business focus 35
Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at
www.hwca.com/opinion
of the month
What makes a successful business owner? writes Jane Wills, partner at Haines Watts
SMEs are the backbone of the UK economy but it’s a tough market and not everyone is cut out to be a business owner. So what are the common traits that successful owners typically share?
Confidence
One characteristic above all others is universally shared by entrepreneurs – confidence. Owners have an unfailing belief in themselves; in their ability to start a business and persuade others that their ideas are credible. They trust their intuition and have the confidence to act on it.
Self-awareness
Owners understand what they’re good at and usually know what their limitations are. They find
ways, or people, to complement their talents and plug the gaps in their skills.
Being goal focused
If your business doesn’t meet your personal objectives then it’s unlikely you’re going to be waking up with enthusiasm every morning. When setting goals, owners are clear about what drives them. For some it’s financial success; for others it’s lifestyle or the challenge of a particular industry. Knowing what you want to achieve and what you are prepared to sacrifice to reach these goals is key.
Self-reliance
Being an owner can be an incredibly lonely job. The ability to
work alone and having the courage to ask for help when you need it is vital to lasting the course. Owners engage with stakeholders and use the expertise around them.
Successful owners are highly motivated, curious, willing to take advice, seek help for skills they don’t have and immensely confident that, above all, what they are doing will be a success. Enduring owners also have the ability to evolve and adapt to the changing needs of the business and their role in the business.
If you’re considering starting your
own business talk to as many experts as you can on all areas. If you’re already an owner and need some advice don’t procrastinate – ask for it. Owning a business can be immensely rewarding when entered into fully informed and with the right tools for the job. Good luck.
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THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2015
www.businessmag.co.uk
JIB200.10.15
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