Whenever you look at a successful business, you sometimes wonder what it took to turn it into what it is today? Sure, you’ve heard of the success stories of big companies such as Coca-Cola, Windows, Facebook, and Colgate among others. But what about the smaller businesses? What did the business owners and entrepreneurs do to make it?
Then you realize that more than the right business idea, having enough capital, having good credit for a signature loan, and others, there’s more to building and running a business. While these things are important, it takes character to succeed in business, as well.
When we talk about the characters a business owner must possess, several qualities fall under this category, but some traits rise to the top.
A business will never thrive if one does not have any goals in mind for it. The end is as important as the beginning. You need to have a clear vision of what you want your business to be. Plot out some long-term and short-term goals and build a solid business plan around them.
Establishing SMART goals will be meaningless if you do not have the discipline to implement and follow them to the letter. Being disciplined means taking responsibility and making yourself accountable that you’re not cutting corners and are doing everything that you can for the good of the business, not allowing any distractions to derail you from achieving your goals.
Going into business entails great risks. You will encounter many problems and challenges along the way but you need to have enough confidence in yourself, your product, and your team that you can overcome whatever challenges you face. That level of confidence rubs off on your whole team and helps turn your doubts and fears into something positive.
Drive is something most successful business owners and entrepreneurs possess. Most of them have the deep desire to see their business succeed, from its startup phase all the way to establishing it as a reputable company. The challenges along the way help motivate them to stay on their toes and be the best they can be.
With all the different challenges one will face in starting and establishing a business, it will be hard for them to succeed if they don’t have a true passion for what they’re doing. Some of the most successful business owners either built a business around their passions or incorporated something they’re passionate about in their business.
Resilience will be tested when you go into business. You will go through a roller coaster of experiences: ups and downs, profits and losses, gains and setbacks. Most businesses that are doing really well are led by people who know how to bounce back from unexpected challenges and still turn things around for them.
7. Wise with Money
Since business is primarily all about money, you have to be wise with money for you to succeed. It takes a great level of discipline in working on budgets, scrutinizing every expense, and sticking to it.
If you’re not the type who’s good with finances but you really want to get into business, it would be wise to partner with someone who does really well with financial matters.
Success does usually not come overnight. It takes months to plan for a good business and perhaps years to be deemed a genuine success. If you do not have the patience to wait for it, you will get discouraged at every turn. 9
Humility is difficult to maintain especially if one revels and basks in his or her success. However, most successful entrepreneurs will never take the credit all for themselves. It takes a humble person to ask for help, one that knows that without support, no matter how self-reliant he or she is, the business won’t go anywhere. They are aware that apart from the help, guidance, and assistance of others — especially those on their team — they will not be enjoying the success they have.
While it’s recommended that entrepreneurs build a team around them, they must also exercise a certain level of independence and the ability to work unsupervised.
An idea can get you started and money can only take you so far. At the end of the day, it is your character that will give you success and longevity in any business you choose to do.