Do You Have What it Takes to be an Owner?
Our Weekly 2 Minute Read
What does it take to be an owner?
We all know many businesses will open up and many businesses will shut down as well.
To become an owner of a real business, it is going to be a serious challenge to make it truly successful.
According to Bureau of Labor Statistics, around 70% of businesses will fail within 10 years.
So what separates a great owner of a business and a bad owner of a business?
How can an owner create the longevity that is needed so that the business can have a chance to prosper?
I have had the opportunity to meet and work with so many business owners in my short career thus far and it has been very rewarding to learn and collaborate with so many different people.
I was fortunate enough to get advice from a consultant and business developer who has helped developed over twenty businesses in his career and he would describe five traits that are common in terms of becoming an owner and staying a successful owner:
1) People who can execute. People who know how to follow through and execute a plan is ultimately the ones who will find success. Their yes means yes and their no means no. How they do anything is how they do everything. Even if you have the best idea and best strategy in the world, if you don’t have the ability to execute, it doesn’t matter. Execution is everything.
2) They have a genuine care for their craft. They take pride in what they do. Most of the time, they put a lot of effort into what they do first even if they don’t have the passion for it. They allow their effort to discover their passions instead of waiting to be passionate about something first then putting in the effort. They have genuine care for what they are doing no matter what it is that they are doing.
3) They handle failure well. Most of the time it’s not what happens to you but how you react to what happens. 10% is usually what happens to you, but 90% is how you react to the situation. People who find success have a healthy ability to react to failure in a positive way. They learn from it and become a better version of themselves. Winston Churchill once said, “Success is going from failure to failure without loss of enthusiasm.”
4) They are passionate learners. They are a “learn it all, not a know it all.” They have a savage appetite to learn. They want to know anything and everything about their industry and they tend to be obsessive about it. Not only are they passionate learners, they are agile learners. In the face of new information, they can adapt and pivot. They have the capacity to evolve when necessary and become better.
5) They know how to manage risk. They have the ability to access risk and take action accordingly. They have risk to reward management skills. Some people take too little risk and don’t even start due to fear. Some people take too much risk with very little upside and sabotage themselves by making poor decisions. The people who find success know how to access risk and rewards to make smart decisions.
“All’s well that ends well” said Shakespeare.
“All’s well that begins well” said Maxwell.
It is important how you finish, but it is also important how you start.
The first several years is crucial to the success of the business as the seeds are being planted and the roots a growing in place.
To find lasting success in business, it is important as an owner to identify the traits of success and nurture the business with those traits so that it has the opportunity to one day flourish.