Don’t let their title fool you, small business owners may run businesses that are small in size, but boy are they mighty. These special entrepreneurs play the most significant role in the economy. Yup, there are about 125 million small businesses in the world. I told you they were a mighty group of people. The global economy relies on these scrappy, ambitious, and hardworking people to sell amazing products and services to billions of people. This article will do a deep dive into the top ten traits of small business owners to help you know if you’re like this remarkable group of people.
10+ Traits of Small Business Owners
1. They’re Scrappy
Small business owners are determined to succeed. They don’t let a low budget get in the way of their success. Nope. They’ll always find a way to promote their business cost-effectively while ensuring their company has a broad reach. They’re likely the brains behind some of the epic marketing their business does. They’re not just an owner; they’re a doer. And they’ll do what it takes to make their small business a popular one. Because let’s face it, small businesses can still be insanely successful. Small business owners have gone viral on multiple occasions too. Think of the Toronto restaurant owner Michael Hunter who ended up on the Joe Rogan podcast after making headlines for cutting an animal leg at a window with protestors right outside. His small business had a waiting list for months. Now we’re not saying you need to be controversial to succeed. But we will say, sometimes the simplest actions to promote yourself can drive up demand and popularity. And small business owners know that better than anybody else.
2. They’re Ambitious
Small business owners are some of the most ambitious entrepreneurs you’ll ever meet. When they set their mind to something, they go all out. These go-getters tend to strive to build an empire much bigger than themselves. They might also aim to have a significant impact on the world. The size of their team doesn’t equal the size of their success.
In many cases, small business owners have businesses that reach a global audience. It’s also possible for them to build a million or even billion-dollar companies while keeping a tight-knit and small team. As their business grows, they reach more people in their communities and worldwide, making them a huge success. Some might even set out for world domination– ahem, business world domination. And if there’s anyone who can achieve a global reach, it’s a small business owner. Don’t mess with them or try to sell them short because these guys and gals know how to compete.
3. They’re Budget-Conscious
Small business owners are the most budget-conscious entrepreneurs you’ll ever find. There are two critical reasons for this. First, they tend to have smaller teams working under them. Most small business owners don’t transition into large businesses because hiring people is the most expensive thing you can do. It’s better to keep a small, manageable team than to overhire. Small business owners hire for the exact roles they need. No more, no less. The second reason why they may lean towards being more budget-conscious is that in some cases, they’re under five years old. If you own a new business, you’ll likely be wise about your spending since you know that it’s hard to get access to cash in the beginning. In the early days, there’s a lot of upfront investment you need to make, so you need to make sure you’re always spending your money well. Otherwise, your business will be kaput in no time. And nobody wants that!
4. They’re Focused
Small business owners got their eyes on the prize. Their ability to laser-focus on a common goal is what makes them some of the most impressive people you’ll ever meet. The fascinating thing about small business owners is that they play the long-term game. So that means they can stay focused for a long time. While they wear many hats, they often have one area that they zoom in on more than the others– their best skill. This allows them to scale something up quickly. So if they’re good at marketing, that might be the hat they wear most of the time. When it comes to those laser-focused goals, they typically try to unite their whole team to one. This allows everyone to strive to accomplish the big goal the company aims for. So maybe that’s one million dollars in revenue or one million monthly website visitors. Whatever the big goal the small business owner sets for him or herself and their team, they zoom in on it to achieve it in the greatest way imaginable.
5. They’re Resourceful
If you want to meet someone who knows how to get stuff done, look for small business owners. They’re the type of people who know how to research how to do something. What they don’t know, they Google. They use the internet, online courses, their network of friends, and colleagues to figure out how to do things or accomplish big goals. They know how to bring people together to solve a complicated problem. They know how to solve small problems on their own. They can adapt to any situation because their brain continually looks for new solutions. When things go wrong, they know how to make them right again.
6. They Wear Many Hats
When most people say, “entrepreneurs wear many hats,” what they mean is “small business owners wear many hats.” An entrepreneur of a billion-dollar company isn’t creating ad campaigns anymore. They’ve got investors and board members they’ve got to keep happy. However, that small business owner is still running Facebook ads, hosting events, doing some media outreach, and running their business. Some days, small business owners wear their fanciest blazers as they pitch to investors for a round of funding. Other days, they’re in their sweatpants, making sure everything in their warehouse is running smoothly. Small business owners have broad skills and tons of knowledge. They know a little bit about everything. It’s this full scope of business in general that helps them elevate their teams and companies to greater heights.
