In 2017, a survey of 65 countries all over the world revealed over 580 million people were running their own businesses. Entrepreneurship is a great way to become financially independent or leave a legacy for your loved ones. It can also represent an interesting challenge for people who want to try their hand in something new.
But starting and managing your own company is a serious decision that requires a lot of preparation and planning. Aside from the practical considerations of opening a business, you should also make sure you have the personality to become an effective leader.
The following are 7 personality traits successful business owners nourish. If you are an aspiring entrepreneur, follow their lead and work on developing these attitudes.
The saying “no risks, no rewards” is more true when you’re running a business. Even when the very act of starting an enterprise is a daring move and you can’t let doubt or lack of confidence undermine you as a business owner. Just take a look at the business decisions of billionaire Richard Branson. The founder of the Virgin Group of companies, Branson is known for his daring business ventures, which includes private space travel.
But temper your daring with research and carefulness. If you think a plan of action for your business is too bold or risky, don’t shut it down immediately. Do you research and see if there’s a reasonable chance of success. Once you’re confident your decision has a solid foundation, implement it.
Although there are plenty of self-taught successes, you’ll have an easier time achieving your business goals if you have the know-how. For example, Seah Moon Ming, chairman of the SMRT corporation, is an electronics engineer with a masters of science in the same field.
If you’re opening a business that’s especially technical, such as a company concerned with electronics or technology, it pays to be intimately knowledgeable on these subjects. Expertise can help you make profitable and sensible decisions about your operations. By cultivating your know-how, you involve yourself much deeper into your business processes.
One of the secrets of starting a successful business is to provide a unique solution to a common problem. It takes an innovative and creative mind not only to provide an answer, but also to determine a problem. Innovativeness is such an important part of a profitable company, Salesforce CEO Marc Benioff established “mindfulness zones.” These areas were meant to provide employees with a calm and quiet space to tackle problems and find new possibilities. Seeing as Salesforce reports an annual revenue of $13 billion, cultivating innovativeness is certainly paying off.
A business succeeds when it doesn’t fall for the same mistake twice. When you make a bad decision regarding your business, don’t ignore it because you’re ashamed. You should instead analyze what led to your bad decision. Did you fail to prepare adequately for your decision? Did you lack the resources to follow through with your plan? You can only determine the answers to these vital questions if you have the courage and intelligence to look back on your decisions.
It’s crucial that you never lose sight of your employees on your pursuit of excellence. Too many business owners and CEOs think of their numbers and sales projections first before considering what their employees are going through.
According to Jeff Weiner, CEO of LinkedIn, compassionate management is one of the most sought-after leadership traits. Being a compassionate employer is more important now than ever, with current events making it crucial for you to empathize with your employees. A little compassion can go a long way in securing the loyalty of your employees and preventing your business from losing talented people.
Just because you sit at the top of your company’s ladder doesn’t mean you should treat those below you with disrespect. Employees are human beings and they deserve just as much dignity as you do. Being rude or dismissive to your employees can manifest in small behaviors such as not letting them finish what they’re saying or making dismissive comments about them. A disrespectful workplace can affect the productivity and profitability of your company. One study revealed that 66 percent of employees felt their job performance suffered because of disrespect.
Finally, you can’t have a defeatist attitude when you’re running a business. Whenever you face a challenging decision about your company, you should always approach it with a positive mindset. Try to think up of solutions instead of obsessing over problems. Highlight the positive sides of experiences rather than focusing on the negatives. A little optimism will go a long way in keeping your employee’s morale afloat during tough times.
Starting a business isn’t easy and managing one effectively is even more difficult. But when you’re equipped with the right personality traits and mindsets, you’ll find that it’s easier to find a path to success.