Traits of a Successful Business Owner
I was fortunate to be interviewed by a podcaster last month. The topic was my book, but the host surprised me with a final question:
“What traits do successful business owners have in common?”
Sitting here at my desk, I can think of a lot of them, but lacking time to overthink my answer, I listed three. I’m happy with my answer, which was:
They think of business as an adventure,
They are decisive, and
They are focused.
Adventure
The highly successful business owners I’ve met see business as an adventure, not as a job or a burden. One client recently described himself as a romantic! His wife laughed at the notion, but I understood exactly what he meant. He has the same problems we all have, but he sees them as episodes in a larger adventure. He’s climbing Mt. Everest, and the agony of trekking up to base camp is simply part of the experience. It’s part of the story he is living.
Decisive
Successful business owners make timely decisions. A friend and former client, Paul Casperson, captures this idea perfectly when he says “good things come to those who wait, but not to those who hesitate.”*
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Decisive does not mean making rash, uninformed decisions based on emotion or a visceral urge to “do something.” It means having a vision, even if the vision is as loosely defined as “winning” or “always making the right move.” Decisive means being aware, considering available information, applying judgment, and taking action. Decisive does not mean waiting for certainty. Good decisions are always based on imperfect and incomplete information, otherwise, there is no opportunity. And, finally, decisiveness extends beyond the decision itself. Successful business owners do not equivocate, regret, or second-guess themselves. If, after making a decision, they receive important new information, they make another timely decision.
Focused
Successful owners are focused, which largely means they focus on making their decisions work. They are not distracted by every newfound, unfledged opportunity that comes their way.
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Owners who possess these traits are not only more successful in business, but also are happier — which compounds their success.
These traits may not come naturally to you, but they are worth developing.
*Paul is quite a guy. He also told me “I may be wrong, but I’m never in doubt.”