When I contemplate what it means to be an entrepreneur, and what it takes to be successful at running a small business, I think of friends and associates of mine who’ve done really well. These are folks who embody certain qualities that have enabled them to achieve lasting success as small business owners.
So what are the qualities I’m talking about? There are six I want to mention here.
First, you have to love what you do. You’re going to be doing it a lot, so you’d better have a real passion for it. Starting and maintaining a small business means long hours working evenings, weekends and holidays in order to get and keep the business afloat. If you don’t love it, success will be that much harder to achieve.
Second, you have to pay your dues. When you’re starting a small business, you’re going to be doing a lot of things that maybe you’d prefer someone else to do, but especially at the outset, it’s all on you. And that’s what creating a small business is about. You should never feel too important to do the grunt work; not at the start of your business, nor at any time once it’s up and running, either.
Third, you have to be generous. Helping others is good for business. When you support your workers, mentor colleagues and create partnerships with others, your business thrives. When you help to pull others up, they’ll do the same for you. And being generous creates a sense of community, with everyone there to support one-another.
Fourth, you have to be brave. A large part of creating a small business is taking risks and doing things that aren’t easy. There’s also the reality of making mistakes, correcting them and rebooting. It takes courage to put yourself out there; to mess up and fix things, and to face challenging or unpleasant situations. Those with the guts get the glory.
Fifth, you have to be patient. I know how, in my own businesses, it has often taken considerable time for things to get rolling. You have to keep putting in the work, being creative, learning new approaches, and tolerating delays or setbacks. Some lucky people achieve quick results. The rest of us have to hunker down for the long haul.
Sixth, you have to be persistent. When you hear a “No,” you have to think about whether there’s something you can do that will turn it into a “Yes.” You have to keep going when you’re tired, discouraged, frustrated, even when you’re stumped. It’s good to ask for help at times like these, and to listen to the advice of those who’ve been in your shoes. The one thing you shouldn’t do is give up.
Of course, there are many other things that go into becoming a successful small-business owner, but I wanted to highlight the six above, as they might be common knowledge but they definitely bear repeating.
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