BusinessKnowHow reports that half of all new businesses fail within five years. The owner is the most important factor in determining the success of a small business. A business owner must have several specific qualities to give the best chance of success for the business.
Confidence
Self-confidence is probably the single most important character trait for a successful business owner. It allows you to adhere to your goals to achieve the results you desire. A self-confident business owner can take personal responsibility for a setback instead of placing the blame on external factors such as the economy, the weather or bad luck. This type of outlook allows owners to focus on what they can change and learn from both good and bad experiences. Confidence also allows a business owner to set higher goals with each success without fear of failure.
Ambition
Ambition provides a business owner with the energy needed to overcome the obstacles that inevitably occur when starting a new business. It also allows business owners to retain their vision of the business during hard times. Ambition provides the business owner with the energy needed to evaluate a problem objectively.
Discipline
Business owners need discipline to emphasize quality in the products and services they provide. This trait causes business owners to place their personal seal of approval on the business. Business owners should spend about 80 percent of their time on running the business, according to BusinessKnowHow.
Courage
Courage in the context of running a business means that you are willing to take risks that other business owners are unwilling to take. Risk provides a greater opportunity for success and failure. A courageous business owner can fail repeatedly without becoming discouraged.
Leadership
Business leadership is the ability to make decisions that sometimes contradict popular opinion. A good business leader can solicit opinions from subordinates and then make the final decision. Leadership allows the business owner to inspire subordinates to perform instead of always delegating.
Creativity
The ability to think creatively is essential for a successful business. Business creativity involves the ability to improvise when needed, still maintaining a system of controls. All businesses must have a business plan, although the plan might change at some point. A creative business owner can modify his existing business plan to accommodate unexpected changes, while still fulfilling the vision of the business.