Top 5 traits of Successful Small Business Owners

You may think successful entrepreneurs and small business owners may have all made it because of some unique talents they possess or some massive stroke of luck they hit upon.

While that may be true to some extent, but there are few common characteristic traits that almost all successful small business owners share - like a least common denominator of their individual personalities put together.

Here are the top 5 traits that people who made it possess:

1. Determination

Running a successful business entails setting and achieving numerous smaller goals like increasing sales, expanding the business, recruiting talented employees, customer relations and creating a brand, that sustains in the longer term. They all come with a tremendous amount of challenges and work involved.

Determination alone can get one across these challenges in a way all the smaller goals come together to create a successful business. Successful business owners maintain determination even in the face of hardships and challenges.

2. Confidence

Confidence in themselves and the business is one of the flagship traits of a successful small business owner. The idea that they can and will be able to solve any problem and have their goals reached no matter what, is what gets them going every morning.

They frame every situation positively and view hurdles as challenges that have a solution. Even when they face setbacks they know that they will get over it and go about figuring out just how to do it. This internal trait, as simple as it may sound, sets apart a successful person from 95% of the population that is tuned to seeking out potential problems and negative outcomes

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3. Willingness to Learn

They not only understand the importance of learning in order to stay afloat in their business but actually enjoy and seek to learn everywhere. They are sponges of information and are happiest when they have learned something new that could be positively applied to their business. With competitors breathing down the neck and new businesses sprouting up every time things seem to go well, constant learning and iterating is the only thing that will help keep the business in the league and ahead of new businesses. Staying aware, sharp and curious is a prerequisite to running a successful business.

4. Ability to foster lasting relationships

A long email subscribers list or a growing collection of business cards does not make one, an expert at networking. Connecting and building valuable relationships that will propagate itself is what networking is all about and successful business owners are well aware of this.

They know how to network, whom to pursue ties with and where to ask help. They have an innate understanding of which acquaintances will grow into long-term partnerships and will lend itself to growing their business. They know how you receive value as well as provide them, growing mutually beneficial relationships.

5. Open-mindedness

Open-mindedness in the context of business can be defined as the willingness to consider different perspectives and the ability to apply them to their business as they see fit. It helps foster innovation and navigate sudden turns in business.

Small business owners who are open to new ideas and are respectfully open to suggestions, feedback, and criticism are much more likely to reach new levels that people who follow rigid and narrow perspectives don’t.