity is the antidote to complexity. When operations are simple, every team member is clear about their responsibilities. It is also easier to identify areas where processes can be streamlined or bottlenecks can be removed.
In marketing, simple and clear messages resonate more strongly with customers, ultimately increasing their engagement.
Trait #4: Focused on Networking and Referrals
Networking and customer referrals are essential for success.
Many companies use pay-per-click advertising on social media and Google Search to generate leads. However, the cost per acquisition (CPA) can often be high. Additionally, customers acquired through these channels may not necessarily be the right fit for a business.
Successful entrepreneurs rely more on networking and customer referrals for opportunities.
As chief brand ambassadors, they are eager to meet people, give keynote presentations, and share their experiences. That applies to insurance brokers, photographers, nutritionists, and chiropractors just as it does to manufacturers, electricians, accountants, and lawyers.
Expand your network and reward loyal customers who refer business to you.
Trait #5: Do What You Say You Will Do
Talk is cheap. Business owners sometimes feel tempted to make promises they know they can't keep just to get a contract.
As a habit, it can quickly lead to unmet customer expectations and, ultimately, to disappointment and negative Google Reviews.
On the other hand, successful entrepreneurs value honesty, transparency, and realism. They consistently follow through on their commitments and hold their employees and suppliers to the same standard. These qualities form the foundation of their corporate culture.
Get Out of Your Comfort Zone
Most people want their dreams to come true but also want to stay within their comfort zone.
Entrepreneurs have to embrace discomfort if their companies are to survive and strive.
Giving television interviews, addressing large audiences, or announcing unpopular decisions can make even the most seasoned leader uncomfortable. Yet, some circumstances can be so severe that they threaten the status quo, such as a new competitor suddenly gaining market share by using emerging technologies or regulatory changes leading to reduced profits.
Although embracing change can be uncomfortable, refusing to adapt could risk a company's survival.
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