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10 Character Traits of Successful Small Business Owners

Updated November 20, 2019

There may be a hundred remarkable character and personality traits that define you or your favorite successful small business owner. When you compare the entrepreneurs behind successful small businesses, however, a handful of traits rise to the top. Here are some of the most common and powerful character traits that describe small business owners who have started successful businesses.

Driven

team members on an obstacle course — Sam Edwards / Getty Images

Most small business owners are driven to succeed; they want to see their businesses grow, from startup to established business. Drive is a very common characteristic among successful entrepreneurs because starting a business can be challenging, and some challenges call for a moderate amount of competitiveness, determination, and motivation.

Goal-Oriented

a woman tacking a paper to a wall — Ezra Bailey / Getty Images

Drive can take a small business owner far, provided there is a target to be reached. Without SMART goals and the ability to focus on the actions required to reach those goals, success can be elusive. Most successful business owners take time to set goals so they have clarity about where they are going and how they intend to get there.

Confident

two children standing on a bench with capes on — Mimi Haddon / Getty Images

Confidence is a very powerful character trait that can instill trust, facilitate respect, and often lead to increased success. The most successful business owners have a steady, quiet confidence that doesn't border on arrogance or egotism.

Passionate

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It can be very difficult to overcome the challenges of starting and running a successful business without a true passion for your work. Some of the most successful small business owners have either directly developed businesses based on their passions, or they are able to incorporate things they are passionate about into the day-to-day operation of their businesses.

Budget-Minded

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Since a significant part of business success can be related to financial success, most successful small business owners become very savvy at creating budgets and sticking to them as they manage the operation of their businesses. This ability to know what funds you have available, where to reduce expenses, and how to make smart decisions when it comes to spending can often determine the success of a small business.

Self-Reliant

a child in a wheat field with a bindle over her shoulder — Miele Dalle / Getty Images

While building and managing a team may be an important part of some small businesses, many successful entrepreneurs also have a defined self-reliance. The ability to think and act independently, without the input of others, is a very common trait among successful small business owners.

Humble

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Many entrepreneurs may be self-reliant, but the most successful are also able to ask for help when they need it, give credit where credit is due, admit when they are wrong, and accept constructive criticism. These small business owners have an ability to keep their feet on the ground during even the most satisfying accomplishment, and never forget where they started from.

Resilient

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Being a small business owner comes with its ups and downs; there are victories, setbacks, chaos, and calm waters. The most successful entrepreneurs are those who are resilient and able to bounce back after an unexpected challenge and get back up after facing a setback.

Focused

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Many small business owners handle a vast array of responsibilities in their businesses, wearing many different hats during the course of the workday. The ability to block out distractions and focus on the immediate issue, task or goal as well as the bigger picture can be a key trait in a successful entrepreneur.

Open-Minded

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While focus is an important trait found in most successful small business owners, it's also important to keep an open mind and consider different perspectives. Small business owners who are willing to consider alternative ideas and try new processes may be more likely to reach significant levels of success.