Operating a small business is no small job. Small business owners face constant challenges while planning for and leading their businesses. Without a strong leader, businesses are likely to fail, no matter the value of the product they produce. Some of the greatest small business owners share common traits that position them for success. Do any of the following sound familiar?
- Bravery –Small businesses face a lot of competition to stand out when compared with others in their industry. Bravery is one characteristic small business owners need to take chances and differentiate themselves from the crowd. With confidence in their decisions, brave small business owners can take strategic risks to improve their potential for success.
- Self-Motivation – When you’re your own boss, there isn’t anyone pushing you to get things done. You are the person who is responsible for taking care of business needs and exerting the effort that will move the company forward. While most small business owners enjoy this freedom and the ability to control their own workload, it’s important for them to remember to stay motivated so they don’t fall behind.
- Transparency – Open communication between a leader and his or her employees is often correlated with a business’ success. Transparency about the business’ goals and performance help ensure everyone is on the same page and working with the same understanding of what is expected. At Direct Capital, we call this “Being Point Blank.” It’s even one of our Core Values!
- Enthusiasm – In life and in business, your level of enthusiasm is a determining factor in whether or not you will achieve your goals. Embracing a positive attitude can help you brainstorm big ideas and tackle challenges as they arise. Bring your enthusiasm to work each day to inspire your employees and drive momentum for your business.
- Accountability – As a small business owner, it’s difficult to command respect from your employees if you don’t take ownership of your actions. Being accountable to the decisions you make as a leader shows your employees that you recognize your mistakes and are willing to learn from them. Shifting blame indicates the opposite, and your employees will resent you for failing to own up to your behavior.
If you identify with the five traits above, you’re well on your way to powerfully leading your small business. If not, try to practice them as you grow your business for happier employees and a higher chance of success.