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The No.1 Attribute of a Business Owner

INTRODUCTION                                          

Being a successful business owner and being able to carve a niche for your brand will require you to have a multitude of skills.

Unlike being an employee where you are given specific roles to play, being a business will require you to be a utility player on whose shoulder rests every other aspect of the business.

Business QwnerAnd while a lot of new Business Owners or even CEOs have different combinations of these skills, there is one that is by far a MUST-HAVE, and will absolutely impact the future of your business.

START-UP PROBLEMS YOU NEED TO SOLVE AS A BUSINESS OWNER                                           

Let us see some of the problems you will need to solve as a new Business Owner:

  • As a startup CEO, you must convince yourself of your ideas and a future vision. Simply put, if you don’t believe 100% in your ideas, nobody else will
  • Next, you must convince your partner(s) or your investors – depending on the scale you start off at. If you’re starting out from your garage, you will have to convince your Spouse, especially if you plan on quitting your job and starting in business full-time.
  • Next you will have to attract employees – Good talent who believes in your dreams and may have to work with you at less-than-market price.

When the Company grows, you will have to manage conflict, and keep the dream alive.

When your company grows, it increases in complexity.

Hundreds of people, tens of offices, a thousand different drivers and intentions and agendas.  Over time you will have drift.  Even the best system for corporate goal management will fail.  At this point it falls again on the Founder to be equal parts ambassador and leader, and keep moving the business forward.

  • Lastly and MOST importantly you will have to bring in the first few customers, to be able to pay the bills and have the business survive and thrive.

Later, as the company grows, you will need to close key accounts and help your sales team with the toughest prospects. You must be willing to go out there and pitch your product, ask for the sale, and bring in money from early customers.

THE MOST IMPORTANT SKILL

It follows, then, that the MOST critical skill you will need, in order to be successful in your first business venture – is SELLING SKILL.

In every business; starting from corner shops up the ladder to those listed in Fortune 500, nothing happens until a sale is made in one way or the other.

A sale is the nucleus upon which every other sector revolves around. As a founder, business owner or CEO, you will need to communicate effectively with diverse people – Employees, Customers, Investors and the like.

All these activities involve making critical decisions with the overall aim of Selling Something to Someone.

Sales it is the backbone of every business, and its positive or negative results will have profound effect on the success or otherwise of any given brand. Therefore, it is very crucial for a founder or business owner to learn and understand selling skill before venturing into any startup.

If you don’t think you’re very good at it, start learning.

If you’re leading, you’re probably selling.

[Also Read: 3 Big Reasons Why You Don’t Own Your Own Business ]

Additionally, I present to you the 4 most important skills and attributes you need to possess (in addition to Selling Skill) before quitting your job to become a business owner

 

  1. Integrity

Generally, salespeople and integrity are two words that are scarcely found in the same sentence. However, the truth is that integrity is a powerful trait that salespeople can imbibe, to achieve great results.

The most successful salespeople are those that have earned the trust of buyers, who have strong faith that they are always reliable and trustworthy, at all times.

This notion is even more evident for business owners or CEOs.

If integrity is important for salespeople, then it is a very crucial necessity for a business owner.

For instance, if a business owner’s integrity is called to question based on issues bordering on dishonesty or other unethical behavior, and such accusation becomes public knowledge, the entire business or brand will come under serious threat.

Therefore, in essence, integrity is a must-have quality for a business owner.

  1. Being Self Driven

To be a successful business owner requires responsibility, discipline and dedication. In a nutshell, you must be self-driven.

To keep a business or brand afloat and successful, you will need to pay constant attention even to the very basic details.

You will need to exude confidence and limitless energy while pushing constantly regardless of whatever challenges you may face.

Complacency or allowing yourself to be stuck in a rut is dangerous to business growth. You must understand that your competitors are not sleeping at all and are doing everything possible outmaneuver you.

So you need to be ambitious and continue raising the bar on yourself by setting new goals each time you overcome a previous one. Even the world’s richest entrepreneurs are not resting on their laurels as they continue to strive for more in a dynamic and ever changing world.

  1. Strategic Thinking

As a business owner, you should always endeavor to be one step ahead of competitors as well as customers.

This is where strategic thinking becomes vital, because for you to improve on the status quo, you will need to figure out how to make more sales.

Nothing should be taking for granted as you keep evaluating on possible ways to achieve even greater results.

Questions like;

  • What are the challenges I’m facing?
  • How do I solve them and what is the most effective way to overcome them?
  • How do I make my transactions more efficiently?

What are the short, medium- and long-term action plan geared towards making more sales, growing faster and ultimately increasing revenue substantially?

Achieving great success does not happen by chance, rather it comes to those who work for it and persevere even in the face of daunting challenges.

  1. Have Conviction

Being confident is a desirable trait we all need as humans trying to overcome life’s daily challenges, but as a business owner, confidence is not only desirable but equally a crucial necessity.

You must have confidence in your brand and its offerings.

Psychologically, having conviction within you will have a positive ripple effect on your business, and you should also bear in mind that confidence is contagious; therefore, your personal conviction could be transferred to your potential customers, employees and investors – thereby inspiring them to believe in your brand.

Don’t worry – if you think this is going to be tough, you’re wrong….It’s going to be tougher.

Do all startup owners have all these traits – No!

In fact, smart Business Owners surround themselves with people that compensate for their own weak points.

[Also Read: When the Principles Are Right, Even Failures are Forgiven]

Don’t be afraid to fail, or make stupid mistakes.

People who only like to work on things that will make them look good are bad startup CEO material.

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