5 Qualities You Need to Be a Successful Business Owner

5 Qualities You Need to Be a Successful Business Owner

- in Money
How to be a successful business owner

Since the turn of the 21st century there have been more and more opportunities for people to get into business for themselves. It is also a good idea to become a business owner even though you may be holding a day job given that the job market is uncertain nowadays.

Running your own business gives you the opportunity to create an extra stream of income or build an empire that will live long after you are gone. It is an exciting prospect getting into business for yourself. This is what appeals to most people that get into business as well as the time and money freedom that comes with it.

However, building a solid business is never easy and that is why most of them fail after a short period of time. The reason for the high failure rate is because most people getting into business do not know what it really takes to build a business or they have an unwillingness to do what it takes to build one. This is apparent with most of the young people today who somewhat think that the journey is a bed of roses.

Having studied one successful business owner after another over a period of time I have identified the main qualities that make them successful. A general law of life is that if you want what others have you need to do what they do. The qualities they have are as follows:

1. High level of discipline

A successful business person knows what they have to do to win and they get it done. If they have to make 10 sales calls daily they will do it. Business failure can be traced to a lack of discipline. If you are getting into business you have to be diligent to do the income producing activities required to win.

Income producing activities include marketing, prospecting and following up on prospects. These activities must be done daily and systematically on days when you feel like it and when you do not feel like it. Other disciplines you need to have are getting up early to prepare for the day and doing physical exercise.

I have never heard of a business owner that consistently got up late and also built a solid business. It’s an oxymoron. You also need to have a healthy body to build your business especially in the stressful times of the journey.

2. Laser focus

There are more distractions today than ever and it is easy to lose sight of what’s important as you build your business. Social media, smartphones, parties, etc are examples of the common distractions that you need to avoid. Part of having focus is learning to do one task at a time before going on to something else. Some people do multitasking hoping they will get more things done at the same time.

Multitasking gets nothing done effectively and hurts your business in the long run. Where there is focus there is power and more is accomplished as a result. To stay focused you must say no to distractions and make people understand that you do not want to be disturbed at certain times when you are working.

3. Great patience

Most people are programmed to see immediate results for the work that they do. This is what it’s like in formal employment. If you work you get paid a weekly wage or monthly salary. Building a business is an entirely different story. You can go for years without seeing any reward for the work you put into it. Most people are not able to stomach that and do not stay in business for long.

You need to have the patience of a farmer who sows his seed and waits for some time before he sees a crop. Sometimes the crop does not grow unfortunately but the good farmer will not give up because he understands that it is only temporary defeat.

A lesson I learned recently from a mentor that you should adopt is that you must be patient with your results but be impatient with your activity. Do not let a day go by without doing the income producing activities that will make you money.

4. Self-motivated

In business you are going to have some bad days and more than an ordinary employee. You will experience emotional turmoil that will tempt you to quit the business and go back to an ordinary life. In times like this you need to pick yourself up and avoid the temptation to wallow in self-pity.

Adversity is the crucible of greatness.” ~ Tandy Gerelds

It is good to know that every business person has gone through the same which means you can also get past those tough times if you do not give up. Seeking God in prayer is imperative in such times as well as surrounding yourself with people that will help you through them.

Tough times are nothing but a phase to sharpen you and develop your capacity to handle the great blessings that are coming your way. Some will see tough times as an indication to quit. What do you see?

5. A thick skin

The Bible says in Genesis 8:22, “As long as the earth remains….. Seedtime and harvest will never cease.” In other words you cannot have one without the other. You cannot have success without the failure. You will experience a lot of rejection as you build your business. It will not be a bed of roses.

What you should understand is that the more you get rejected the more you will be successful in the long run. Business is a numbers game and so when you present your product or service you will be rejected by some but you may not find those who say yes if you give up too quickly. When you talk to more people the law of averages eventually kicks in and you will get prospects that will buy.

You need to have an unshakeable belief in what you are doing and trust God to be faithful to you as you remain faithful to do what you need to do.

Other business owner qualities to add? Comment below.

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