Why a Business Succeeds

Why a Business Succeeds

November 6, 2019 0 By darshanshah834@gmail.com

In my previous article I discussed reasons why businesses fail. Wouldn’t it be nice to know why businesses succeed? Let’s see why…

Characteristics of Successful Business Owners

There are certain qualities successful entrepreneurs share in common. Some types of people are more suited than others to go into business for themselves, but I am a big believer that one who naturally doesn’t have the typical entrepreneurial characteristics doesn’t necessarily mean he or she won’t be a success. However, knowing these entrepreneurial commonalities can give you an idea of your propensity to be a successful business owner:

1) Desire Independence
2) Strong Sense of Initiative
3) Motivated to provide for family
4) Expectation of Quick and Concrete Results
5) Ready to act and react quickly
6) Very dedicated to the business
7) Entered the business as much by chance as design

The Entrepreneur Test

Below are 20 personality traits to gauge your potential as an entrepreneur. On a scale of 0 to 7, with 7 the highest, rank each personality trait:

1) Ability to Communicate
2) Can Motivate Others
3) Organized
4) Accepts Responsibility
5) Can adapt to Change
6) Decision-Making Capability
7) Have Energy & Drive
8) In Good Health
9) Good Human Relations Skills
10) Have Initiative
11) People Person
12) Good Judgment
13) Open-minded
14) Planning Ability
15) Persistent
16) Resourceful
17) Self-Confident
18) Self-Starter
19) Good Listener
20) Risk Taker

Scale:

110-140 Very Strong
85-109 Strong
55-84 Fair
54 and below Weak

As an entrepreneur myself, I tend to be on the strong side of these traits. But not every successful business owner is strong in every one of these areas. This is why successful entrepreneurs’ recruit those who are strong in the areas they may be weak. If you are a hard worker and have the drive to be on your own, then over time you can develop and work on improving these useful skills.