Characteristics of Successful Business Owners

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If you are thinking of purchasing a small business and operating it, perhaps you are wondering if you have what it takes to run a business successfully.  Are certain characteristics common in successful business owners?  Perhaps this will help you decide if you have what it takes to run a business.

Were your parents business owners and did you grow up in the family business?  If not your parents, then maybe a close relative owns a successful business.  In fact, counting such businesses as law practices and farms, many business owners come from a family heritage of individual businesses.

Are you a legal immigrant?  There is a high correlation between legal immigrants and entrepreneurs.  In this sense, immigrant includes not only those who were born outside the United States, but also those who moved from farm to city or maybe from the Midwest to the west coast or east coast.  When many of these citizens find it difficult to locate a good job, they start a business or buy a business to do something with which they are familiar.  This brings knowledge from other cultures into our country and provides a good living for many immigrants.

Did you have a paper route?  An entrepreneurial streak shows up early in life.  While rising at 5:30 a.m. undoubtedly builds moral fiber, it would have been even more indicative of business owner tendencies if you had subcontracted the deliveries to a younger sibling and obtained an adjoining route for yourself.

Were you a good student?  The typical business owner is not necessarily a model student.  He or she is often more interested in finding ways to make money than in making good grades.  Many business owners, however, have college degrees and may apply that knowledge to make even more successful businesses.

What is your favorite spectator sport?  The best answer would be none.  Many times business owners are poor spectators.  They can’t seem to watch games for any length of time and thrive on working to make their business more successful.  It is important, however, for a business owner to take time from business to enjoy quiet times, family and friends.   

What size company do you work for?  A large number of business owners come from medium-sized companies, those with 30 to 500 employees.

Have you ever been fired?  It may not look good on your resume, but it indicates that you like to be in control and make decisions about what is important in your work.  

Are you an inventor?  This is not a positive indicator.  Inventors fall in love with their products, and they are not really interested in sharing the fruits of their labors.  They like to invent products and are not really interested in pricing or marketing them.

How old are you?  The ideal age for starting a business seems to be between thirty and forty.  It takes a certain number of years to build the business self confidence that will carry the business owner beyond the adversity certain to be encountered in his/her new venture.  It also takes time to develop a mass of frustration with being an employee.  Furthermore, as a person reaches the early forties, not only finances but family life will have begun to increase and college tuition for the children is fast approaching.  Also, people are locked into the corporate pension plan.  While some people feel secure in their positions in the corporate world and are afraid to give up the stability of their corporate life, others decide to buy a business so they have better control of their future.  Having your own business not only gives you the ability to work hard and make decisions to increase your business, it also allows you the freedom to schedule your hours to participate more with family activities.  When deciding to become a business owner, however, it is important to factor in the time usually required to work longer hours the first few years.

The final question is when do you plan to retire?  It doesn’t matter much what you answer.  If you’re a business owner, you may never retire.  Business owners sell their businesses and think they are going to retire, but pretty soon they buy another business or take the money and start something 

Buy a business and enjoy! 

  • Author: Pat Jones
  • Title: President/Owner - Business Broker
  • Company: Pat Jones Business Brokers
  • Company Website: http://www.patjones.biz/
  • Date: August 16, 2018
  • Category: Buying a Franchise or Business
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