• Email : info@brontebay.com

  • Phone : +1 (416) 439-4648

Personal Qualities Required to Succeed in a Small Business

Starting a business, running it well, and being successful entrepreneurs are three different things. In order to achieve all these milestones, one willing to step into a business should question their own personal skills and characteristics.

When you start a business, be it a small or big, you will need to consider your personal qualities as an owner so that you can lead your business, employees, and clients properly. If you think that this is only true in the case of big companies then you might need to think again, because even running a successful small business requires certain skills, apart from your qualifications.

Some skills you might have already inherited, some you learn and others you develop as you move forward. The following is a list of important personal qualities that you should possess in order to succeed in a small business.

  •  Passion for your work:

Commencing a business doesn’t always ensure your success. So why start a business, if you don’t have any passion for it? Passion is fundamentally the most important trait to run a small business. If you deeply care about your business and consistently work to make it a successful one then your business will surely flourish. You need to be persistent about achieving your goals, care about your employees and customers and be determined to work harder and smarter. It is more than being a goal-oriented person. Passion is something that comes from within and drives your willpower; the thing that makes you a successful entrepreneur.

  •  A person who takes action:

You might have heard this quote before: “Action speaks louder than words”. Being an entrepreneur and running a successful small business requires work; and babbling about your business is not working. If you have set some goals then you should take action to achieve it. This helps to motivate your employees and tells your customers that you are the real deal. We all know No Risk, No Gain, so be a risk taker. Those who do not take a risk and are content with what they have, fail to achieve greater heights in small business.

  •  Strong work ethic:

To achieve your business objectives, it is crucial that you have a strong work ethic as a small business owner. The success or failure of your business relies upon you. So, you will need to work hard in an effective direction. Make a daily checklist of tasks that you are going to accomplish and always push yourself to achieve that. If you miss a single task, that might become a habit and before you know, you will have a ton of backloads that you might not be able to handle.

  •  Ability to think strategically:

To run a successful small business, you need to have the ability to think strategically. If you cannot strategize your plans and goals then you will never be able to turn a business idea into a profitable one. So, set some realistic short term and long term objectives and find ways to accomplish them. Learn about your market and competition, and come up with a business plan based on your budget.

  •  Self-awareness:

Successful small businesses know about their own strengths and weaknesses. Understanding ones strength and weaknesses, allows them to focus on strengths, and shape the business around them. However, do not worry about your weaknesses either. If you can, then try to work on them. If you cannot, then fill the gap by taking help from your employees or by outsourcing.

  •  Humility:

You should cast away any embarrassment and sense of feeling humiliated while working. Sometimes mistakes happen even if you are a successful entrepreneur. Do not let your self-esteem go down. Learn from your mistakes and move ahead. Similarly, if you want help regarding something, do not hesitate to ask for help (be it from your advisors or other employees) and accept good advice when it’s offered.

  •  Leadership:

This is one of the most important personal qualities that most successful small business entrepreneurs share. The employees constantly look up to their owners to lead them and seek advice when they stumble onto some problem. Having a good leadership quality means that you can inspire other people including your employees to follow you, towards achieving a common goal. It also means that you can offer good guidelines to your peers while solving an issue at the workplace and at the same time motivate them to work harder. If you think that you don’t have the right sets of leadership qualities, then leadership courses and training can facilitate your job.

These are some personal qualities that you should have to run a successful small business. Take the time to learn these skills and develop them as you move forward with your business. This way, you are sure to achieve better success.

SubhashSharma

Posted by

Mr. Sharma is a management accountant with over 33 years of experience in small business. He has been engaged in independent accounting practice since 2003. With MBA degree in IT Management and CPA, CMA designation he believes in creating value for the clients. Mr. Sharma has been actively involved in imports, exports, retail, construction and IT consulting. He has written articles in the “Canadian Immigrant” magazine on taxation and accounting for small business. He has served as director on the boards of York Regional Community Foundation, Community Living of York South and Surrey Foundation. He is a member of CAPS (Canadian Association of Professional Speakers), Rotary Club of Richmond Hill, Markham Board of Trade and Richmond Hill Chamber of Commerce.

Scroll to Top