Popular magazines focused on helping small business owners succeed, such as Forbes, Entrepreneur, and Fortune, love to write and publish articles related to key traits of successful entrepreneurs. I guess this topic is popular for inspiring entrepreneurs. Unfortunately, most people associate ‘traits’ with concepts, such as hair color, eye color, and height or weight. In other words, most people think of traits as something that cannot be changed. From this association, in my most humble of opinions, wording, or phrasing, of their motivational compositions needs to be adjusted to reflect, or at least focus upon, ‘actions’ that successful entrepreneurs take in order to achieve success. With this foundation set, the two most important actions that I have found that successful business owners take is writing a business plan / strategic plan and persistence in fund-raising.
Business Plan and Strategic Plans
I combine business plans and strategic plans as one of the same for the simple fact that successful business owners need both in order to succeed. To illustrate this point, a person may associate the business plan as a ‘car.’ This is a vehicle that will take a business owner where they want to go. Without designing your car, you are almost letting ‘fate’ build your business (car). Not a great idea.
As for strategic plans, this may be thought of as a roadmap to where you, the business owner, want to go. This is because good strategic plans will have an end objective, specific objectives that need to be obtained in order to reach the end objective, and actionable items that will help the business owner attain each objective.
Keep in mind; some people may have the car (business plan), which they can drive in circles and get nowhere (no strategic plan). Also, some business owners may have the roadmap, which is a strategic plan, and without a vehicle (business plan), they set upon their journey with a new pair shoes, in other words, no business plan. Of course, a business owner may eventually get where they want to go without a strategic plan or business plan, it is just that to take them a whole lot longer… and they may not even remember where they were headed without written plans.
The second action that successful entrepreneurs take, based on my research as a business plan writer, is embracing persistence on a daily basis. Persistence may be displayed during the fundraising process by continually presenting their business concepts and ideas to potential investors. When their business starts, they may display persistent by going the extra mile continuously for their customers. Regardless of how persistence is embraced, this action is necessitated on a continuous basis to ensure continued success.
In summary, small business owners should not worry so much about personal or physical characteristics or traits. From my experience, as the owner of Quality Business Plan, personality and physical traits mean very little for an entrepreneur’s long-term success. It is more the actions that they take a continuous basis that defines and increases the likelihood of success.
Author: Paul Borosky, Doctoral Candidate, MBA., Author