In this article, we will explore the 15 qualities of a good businessman and how you can develop these traits to excel in your entrepreneurial journey.
As an aspiring entrepreneur, have you ever looked at successful store owners with envy? Wondering how they manage to run their business so smoothly and effortlessly? The truth is some certain qualities and traits set successful store owners apart from the rest.
The way they run their business is almost lyrical.
Or like being at the symphony and watching all the moving parts of an orchestra come together so beautifully under the guidance and direction of someone wielding a stick.
Envy is pointless.
Instead, take the time to learn how to be just like that successful store owner. Like a conductor wielding a baton and keeping everything moving at just the right time and in just the right place.
So, where do we get started?
15 Qualities Of A Good Businessman
Successful store owners possess a unique set of qualities that enable them to thrive in the competitive world of business. These qualities not only contribute to their success but also ensure the growth and sustainability of their businesses.
Let’s delve into the 15 qualities of a good businessman and understand how you can cultivate these traits to become a successful store owner:
1. Take action
How much can you achieve if you sit back and watch as the world changes around you? Perhaps waiting for the perfect moment before you take action.
Trust me, waiting for the sun, moon, and stars to align just right isn’t going to happen. Because things are always in flux, so just when you think that grand alignment is about to take place, something you hadn’t thought of will change.
So, make a plan. Then, act on it. So what if you fail?
If you learn a lesson from your failure, then it isn’t all bad. You want to learn. You’ll never learn if you stay in your safe zone, and likely never reach your full potential.
Understand that when you do take action the reaction isn’t always immediate. Taking action often means a lot of up-front work, so it’s understandable to want instant results.
And this is where a lot of people fail. They plan they take the necessary action, and then when instant success isn’t realized they veer off on another tangent.
So let’s add give it time. Take action, then allow time to see results.
2. Be crafty or resourceful
No, I’m not suggesting you take up scrapbooking and crochet. But scrapbooking may be a good analogy.
Most of us don’t start a business with everything we need to succeed. Tangible resources of any kind may be scarce. You might have sunk your last dime into your dream only to find you didn’t think of something. Something important. Something necessary. But now you don’t have the money to buy it.
Will you just throw up your hands and say game over? I hope not.
A smart, successful business owner will find a way. Like that scrapbooker, they may have to collect bits and pieces from here and there to complete their project. Build their business. But they’re crafty—not to mention creative—and they will find a way.
3. Be obsessed with cash flow
Revenue is awesome. Really awesome. Do you know what’s even better? Profit. Don’t take your eyes off that ball because a lack of cash flow is ranked as the number one reason why businesses fail.
If you’re hit with an unexpected expense that wipes out your bank account, things can get ugly.
Without cash, you can’t run a business. You can’t pay your employees—even if your only employee is you. You can’t purchase supplies—or stock.
You’re a store owner. Where will you be without stock to fill your store?
Build up a significant cash reserve. Obsess your account balance. And when you snag your first big sale or client, don’t have a party with your profits.
Put them away, and watch them grow, because there will come a time when you need them.
4. Be an optimist
Frankly, I don’t think anyone starts up an e-commerce business, or any type of business for that matter, without being something of an optimist.
Optimism is a great quality for a store owner. If you had it to start with, don’t let it burn out. You’re going to face obstacles and defeat a time or ten along the way. Accept that and move on.
Dwell on the obstacle you managed to push out of the way and the times you won.
If you’re pessimistic, there’s a good chance you’ll fail at number one above, which is to take action. You’ll never see the potential and successes, you’ll only see the risks and the failures.
Optimism is powerful, so don’t hold it back. Instead of being hindered like the pessimistic person is, your positive outlook feeds your success. Have an endgame in mind, a vision of your long-term business goals achieved. Optimism will help get you there.
5. Work hard
This should be self-explanatory, but let’s flesh it out.
Here’s a really interesting quote I found.
“Work like there is someone working twenty-four hours a day to take it all away from you.”Mark Cuban
Imagine that for a moment. How hard would you work if you knew someone was diligently trying to rob you of your success? Assuming you’re not a quitter, you are just going to work all the harder to make sure they don’t succeed. That’s the way you need to work every day. Head down, nose to the grindstone.
When all your friends and family are out having fun and you know you still have a list of things to accomplish, where are you? Out on the boat? Nope.
