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The Makings of a Successful Business Owner - Finnegan Pierson - Blog

The Makings of a Successful Business Owner

What does it take to be a successful business owner? Is passion enough, or is there something more to it? While it’s not uncommon for people to dream of starting their own business there are some traits that separate those who dream about it and those who succeed.

Persevere Through the Hard Stuff

It’s not easy starting a business. It is very rarely the cakewalk people who have never tried it seem to think it is. Most business owners don’t start with tons of capital and a great team working alongside them, which means they are responsible for everything from marketing to administration, organization to insurance quotes, sales to website development. That’s a lot of work, and odds are, the vast majority of that work is not where their skillsets, passion, or interests lay.

This is important to remember. If you’re going to start your own business, a lot of your time, in the beginning, will be spent doing stuff or learning to do stuff that you don’t like or enjoy. Not exactly what new business owners want to hear, but knowing in advance allows you to mentally prepare to persevere until you can start bringing on employees to help with those things so you can do more of what you love. This is where you see the grit and tenacity of a successful business owner.

Let Go of an Employee Mentality

Many people spend most of their lives working for someone else. The transition from employee to business owner is a big step. As an employee, odds are, you have a set schedule, a reliable wage, set pay periods, time off, a distinct job description, and sick pay. As a business owner, the job description is simply, “whatever needs to be done.” There is not a reliable wage. If you’re not working the business is likely not making money, so sick time and vacation time must be taken strategically, if at all. As a business owner, you work as many hours as you need to.  Often you have regular hours that coincide with your customer's workday and then after hours, you do all the administrative and support tasks necessary to keep the business running.

Depending on the type of business you are building and how you go about it, the first few years can be a grind and if you stay stuck in the employee mentality, you’re likely to end up a statistic. Changing that mindset is important. Understanding that your time is not just trading hours for dollars, but every minute, regardless of whether you love or hate the task at hand, is a minute you are investing into your own dream and vision. Sure, it’s a lot of work, but focusing on why you’re doing what you’re doing, can help take the edge off those hard moments when you’d like to just have a reliable paycheck.

Refuse to Go It Alone

Starting and building a successful business can feel like a lonely road, and often it is. However, by seeking out networking opportunities available through your local Chamber of Commerce or trade associations, you can often find help and support from others who are further down the road than you are. The comradery can be just the encouragement you need when your own determination is failing. In addition, you’ll likely begin meeting professionals in service industries you are going to need, such as CPAs, attorneys and bookkeepers and often these types of businesses will offer significant discounts to association or networking members. So, while getting to know others in your industry may not be your thing, the connections with those whose services you will likely need can prove to be invaluable.

So much goes into building a successful business. Perseverance, intentionally shifting your approach to work and a willingness to network with others are just a few of the traits that separate successful business owners from the statistics.

Publish Date: October 7, 2021 6:20 PM



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