Personal Characteristics For More Explosive Business Building Success

The American dream is to be a successful business owner. Every year one million or more businesses start up but more than 88 percent of them fail within five years. Much of this failure is due to stagnant mindsets that are not forward thinking and willing to embrace change. The focus is on problems rather than solutions. The company becomes stuck because the leadership operates from a position of subtraction as opposed to multiplication or positive over negative. They are constantly reacting rather implementing strategies aimed at success.

So can you be a successful boss who can overcome the odds of failing in business? In order to succeed you need to do more than fantasize you need to develop desire, discipline and a high level of resourcefulness. Becoming skillful at what you do is important to your success.

The following are some indicators that may increase your odds of success in business.

A sound decision maker.

Decisions are the backbone of any business. Leaders who are skilled decision makers and take immediate action generally position themselves ahead of the curve. You must make decisions frequently and quickly. Making decisions while under the pressure of risks that could effect the business negatively is necessary.

A good decision maker thinks ahead and their best decisions are not those made in crisis but those made to push the business in unfamiliar territories that set it apart from the others.

A high level of self motivation.

Do you have a winning attitude despite the odds, rejection and the struggles of building a business? Do you embrace the challenges and find healthy competition fun? The passion and desire to be the best and to put in the work required to be number one is very important in business success.

A good solid variety of people skills.

Business requires relationships. Successful business requires positive and effective working relationships. There are a variety of people the boss must establish relationships with including staff,customers, vendors, bankers, partners, web designers, lawyers, accountants and the list goes on and on. Your ability to deal with these different people and personalities has a direct correlation on your business success.

A disciplined learner.

New skills and new technology are commodities in today’s’ business world. You must constantly learn to succeed in business by being able to make these advancements a part of your business. A working knowledge of management, accounting, planning etc. is essential to your success. Those who do not to learn and sharpen skills will fail.

Mental and Physical Stamina.

The ability to lead from the front requires strength and sound health. At times the leader has to be the first one in the office and the last one to leave. This is a prerequisite in to getting where you want to go. Business ownership is a lot of work. Can you work around the clock everyday to get the job done?

A self starter mindset.

It is up to you. All the responsibility of the business is on your shoulders. You have to follow through. If something does not get done it is on you. Managing time and meeting deadlines is one way to lessen risk. Taking personal responsibility to ensure things get done is up to you.

A high level of financial responsibility.

In business there are cycles that rise and fall. There are times of profitability and there are times of loss. Do handle money in a way that will maximize the revenues coming in? Can you establish a budget that will support you and your family as the business grows? Can you handle being the very last person to get paid? The way in which money is handled will determine if the company will reach a point of financial stability in the future.

A balanced work and family.

Business ownership creates a unique set of challenges that require a lot of compromise and understanding. There will be periods of financial problems as the business starts out . There will be a lot of time required out of the home. These are just a few of the strains that are put on the family. The key to getting through this is balance. The family must not become secondary to the business and the family must spend quality time together. The stress of building a business can be quite difficult and matters are complicated when there are unresolved family problems.

The ability to handle struggle.

You are all alone. There is no status, lucrative benefits and salary in the beginning stages of building a business. There are many sacrifices and struggles that must be made to build a successful business. Struggle is a part of the success process. Those who navigate it properly generally fine tune the skills they need to succeed.