Is Business Ownership for You?
For many, owning a business is a part of the classic American dream. It can open a lot of doors and opportunities, but the pressure and time-commitment is not for everyone. While a number of people may choose to set out on an entrepreneurial adventure, not all will be successful. So what sets those who achieve success apart?
Successful business owners love to learn. As Benjamin Franklin said, “An investment in knowledge pays the best interest”. Business owners who love to learn and continue to pursue knowledge expand their ability to further and develop all aspects of their business.
Successful business owners have a high tolerance for risk. No business will do extremely well 100% of the time. There will always be ups and downs. Many business owners who see success have a high tolerance for risk as they understand that downs are natural and don’t last forever.
Successful business owners are resilient. After the lows hit, successful business owners are those who are able to take what they’ve learned and pick themselves up again. They know that if they are too afraid or are unwilling to get up, they will never be able to have success.
Successful business owners are passionate. Can you imagine doing a job that you do well enough, but don’t actually enjoy? Perhaps you’re already there. Do you really give it your all? Successful business owners have a passion for what they do, even if the rest of the world doesn’t see the value.
Successful business owners are independent. Being able to work on their own is a quality that successful business owners share. If they needed to be managed or directed by someone, how would any work get done? Would the company have even been started?
Successful business owners are able to delegate well. They know that in order to have success, they will need to delegate tasks to teams who they trust to get the job done. If they were to take it on all on their own, they know they would be burnt out and likely let some important things slip through the cracks.
Successful business owners are assertive. Nobody likes an aggressive salesman and a passive one would be frustrating. Most successful business owners are able to find the balance in between and approach the right people with the right information to help their businesses grow in the right ways.
Successful business owners are able to handle money efficiently. We all know someone who refuses to spend a penny and we all know someone who can’t seem to hold onto a cent. Successful business owners know that saving money is extremely important, but that balance is important too. They know that sometimes spending money on updated software or client amenities can bring a rewarding return.
And finally, Successful business owners plan well. A good idea is a good idea, but without a plan it will stay at just that. The business owners who see success know that planning is key. If a company decided to launch a product only a few weeks after the product conception, it very likely wouldn’t do as well as it ultimately could.
Whether you already have each of these qualities, are trying to develop them, or are struggling to apply them, you can have great success in owning a business. While it may not be for everyone, don’t let fear keep you from pursuing what drives you and helps you feel success in life.