What makes a good business owner?
Some cynical people might argue that money is all a business owner needs to be good. Sure, having strong financial backing can help, but you also need to possess some key traits and personal qualities.
Which qualities should you be keen to possess?
Business owners can be completely different individuals with different personalities. However, the successful ones always have the following qualities:
Patience
All business owners and leaders need to be patient. The worst business decisions are ones made in haste. You can’t afford to rush into things as it can mean you end up making mistakes that cost your company a lot of money.
A patient owner is one who’s calculated in everything that they do. They recognize that they must wait a few months before a product launch is absolutely perfect. They understand that success doesn’t happen overnight; it’s a process that can take time. If you’re not patient, you’ll never run a successful business.
Generosity
The best business owners are generous ones. This relates to their generosity towards employees, but also to the broader community. Philanthropy is an essential part of being a successful business owner. Award-winning entrepreneur Krissy Jones on her blog, philanthropy can support underfunded causes, benefit communities, and create a snowball effect where more good things follow.
Thus, business owners should look to be philanthropists and be generous. Donate to charities, explore private foundation management to establish foundations, etc. At the same time, be gracious to your employees - give them raises, promotions, bonuses, extra time off work, etc. If you're not sure where to start when it comes to philanthropy, you could take a look at the efforts that organizations like Clover Group have made to benefit their local communities, improve professional relationships, and even brand image in the public eye.
Flexibility
The ability to be flexible is a key trait for a leader to have. Essentially, this means that you are flexible in your approach to things. You aren’t against the idea of switching things up or listening to new ideas. You’re open-minded and willing to change.
Too many businesses fail because the owner is stubborn. They refuse to be flexible, meaning they miss opportunities to pivot and take the company in a new direction. Stubbornness will get you nowhere in the business world. No matter how clever you think you are, or how great you believe your idea is, you need to be flexible to adapt to different things. A flexible leader can change things on the fly and be open to new concepts that improve their business.
To summarize, a good business owner will be patient, generous, and flexible. On their own, these qualities are super important and can make your business more successful. When combined together, they make you an incredible business owner who’s on the right path.
Patience is the key to making better decisions and avoiding careless mistakes. Generosity builds faith in your business, develops better working relationships, and boosts your public image. Finally, flexibility ensures that you don’t get stuck in a rut and become too stubborn, allowing your business to adapt.
Work on obtaining all three of these qualities to be a better business owner.
