5 Key Traits to Become a Successful Business Owner

Business is a zero sum game.

You either are successful or you are not. Those who do not make it in business usually lack one of 5 distinct qualities.

#4 is the most important so make sure you watch to find out…

There are only 3 types of entrepreneurs:

  • Successful entrepreneurs
  • “Wantrepreneurs”
  • Failed entrepreneurs

How to be a successful business owner:

Successful business owners have GUTS.

Business is hard.

It takes real courage to start one.

It takes courage to continue to run one.

It takes courage to wake up every day and be responsible for people, their livelihoods, as well as the livelihood of you and your family.

Many business owners find their first success when their back is against the wall.

Maybe they are on the verge of having to shut down, or on the verge of bankruptcy, when finally they “figure it out” and are able to continue. The universe is funny in this way, because it tests you. It needs to make sure you are worthy before rewarding you with the success. That said, having the courage to actually “go for it” and start a business is what every successful entrepreneur needs in the beginning. They all have it.

Successful business owners know that growth is not linear. They know they must persevere.

People like to think of it as one nice, straight line. The reality is it’s full of ups and downs, peaks and valleys.

You will have great months and you will have terrible months. Successful business owners can and will bounce back from setbacks. They learn from their failures.

Finally, let’s talk about the leadership of successful business owners.

Effective leadership is crucial for managing a team and inspiring others to work toward a common goal. Successful business owners lead by example and are skilled at motivating their employees. It all starts from the top. The more people you hire and the bigger your business gets, the more that you will get “drift”.

What is drift?

Drift is when your company grows.

You may have hired an A+ talent for the position right below you, say your executive assistant or your chief marketing officer.

But maybe your CMO hires someone below them…and then someone below them. Over time, the “drift” happens, the quality falls down as the employee ladder drifts further and further away from you.

The way to prevent this?

Lead by example, hold yourself and others to high standards, and be ruthless about tracking KPIs and holding people accountable.

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About The Author

Maria Bobzhenko

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