It seems like almost everyone I talk to has some “can’t miss” idea for a new business. Yet, I rarely see any of them actually following through on their idea. That used to puzzle me, until I started studying successful entrepreneurs versus “talkers.”

After spending several years observing all types of people, I came to the conclusion that there are four essential traits required for a person to be a successful entrepreneur. There is great satisfaction to being a successful business owner, but it is important to understand the personal traits that contribute to success.

Guts!

Some call it chutzpah, but to be successful as a business owner you have to be able to handle the ups and downs of running a business, especially a small business. It is inevitable that there will be troubles along with successes, especially in the beginning. The true entrepreneur is one who can stomach the bad times and contain the good times, keeping everything in balance. Someone who can keep their burning dream alive even during difficult times.

Flexibility

This is very important. Most successful business owners are very quick thinkers, and are able to change their plans on a dime if need be. There are times when a situation will arise where the best laid plans completely fall apart and the business owner will have to “wing it.” This skill is especially appreciated by customers and clients when things get dicey.

Another area where flexibility is important is when new products or services enter the market making existing products or services obsolete. The business owner must be able to anticipate and accommodate the changes in the market to keep the competitive edge. It is important to understand the difference between flexibility and the next essential trait, Focus.

Focus

This seems like a contradiction to number 2, yet it is important to understand the difference between the two. The successful owner has a single focus on the goal of creating and maintaining a profitable business. Ultimately, the overall focus of the business must remain relatively unchanged, even if underlying processes or products are changed. Continuity is important both to assure your customers or clients that the business is stable as well as your employees and vendors. The overall focus of a business can change, but the change should be well planned and orchestrated over a period of time to ensure everyone feels confident that they want to continue doing business with you.

Ability to see opportunity

How many times have you looked at a new service or product and asked yourself “why didn’t I think of that?” The successful entrepreneur can see what others can’t, which allows them to take advantage of new products or services early on. This gives them a competitive edge before others start jumping on the bandwagon of his/her success.

Another aspect of seeing opportunity occurs when a person identifies an improvement of an existing product or service. That person can then provide an existing and established product or service and set themselves apart by offering an improved version.

After a little self-assessment, you will have a good idea of whether you have the four elements required for success. If you are lacking in any of the areas don’t despair, you may be able to find a business partner with the trait(s) you are lacking. Combined, you could have the four traits covered leading you to business success.

To your success,

Swanie Brandt

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Tags: business success, Entrepreneur, making money, online business, starting a business