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Characteristics of a Successful Business Owner

Published January 14, 2018

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While there is no magic pill you can take to make you into the next Bill Gates or Sara Blakely (where would we be without Microsoft and Spanx?), successful entrepreneurs and business owners share some similar characteristics that helped them reach their potential. Here’s our list of the top 3 most important characteristics of successful business owners.



1. Preparation



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Lucky people don’t make successful business owners, preparation and planning do. Bobby Unser said, “success is when preparation and opportunity meet,” and that statement is as applicable for business owners as it is for NASCAR drivers. Only when you’re prepared will you be able to make calculated risks that could be the catalyst for success!
On the other hand, there’s no way to be prepared for every contingency so don’t take this advice to the extreme. Be prepared, but don’t be too much of a perfectionist if it keeps you from propelling forward.


2. Be Resourceful



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The internet is a great place to research new ways of approaching and improving your business. A simple Google search provides websites like edx.org that offer a plethora of free resources to better your understanding of your customers and their needs, along with the innovative changes happening in businesses worldwide. Utilizing cost-effective tools to help you stay organized (like us here at invoice home) can alleviate time for you to place your focus in other areas. Time is money, so invest where it’s most effective!


3. Know Your Limits



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When making your dream business model, it’s easy to get carried away with goals and aspirations that are unrealistic. Just like with New Year’s Resolutions, we want to start off the year (or new plan) with a bang and plan for perfection. Unfortunately, life is rarely perfect, and it is necessary for the savvy business person to remember their personal limits and the limits of their business. Take stock of what your you’re willing to modify in your approach and determine what small, or moderate, adjustments can be made to help you reach your objectives. Consistency will be key so once you’ve determined what habitual improvements/changes you can maintain, commit to them!



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