It is one thing to start up a business but another to make it. There is a common belief that money or a good idea is sufficient to expand a business but that is not the case as it entails a lot more than that. The personal attributes of the business owner are very important in business success. I am convinced that how a business owner thinks, behaves, and handles things directly impacts the level that a business can reach.
I have thought and read about the life stories of many successful business people and I have found that there are five very necessary qualities that a business owner needs to possess in order to succeed. These qualities include discipline, endurance, vision, effective communication skills and being adaptable.
The most significant and initial quality is discipline. However good the idea may be it cannot work without discipline. Discipline implies being regular, orderly and being determined to do what one should despite feeling otherwise. A business owner who is disciplined will get up early, maintain a record of the costs, fulfill the customer promise and not spend money on useless things.
I have realized that most businesses fail in the hands of owners who have no discipline. They confuse business money with personal money or they simply waste their time rather than planning on how to expand it. Self-control is also part of discipline, since there are numerous temptations in business like cutting corners, cheating or plunging in without planning. A successful entrepreneur will not give in to these temptations, but rather make the right choice. A business owner cannot establish objectives and attain them without discipline. However, with discipline, even a small business can start to grow gradually to be great.
The second quality is the resilience. In layman terms, resilience is simply the capacity to bounce back to normal within a short period of time and the capacity to continue doing and going on even when things are not easy. Any business is full of problems. On some days there will be low sales, or customer complaints, supplier failure or competitors who appear to be leading.
During such moments a weak-minded individual will give up. However, a strong business owner will take failure as a lesson and proceed with working hard. Personally, I find it admirable as I feel that life is made of its good and bad moments. Losses, disappointments, and rejections are the order of things in business. The only difference is the reaction of the owner. To illustrate, Thomas Edison who invented the electric bulb tried a lot of times before he made a hit.
He was resilient. In business, you should be willing to fight back and to ensure that the challenges do not cripple your dream, you must be willing to stand firm. It is not just that a strong person can endure hard times but he or she can be stronger than before. It is the reason why resilience is a highly relevant quality that every business owner should possess.
The third quality is vision. Vision is the ability to see what the future of the business holds even prior to the occurrence of the same. An entrepreneur is not only an individual who is living in the present but an individual who is looking into the future. Direction is provided through vision and a business will just stand still without it. A visionary entrepreneur envisions how to spread, to get new customers and how to present new products or services.
Vision is more than just dreaming big, but it is also having clear goals and strategies that can be used to reach that goal. To illustrate this, a person that sells clothes in a small store and has the dream one day to start a clothing brand will not work in the same way someone who is just selling clothes to make ends meet will do. Employees and customers are also inspired by vision. When individuals realize that an owner of a business has a sense of direction, then they are more likely to support the business. Individually, I think that vision is a torch in the darkness. It makes the business owner go even at times when things become unpredictable.
Good communication skills are the fourth quality that every business owner should possess. Business is about people. You have to deal with customers, employees, suppliers, and even governmental officials. How you talk, listen and interact with others will measure the extent of trust and support you will receive. Good communication will entail that one is capable of explaining their products or services in simple words, that they are capable of negotiating wisely, and that they are also capable of listening to others.
Most of the businesses do not work out due to the absence of good products but the owners fail to know how to speak with the customers. The use of an offensive language, a slap-dash reply, or bad customer service may send customers away. Customers feel appreciated, employees feel respected and partners feel motivated when the business owner possesses good communication skills. It is also communication regarding honesty. A business man who speaks the truth and does the right things, develops a reputation that will be permanent.
Adaptability is the final, yet not the last characteristic. This world is changing rapidly and businesses can no longer afford not to change. Everyday the technology, customer taste, government policies and market conditions are changing. Any business owner, which does not adjust, will be left behind. Adaptability is the ability to be flexible and ready to learn new things. As an example, years ago people just used to use physical stores but today an online business has replaced it.
The ones that adjusted themselves to internet marketing are making do and those who refused to do so are not making it. Adaptability also implies becoming creative in problem solving. A clever business owner does not wait until things worsen before trying another way when one of the methods does not work. In my opinion, the key to being a business survivor is being able to adapt since nothing remains the same.
To sum up, business success does not all revolve around the money or luck, but rather revolves around the individual traits of the business owner. The five important attributes that any entrepreneur should possess are discipline, resilience, vision, good communication skills, and adaptability. Discipline helps one to be focused and consistent.
Through resilience, one will be firm when faced by adversity. Vision is the establishment of the future. Good communication skills result in relationships and trust building. And in versatility, you keep up with the times. When I reflect on these five qualities, I know that these are not solely business but in life in general.