You know there really is someone out there trying to steal your business from you. Your competition. Don’t give them an inch—you know what will happen.
6. Be a good listener
Sometimes the best ideas happen when we brainstorm with someone. Or we realize where we went wrong when customers offer feedback. Maybe an employee who actually works on the line has a suggestion to make a process run more efficiently.
Are you listening? Or do you think you already know it all? You don’t.
Everyone has a different perspective and taking all those different angles into account and then implementing them can add limitless value.
And you know what? When people realize you listen to what they say, and that you care about what they say, you create loyalty. Chances are you want loyal employees and loyal customers.
7. Recover quickly
You took action. You were optimistic and proactive. You had the cash flow and you’re certainly working your butt off. But it all went wrong.
Your failure was spectacular.
That’s sucks and you deserve to host a pity party for yourself, you really do. But suck it up, buttercup. Get all those negative emotions dealt with and move on. Wallowing in your failure will impede progress. It’s like quicksand, sucking you in.
8. Think strategically
Strategic thinking is a quality that sets apart good businessmen from the rest.
They have a clear vision for their business and develop long-term strategies to achieve their goals. Successful store owners analyze market trends, identify opportunities, and make data-backed decisions. They are forward-thinking and anticipate potential challenges and obstacles.
Strategic thinking enables them to make informed choices and take calculated risks, ultimately driving the success of their business.
9. Be empathetic
Another quality that can’t be undermined is empathy — believe me or not, it goes a long way!
Good businessmen genuinely care about their customers, employees, and stakeholders, and actively listen to their needs and concerns.
By being empathetic and understanding, successful store owners create a positive and supportive work environment. They also use customer feedback to improve their products and services, ensuring customer satisfaction and loyalty.
10. Learn from your failure
Failure is an inevitable part of the entrepreneurial journey.
Successful store owners view failure as a chance to learn and grow. Instead of being discouraged by failure, they examine what went wrong, understand why it happened, and use those lessons to improve.
They see failure as a stepping stone to success.
By learning from their mistakes, they become better at what they do and can adapt to changes in the business world, ultimately becoming more successful.
11. Focus on networking
Being a successful store owner is not just about selling products—it’s about making connections and building relationships.
Think of it like making friends in the business world. Successful store owners actively reach out to others in their industry, chat with potential customers, and connect with people who can support their store. It’s like having a group of buddies who help each other out.
Good store owners know that these connections can lead to exciting collaborations, partnerships, and new opportunities. By being friendly and keeping a positive vibe, they create a community that cheers for their store. It’s like having a bunch of pals cheering for your success.
12. Never stop learning
Successful store owners never stop learning.
They have a thirst for knowledge and seek opportunities to expand their skills and expertise.
Continuous learning allows them to stay updated with:
- industry trends,
- emerging technologies,
- best practices,
- and many more.
Good businessmen invest in their personal and professional development, whether through attending conferences, workshops, or online courses. By continuously learning and adapting, they stay ahead of the curve and maintain a competitive edge in the market.
14. Good decision-making skills
Effective decision-making is also a crucial quality of a good businessman.
It’s like being the captain of your ship. Great store owners are sure of themselves when they make decisions, even when those decisions are hard.
They gather all the info they need, think about the good and bad points, and then make a choice based on what they know. Good businessmen know that being wishy-washy can hold them back from getting stuff done and growing their stores.
15. Time management
And speaking of being the captain of your ship…
Just like sailors chart their course to reach their destination, successful store owners understand the importance of steering their time in the right direction. They know that time is precious, so they carefully plan their tasks and focus on what matters most.
By setting clear goals, sticking to deadlines, and avoiding distractions, they stay on course and make the most of every moment. This not only helps them get more done but also leaves them with time to enjoy life outside of work!
To become a successful store owner, you need to have certain qualities that make a good businessman. By working on these traits, you can improve your skills as an entrepreneur and boost your chances of succeeding in your business.
In this article, we shared 15 qualities of a good businessman:
- Take action
- Be crafty or resourceful
- Be obsessed with cash flow
- Work hard
- Be a good listener
- Recover quickly
- Think strategically
- Be empathetic
- Learn from your failure
- Focus on networking
- Never stop learning
- Good decision-making skills
- Time management
Do you have any questions about this article? Let us know in the comments!