Small business is not for the faint-hearted. This anonymous quote summarizes the traits of successful small-business owners. It is important to be willing to endure difficult times.
But, being a business owner gives you unique freedom and creativity.
Do you think you’re ready? Here are the basics to help you start your own small business.
Who are small-business owners?
Let’s start by defining what a small business owner is. You may have a different definition.
Many factors will determine whether your business is small or big. Many factors will determine whether your company is small or large.
These are critical definitions.
The economy, small business
Research shows that small business owners are America’s backbone and a key driver of the economy. They account for 64% of all new jobs in America.
They also help to empower those who may have difficulty entering the business world (e.g. ). Women and minorities The number of minority-owned businesses increased by 11% between 2014-2016. In 2019, 9.9 million small-business owners were females, compared to 7.8 million in 2007.
The advantages and disadvantages of starting a small business
According to a survey done by ConstantContact, 56% of small business owners feel that they can’t leave their businesses. 84% believe they could start their businesses if they wanted.
Being a business owner has many advantages and disadvantages. The pros far outweigh the cons.
Pros
Why would someone open a business?
Employers can also be hired by you. It is possible to hire your employees.
Not to be overlooked is the fact that many small business owners are either sole proprietors or partnerships. This makes it much easier to file taxes and register a business than for corporations.
Cons
There are many benefits to owning a small business. However, not everyone is suited for business ownership.
Small business owners work hard and often spend their own money to market and run their businesses. 56% of them say that they don’t have enough time to do everything.
Multitasking can cause anxiety, stress, and fear. But persistence and determination can help you succeed.
These 10 traits are what have made small-business owners successful
We now get to the next point. For small business owners to succeed, they need to have a unique combination of soft and hard skills.
These are 10 traits that make a small business owner a success:
- Be personable
- Get ready to create
- Take chances
- Be your own
- Be confident
- Take a break
- Dedication and persistence
- Keep your budget
- Prioritize
- Have a look at this large image
1. Be approachable and personable
Being kind to others is an obvious way to get more business. Employees who are respectful of their employers and feel valued by them have higher team motivation.
Customers don’t make purchasing decisions based on a product. If you are friendly, your customers will associate you with being friendly.
Experts say that kindness is an effective leadership strategy. Customers will be more inclined to return to you and will be able to get the product they desire (and let’s face it, yours is better).
2. Be ready to change
Small business owners need to be prepared to face any challenge. Your business model will not be able to adapt to changing consumer needs.
Covid-19 has demonstrated how restaurants have adapted. Covid-19 has shown how restaurants have adapted to these changes.
3. Take risks
Mark Zuckerberg, Facebook CEO, once stated that the greatest risk was not taking any risks. It is risky to start a business. It’s impossible to predict if your business will succeed.
Small business owners can be successful because they use market research to make informed decisions and propel their ideas forward. It is difficult to predict the future, but it is part of being a small business owner.
4. Be independent
Being an entrepreneur requires you to think for yourself and make decisions.
5. Be confident
Confidence and independence often go hand-in-hand. To overcome any storm, you must have faith in yourself.
Confidence is key to building trust and inspiring others to see you as a leader. Employees will reward leaders who have more creativity and productivity. This improves the efficiency of your business.
6. How to take a break
Small business owners are well-known for their hard work and perseverance. However, burnout can also be described as exhaustion or cynicism. You may feel overwhelmed and less motivated. You can schedule time for your business, such as taking time off.
It doesn’t matter if you have only 30 minutes to spend time with loved ones or on yourself. Successful business owners understand the value of taking time for themselves.
7. Persistence & dedication
Did you know that success is not always linear? The phrase “Success is not linear” is especially relevant to business owners.
8. Keep within your budget
Overspending can lead to your business going bankrupt.
9. Prioritize
There are many tasks that you must complete. This is particularly important for those who work alone and don’t have anyone to delegate.
As a business owner, you will need to learn project management skills.
- It’s important to complete tasks that are crucial to the long-term success and growth of the company. However, they may not be required immediately.
- These urgent matters need immediate attention.
Stephen Covey’s Time Management Matrix is a handy tool that can help you decide which tasks should be prioritized. This simple chart will help you quickly break down your projects into four categories: urgent/important/important/not urgent/important/urgent/not urgent/not urgent and not urgent/not urgent.
10. Have a look at this larger picture
It’s easy to become distracted by the daily grind. This is what will keep you going long-term.
