Insights: Article

Good Habits for Business Owners

By Dan Macintosh

March 05, 2018

When entrepreneurs set out to start a new business, they know there are several possible outcomes, including success or failure. So how do you, as a business owner, position your business to come out on top?

There many attributes of successful business owners, but here are 10 habits we think are incredibly essential to the success of small to mid-sized business owners:

  1. They recognize opportunities | Successful business owners have a knack for identifying opportunities. While some might see an idea as a bit too crazy and strange, the business owner is able to think outside the box and see the benefits hiding under the shell. Successful business owners seek opportunities by going where others don’t go. They are daring, and will take risks in order to find opportunities for success.

  1. They are inquisitive | The inquisitive nature of successful business owners is a quality that should not be ignored. Being inquisitive pushes business owners to seek out mentors for help and ideas, and these mentors can help them navigate the waters of business ownership. Through this, they are able to gain advice and experience that can add to their success. They may also find new ways of doing things that can complement their skills. They may also ask questions about new trends and ideas in order to soak up as much information as possible. They are not afraid to ask questions, and are always looking for new learning opportunities.

  2. They get back up again | Failure is an inevitable part of life, and successful business owners know and embrace this concept. They see failure as an opportunity to learn and grow, rather than the be-all end-all. They recognize that from the lows can give way to the highs, which can lead to business growth and success.

  3. They move on | The idea of flexibility goes hand in hand with accepting of failure. When mistakes are made, business owners are ready to adjust and bounce back quickly, rather than being brought down by the mistakes. They are able to look at their offerings, and make changes as necessary to make their product better to fit the needs of their customers. They’re often able to make needed changes at a quick pace in order to keep their business moving along smoothly.

  4. They know that confidence is key | Successful business owners can’t be stopped. They know that haters and self-doubt can’t bring them down. They have a goal in mind, and they know what they need to do in order to reach it. With a persistent and can-do attitude, and their heads held high with confidence, successful business owners go after their dreams knowing they cannot be stopped.

  5. They have winning teams | Successful business owners know that teamwork is a key to success (check out the benefits of teamwork here), and that without team members, the business would be falling apart. Not only are they good at creating smaller teams within the business, but they also have cohesion at a higher level spanning across the entire business.

  6. They make things work | Being able to have a dream, create a plan to follow this dream and make the dream become reality is a skill of successful business owners. They are able to recognize what is necessary to make this plans come to life; whether it be knowing their target market or having a solid financial strategy, these business owners are no strangers to pulling out all the stops to make sure plans are put into action.

  7. They pace themselves | Successful business owners understand they can’t do everything all at once. Because of this, they understand the importance of prioritizing tasks and working on what needs the most attention at the time. They often complete work in small amounts, which adds up in the end. Although the process may take some time, they understand that a slow and steady pace wins the race.

  8. They delegate | Along with knowing they can’t do everything at once, successful business owners also realize they also cannot do everything in general. They often assign tasks to teams within the business. Along with this, they also choose to outsource some business processes they know can’t be completed in house. They recognize their limitations, and are sure to delegate when tasks don’t fall in this scope. Delegating allows for business owners to work on the business, rather than in the business.

  9. They are big dreamers | Last but not least, successful business owners are big dreamers. What does this mean? They see the business in their mind, and know where they want it to go and grow. They believe in their dreams, and they dare to see what’s possible.

In the end, the success of your business depends on you and your leadership. Practicing these 10 habits can be a great way to get you and your business on the track to success.

Latest Insights

September 24, 2018
Article
Since the Affordable Care Act became reality, businesses have been scrambling to figure out what compliance looks like and how best to comply.
September 24, 2018
Article
In auto dealerships, showrooms, car lots and implement dealerships, there is a constant flurry of activity. One area that can easily get overlooked is cybersecurity.
September 21, 2018
Article
In the wake of hurricanes, devastating results have been experienced by communities and businesses throughout the Texas Gulf Coast, Caribbean, Florida and southeastern United States. As a result of these catastrophes, businesses will turn to…
September 20, 2018
Firm News
Eide Bailly LLP announced the winners of its 2018 Nonprofit Resourcefullness Awards, recognizing creative and sustainable revenue ideas from nonprofits in Arizona, Colorado, Minnesota, North Dakota and Utah.
September 19, 2018
Article
The IRS has started sending out Letter 5699 asking businesses to verify if they should have filed Forms 1094/1095-C. These forms are required for all ALEs.
September 19, 2018
Recorded Webinar
Are you considering doing business or having employees in Pennsylvania? Have you had issues with your state tax filing? Join our state and local tax team for some helpful insights into Pennsylvania tax filings.
September 19, 2018
Recorded Webinar
Are you considering doing business or having employees in Nevada? Have you had issues with your state tax filing? Join our state and local tax team for some helpful insights into North Dakota tax filings. This webinar will cover registration,…
September 19, 2018
Recorded Webinar
Are you considering doing business or having employees in North Dakota? Have you had issues with your state tax filing? Join our state and local tax team for some helpful insights into North Dakota tax filings. This webinar will cover registration,…
September 18, 2018
Article
As the largest tax reform legislation in the past 30 years becomes reality, it is important to stay up-to-date on planning opportunities and how reform may impact you and your business. Our Tax Reform: Practical Insights examples aim to break down…