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Growth Strategies / Small Businesses

Top Traits of Successful Small Business Owners

Being clear about available funds, where to minimize cost, and how to make a wise decision while spending defines the success of a small business
Top Traits of Successful Small Business Owners
Image credit: graphicstock
Freelancer, Entrepreneur India
4 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Though running a small business may sound easy to some people, the reality is quite different. It takes lots of effort to run a business smoothly. Having an awesome business idea and sufficient funding is not enough to make you a successful small business owner. You should have all the qualities that a successful small business owner possesses to run a business smoothly.

Which qualities make one successful in business? That is what I am going to discuss in today's article. Without further ado, let's talk about the top traits of a successful small business owner.

1- They Are Problem Solvers

A person, starting a small business, has to move forward with a small team at the initial stage, making the owner solely responsible for ensuring the smooth run of the business. And everything doesn't always work according to a plan.

Arun Prasaath, the co-founder of Leapylead, shared- "We were building out a mobile user onboarding platform and it had a great potential and market fit but unfortunately we couldn't scale the product globally due to the limited sales budget we had."
The truth is - you will face challenges and you need to overcome them.

"Now I am building a platform for companies to break into target accounts through our network of well-connected sales professionals by milestone based incentive model," Arun added.

Arun believes that "Entrepreneurs are problem solvers and strive to succeed against all odds."

So having problem-solving attitude is must to do well in a small business.

2- Delegate Unimportant Tasks

Running a small business enables the owner to don multiple hats. But you have only 24 hours a day. Thus delegating unimportant tasks helps you have time to focus on other works that require your expertise and energy.

"You can do anything but not everything", opined David Allen, productivity consultant and founder at David Allen Company and Actioneer.

All the successful small business owners know this secret and always delegate unimportant tasks.

Delegation enhances your ability to work strategically. When you delegate work to your team, you share the responsibility, which promotes teamwork, increases productivity and eventually strengthens the organization.

3- They Motivate Their Teams

Motivating somebody simply means using available resources to sway somebody to work harder. If successfully done, it improves productivity in an organization. That's why successful business owners keep no stone unturned to motivate their teams.

"Keep a lean team, focused business approach and long-term targets. A focused team, synced to your business goal, will always succeed" - this is what Neha Gairola, the co-founder and COO at Optimidea, suggests in order to become successful.

4- They Keep Tabs on Their Budgets

The success of a business is significantly related to its profit. Most successful small business owners keep tabs on their budgets and operating cost. Being clear about available funds, where to minimize cost, and how to make a wise decision while spending defines the success of a small business.

You should always do proper business budgeting, or else it will be difficult for you to make strategic operating decisions and chart your company's financial future.

5- They Spend Time With Their Families

"As an entrepreneur, I've found that one's family should always be the top priority. If you think that there is a time when family should not come first, think again. Chances are, you didn't ask enough questions to get to the heart of the matter, which is where, of course--you will find family. First." - Randi Brill, creative director and president at QuaraCORE shared.

Spending time with family members not only strengthens family ties but also relieves stress.

However, it's not an easy task to put family at first priority for small business owners as many of them find themselves engrossed in the day-to-day needs of their companies. But successful ones always find time for their families. How do they do? Most of them follow to-do lists and plan their workday before to make time for their families.

To make your small business successful, you need to nurture it like your kid. But in the process, you should not ignore your real family.

Driving a small business towards success is a tough task. But if you adopt a smart approach and try to develop a sound mindset, there is no reason why you wouldn't taste success.

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