Every small business is different.
But a large scale study by the Guardian Life Small Business Research Institute found that there were certain traits that stood out among the most successful ventures.
More than 1,100 different companies with between 2-99 employees participated in the Guardian study.
Uniquely, the Institute didn't just ask bosses what they did -- it asked them what they felt mattered most for starting a successful business. So the results reveal passion more than practice.
Overall, the study found six key traits that defined the personality of the successful owners.
Think you've got what it takes?
1. Collaborative
It might seem like a successful small business owner would be the type to micro-manage every detail. But the Guardian study found that the knowing how to collaborate was the single most important trait for someone running a business with less than 100 employees. The best bosses knew how to delegate tasks to others, forge strong relationships with team members and create opportunities that motivated everyone on staff.
2. Curious
The stand out managers in this study were constantly scouring the internet to find way they could improve their business, retain their employees and innovate their products. If you're the type who can't stop asking questions or wondering what the competition is up to, then you've got small business in your blood.
3. Future Focused
Keeping a keen on what's coming up is a crucial trait for a successful small business owner. Subjects in the study who planned out their cash flow and succession plans far in advance did better than their short sighted peers.
4. Self-Fulfilled
Great small business owners are the kind of people who prefer being in control of their own destiny over the security of a corporate position. These long rangers value the freedom to make their own choices over affluence and structure.
5. Tech-Savvy
The better business owner put a higher value on keeping up with the latest in tech. They figured out how best to track their packages and kept company email in high gear. Most of all they were convinced that technology helped make their business more efficient.
6. Action Oriented
Last but not least, the top performers in this study were highly motivated to set themselves apart from the competition. Adversity motivated them to work harder, and they were less likely than the average boss to worry about the state of the economy.
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Comments:
I love this list. There are some new one, like "curious" that go beyond the usual list of traits of entrepreneur that one usually sees. But what still remains is the question of whether one is born with these traits or one can develop them. My view is that many of these characteristics may be more natural to some people, but certainly they are teachable or trainable. Therefore it's useful to know whether one needs help with their development.
Interesting the reference to not worrying about the state of the economy. I've worked in the music biz a lot, and one trait the companies still standing share is the ability to knuckle down and roll with the punches.
I always picture myself as a small business owner but have had very little success so far. I have some of the traits mentioned here but I respectfully disagree if one has to make a conclusion based on these broad trait categories. One might think being self sufficient as a way of life or lifestyle choice which I think should have to be separated from business side of any SMB owner. You know the old cliché: never mix business with pleasure in this case personal life.
Excellent article! It's funny how the traits of what comprises great business owner shas changed over the last decade. If you noticed,1/3 of the traits listed have to do with technology and the internet. The web world evolves so quickly that as business owners you must stay flexible and agile! To your Success! Raulvin Coke Visit www.SuccessWithRaulvin.com
Great traits for any SMB Owner to possess. I especially agree with #5 Tech-Savvy. In today's world this is a must. A Tech-Savvy business owner can accelerate their business by simply utilizing simple online tools such as www.chatmeter.com to market their business.
I completely agree with these traits. I wish I had learned early how much value collaborating adds to a business. My colleagues, network and accountability partners help my business every day.