7. They’re Leaders
Small business owners are the leaders in the world. They see a problem, and they go out there and fix it. They take the initiative in everything they do. If you want to see immediate action, it’s these guys and gals you’ll want to call up. Small business owners are the type of people to set-up a business quickly to help solve people’s problems, connect them with a product they’ll love, or provide a service they need. They can command the attention of the team and draw their focus to a single vision. They’re people leaders, industry leaders, and sales leaders. If you want someone you can look up to, they’d probably encourage you to lead yourself to greater heights because leaders create leaders. So if you’re looking for someone to spearhead a project, campaign, or resolution to a burning problem, you’ll want to connect with a small business owner.
8. They’re Creative
Are you looking for some extra pizazz in a big project? Well, you’ll likely want to turn to a small business owner. As we’ve mentioned earlier, they tend to work with smaller budgets. But don’t assume that a small budget can’t lead to a big idea. These small business owners are some of the most creative people you’ll ever meet. Their outside of the box ideas are in a whole other dimension. Creative people tend to read often so that they can pull ideas from different areas to create something no one else could think of. Many describe themselves as storytellers crafting a story that brings you on a journey to their product or service.
9. They’re Hard Workers
Most small business owners work in the company that they own. They put in a fair bit of hard work to make their empire a huge success. They know what it’s like to work early mornings, late evenings, and on weekends. They don’t mind it, though. They know that the more work they put into their business, the more they’ll get out of it. Plus, some small business owners know that if they work hard enough for those first few years, they can enjoy an early retirement down the road. And who wouldn’t love to retire when they’re still young and healthy? These entrepreneurs have learned from experience that hard work pays off. They may sacrifice their blood, sweat, and tears, but it’s been a thrill for them to see their business’ success climb the ranks over the years. As time goes by, they keep getting better. Small business owners are all about putting in the work to help them achieve long-term success. They don’t procrastinate, and ultimately, they just get stuff done.
10. They Don’t Give Up
The reason these special entrepreneurs became small business owners is that they didn’t give up. Nope! They persisted in running their business despite entrepreneurial storms, bad months, and international pandemics trying to knock them out of place. An entrepreneurial roller coaster is indeed a wild ride. And while we love the highs, we need to keep pushing forward during the lows. Small business owners are the reason for the thriving economy in your hometown (and in the next country over). And with the ability to sell to an international audience, these small business owners can benefit from big gains. A business isn’t considered small based on how much it earns but on how many people it hires. And small business owners show that you can be a raving success, even with a small team. With these types of entrepreneurs, any obstacle can be overcome, and any accomplishment can be achieved.
11. They Do What They Enjoy
Small business owners know that life’s short. So while they’re out there living, they’re living their best life. They’re the type of people who take life by the horns. They know what they want out of life, so instead of putting it off, they do it now. They’re doing the work they love. They hire the people they love (often their families). And they choose the activities that make them happy. While most of the world fears joy, scared that they’ll lose it all if they show people how happy they are, these brave leaders celebrate it. Their whole life is centered around the things that make them happy. If you’ve only got one life, why waste time doing something you hate for someone you don’t like. Small business owners know how true this statement is, which is why they work for themselves.
12. They’re Approachable
Small business owners are the most approachable entrepreneurs you’ll ever meet. What distinguishes them the most is that they take the time to get to know their customers. Some retailers know their customers by their first name and stay up to date with news in their lives. Ultimately, they build strong relationships with their customers to get to know them on a personal level. It’s this approachable personality that helps skyrocket their business to success. They connect with people on a personal level to make each customer feel like the most important person in the world. And that’s what keeps customers coming back.
Small business owners are the lifeline of the world economy. Without them, the world wouldn’t move forward, innovate, or evolve. They keep progress moving. As leaders, they take action to solve burning problems by providing simple solutions people desperately need. They work hard to create new products and help people in their communities and the world at large. They know how to use Google to learn new skills or help them accomplish their goals. They know a little bit about a lot, which helps them stay relevant. It also helps small business owners spot opportunities any chance they get. They’re budget-conscious and avoid making expensive decisions or mistakes. And they’re the type of people who just don’t quit. They know very well how much of a rollercoaster entrepreneurship is. So if you’re thinking about becoming a small business owner, buckle up because you’re in for a wild ride.