Just like great football teams in today’s National Football League, the basic ingredients of all successful small businesses starts with a winning quarterback: the owner.
Increasingly sports team scouts — especially in the NFL and National Basketball Association — are relying on biometrics — the quantitative-based study and analysis of professional athletes — to make draft picks. Coaches and scouts use biometrics to analyze closely the capabilities of each rookie they are considering.
The unique characteristics of each player being considered are closely watched and factored into the final decision: the mechanics of their movements, the acceleration of their running styles, the height and range of their jumping abilities, etc. Today’s successful professional sports teams have all mastered the science of biometrics as a key to success.
Business counselors and advisors have also devoted a great deal of time breaking down the personality characteristics of some of the world’s most successful entrepreneurs. Business writers have detailed some of the most common traits of good business people.
Ask any banker, accountant, or advisor and they will tell you that the most important aspect of any business is the ability of the “jockey” — or owner — to pull any and all aspects of the business together. The ability of some entrepreneurs to orchestrate successful business ventures is oftentimes based on several personality traits that are common among the most profitable business owners.
Most of these traits are obvious, others not so much. But observers have noted that many, if not most, entrepreneurs share these common personality characteristics:
- Optimism – Most entrepreneurs tend to have a very sunny, “glass half full” outlook on life. Any business owner worth his or her salt has to be a bit of an optimist to risk a great deal of time and financial resources to build a business enterprise.
- Tenacity – Most entrepreneurs have to be willing to keep pushing, despite whatever odds are stacked against them. Very often entrepreneurs must face the prospect of having sponsors, lenders, and perspective partners tell them “No”. They have to be willing and able to bounce back from letdowns.
- Vision – Most entrepreneurs have the ability to envision a new product, service, process, and/or organization (usually their own business enterprise) that does not currently exist.
- Passion – Most business owners are driven by an overriding passion to build a successful business enterprise or to achieve financial independence. That strong desire is the fuel that powers his or her ability to work long hours and make personal sacrifices in order to succeed.
- Decisiveness – Most business owners usually have the ability to quickly make decisions that will reduce costs, change procedures, or pursue new growth opportunities. Entrepreneurs need this trait to help the organization survive and thrive.
- Resilience – Entrepreneurs must be able to adapt to any and all situations. Businesses and business owners will face various boom and bust cycles that must be weathered to ensure continued growth.
- Fiscally Prudent – In the beginning, most entrepreneurs should build up their cash reserves while they are building the business. Most business owners will tell anyone who listens that – after employee payroll and all business expenses are funded – they are the last to be paid.
These are just a few of the traits generally common to business leaders and risk-takers. Other characteristics include a willingness to accept ambiguity, the ability to sell, fearlessness, and balance.
Most of these characteristics are not genetic; they can be learned. In order to take on the challenge of business ownership, individuals should strive to find ways to expand these traits as part of their personal growth and experience.
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Originally published March 1, 2016 in The Real Deal Press.
Updated November 18, 2021.