To be successful, a business owner has to have some key traits, and one of those things is guts. It’s great to be your own boss, but running and growing a business is not for the faint of heart. An owner experiences long hours, long weeks, and extreme highs and lows, which requires some guts to stick it out.
Startups are taking a gamble.
If you’re running a startup company, then you need to be especially bold, due to the risky nature of a startup of any kind. Your average small business can be risky, as it is, but a startup is even more so.
You may be sitting on a gold mine, but startups are usually just an educated attempt, by nature. It usually means that you are testing an original idea for a product or service, and only time will tell if the market accepts it.
This is why startup owners are a different breed of entrepreneur, who will take a great deal of risk and bet on the promise of a greater ROI.
Sink or swim—it’s on you, Boss.
Up until the day you decide to embark on your own journey as an entrepreneur, you most likely had jobs where you answered to someone. Ultimately, you worked for the owner, and he or she shouldered all the responsibility.
Once you become your own boss, you now reap the rewards of success, or the consequences of failure. At times, it will require nerves of steel.
You need to keep your head throughout market shifts.
It would be great if, once you went to market and it responded positively to your product, it would always stay that way.
Unfortunately, the market is always changing, and it is very demanding of small businesses. You have to be able to weather the storm, and be always ready to pivot, if necessary.
You have to make split-decisions on the regular.
There’s pretty much not a day that goes by, that a business owner doesn’t have to make tough decisions. Whether it’s opening a new store, or deciding if you should put more money into advertising, these are the kinds of choices that an owner faces daily.
There usually isn’t much time to consider these choices, either, which is why bold, decisive action is necessary to keep your business running and growing.