Blog

It’s National Small Business Month. What are the most important personality traits of the successful business owner?

It takes something special to risk it all and jump into the corporate ring. The business owner gives up the security of a regular paycheck, predictability of schedule, and the luxury at the end of the day of knowing – no matter how much you care – that it is someone else’s problem.

ALSO READ: Ranking Arizona: Top 10 SBA Lenders for 2021

Fortunately, there are those who are ready to take the plunge. Here are some of the personality traits of those who succeed.

Ruth Urban is President and CEO of On the Money, an accounting, bookkeeping, and profitability consultancy based in Phoenix.

1. You are personable, cooperative, honest, and humble. Good or bad, it’s hard to succeed in a cocoon. The relationship with customers, suppliers, employees and the community is vital.

2. Successful entrepreneurs are lifelong learners. You are “open” – open to advice from experts, open to change and open-minded. Owning a business is a journey. There will be others to save you from making the mistakes they made – listen and learn. If something doesn’t work or you find another way to go, be prepared to change over time. Be flexible.

3. To be an entrepreneur means to make yourself accessible. Opportunity often doesn’t knock a second time. Be responsive. Show yourself to be a leader in your field.

4. Money management and a solid philosophy around money are crucial. Entrepreneurs understand their numbers, are budget conscious, and monitor their finances. You are ready to invest to grow – be it in marketing, technology or accounting.

5. Entrepreneurs are passionate about their mission. In order to achieve their goals, they have to be willing to take risks. They have the confidence to know that, while risky, their decisions are made deliberately rather than recklessly. Entrepreneurs succeed because they are willing to take the risks others don’t.

It is clear that few fit the profile of a successful business owner. What a boring world it would be without these crazy few. It is clear that few fit the profile of a successful business owner. What a boring world it would be without these crazy few. Remember, “Whenever you see a successful company, someone has made a bold decision.” – Peter Drucker

Ruth Urban is President and CEO of On the money, an accounting, bookkeeping, and profitability consultancy based in Phoenix. The company’s mission is to help companies take control of their finances. Ruth is a trusted advisor to clients and helps them build highly profitable businesses.