TaxProfessionals.com
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC

What it Takes to Own a Small Business

What it Takes to Own a Small Business

Hundreds of notable character and personality traits define you or your favorite successful small business owner. However, certain characteristics stand out when we compare the entrepreneurs behind successful small businesses. These are some of the most common and powerful character traits that describe small business owners who have launched successful businesses and what it takes to be a small business owner.


Driven

Most small business owners are habitually driven to succeed. They naturally want to see their business grow, from start to established business. Motivation is a very common trait among successful entrepreneurs because starting a business can be a challenge, and some challenges require a moderate dose of competitiveness, determination, and motivation.


Goal-Oriented

Drive can take you so far as a small business owner as long as there is a goal to achieve. Success can be elusive without smart goals and the ability to focus on the actions needed to achieve those goals. Most small business owners that are successful take the time to set goals to know where they are at the moment, where they are going, and how they intend to get there.


Confidence

Confidence is a very strong character trait that inspires trust, facilitates respect, and often leads to greater success. The most successful small business owners have constant and calm confidence, which is not limited to arrogance or selfishness.


Passionate

It can be very challenging to overcome the difficulties of starting and running a successful business without a genuine passion for your company. Some of the most successful business owners have built businesses directly around their passions or are able to incorporate the things they are passionate about into the day-to-day operations of their business.


Budget Minded

Since a major part of business success can be tied to financial success, most successful small business owners become very adept at creating and sticking to budgets while running their own business. This ability to know what funds are available, where to cut, and how to make informed spending decisions can often determine the success of a small business. Also, taking note of taxes and financial burdens is an important factor.


Self-Sufficient

While building and managing a team can be an important part of running a small business, many successful entrepreneurs also have the most confidence in them. The ability to act and think independently without input from others is a common characteristic among successful small business owners.


Humble

Many entrepreneurs can be self-reliant, but top performers can ask for help, extend credit, recognize when they're wrong, and accept constructive criticism. These small business owners can keep their feet on the ground even during the most satisfying accomplishments, never forgetting where they started.


Resilient

Being a small business owner has its disadvantages and advantages; there are victories, failures, chaos, and stagnant water. The most successful entrepreneurs are business owners who are resilient and able to come back after an unexpected challenge and come back after failure.


Focused

Many small business owners take on a wide range of responsibilities in their business, performing many different roles throughout the workday. The capacity to block out distractions and concentrate on the immediate problem, task, or goal, as well as the big picture, can be a key characteristic of a successful small business owner.

Open-minded

While the focus is a vital trait found in most successful small business owners, it's also essential to keep an open mind and consider different perspectives. Small business owners willing to consider alternative ideas and experiment with new processes may be more likely to achieve significant success.


FOR MORE INFORMATION ON HOW JIM McCLAFLIN, EA, NTPI FELLOW, CTRC. CAN BEST HELP YOU WITH YOUR TAX FILING NEEDS, PLEASE CLlICK THE BLUE TAB ON THIS PAGE.


THANKS FOR VISITING.

Jim McClaflin, EA, NTPI Fellow, CTRC
Contact Member