Three Characteristics of Successful Business Owners

asked about 8 years ago

According to All State Franchise Finders, there are 3 traits common among successful business owners. If you possess these, chances are you too can be successful.

According to Bloomberg, 80 percent of new businesses fail within the first 18 months. That means only two of every 10 business owners succeed past the first one and a half years.

Knowing if you have what it takes to be a successful business owner is one of the most common questions potential franchisees ask. Derek Cafferata, CEO of All State Franchise Finders, says that this is something most potential business owners want to know and understand before making the decision to step into the role of business owner.

With more than 30 years’ experience in the franchising industry, Derek Cafferata and his team at All State Franchise Finders are the franchising experts, helping potential and current business owners through the process of selecting the right franchise opportunity to suit their personal, career, financial and future goals.

“When people consider what it means to be a successful entrepreneur, they tend to think of the heavyweights in business; Steve Jobs, Bill Gates, Richard Branson,” says Derek. “For some, this can be inspiring. But for others, it can be a little daunting.”

People often question whether they have the skills, knowledge and innovation to become a successful business owner. But, as Derek Cafferata so often discusses with those potential franchisees he works with every day, there are some personal characteristics that are common to the vast majority of successful entrepreneurs.

Successful Business Owners Possess Passion

Passion for what you are doing, day in and day out, is a key factor for those who make it through the tough times in business.  It fuels that drive to be successful. “As a franchise owner, you don’t necessarily have to be passionate about your product or service,” says Derek. “You might just have a passion for business, networking and growth.”

This is one of the misconceptions some potential business owners have; that they need to be passionate about and have experience with the specific product or service their business sells. “While this does often help, and is necessary for an owner who wants to be hands-on in their business, it is not always a requirement.”

Successful Business Owners Take Risks

According to Derek, successful business owners understand that risk taking is a necessary part of business. “The difference that sets successful business owners apart is that they understand two important aspects of risk,” says Derek. “Firstly, risk is calculated, not reactionary or on a whim and, secondly, risk taking is not always about money. It might be about risking reputation, time or business relationships.”

Not allowing the fear of failure to hold a business owner back from stepping out and taking that risk is what usually sets him or her apart from the competition.

Successful Business Owners are Adaptable

“The one sure thing about business is that it is always changing,” says Derek. “New technology, competition, market fluctuations and changing buyer habits mean those that are quick to adapt to such changes are far more likely to succeed in business.”

Successful business owners understand that they don’t always know what is around the corner. They are happy to adapt to these changes with speed and self-belief, enabling them to navigate through difficult times and stay ahead of the competition.

If you are thinking of becoming a business owner and want to talk to someone who can give you solid advice and help you navigate through the process of going into business for yourself, contact All State Franchise Finders by calling 1-800-544-2161 or visit their website today.