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3 Key Traits of Successful Business Owners: Business Planning 101

June 1, 20237 minute read
A store owner turns the sign on his front door to read “Welcome, we are open, please come in.”

Who should own a business? The optimistic answer is that anyone could own one, and while optimism is a valuable trait, the real world requires some realism. The fact is that some people don’t have what it takes to open and operate a successful business. 

Are you a good candidate to become a business owner? Keep reading to discover valuable entrepreneurial insight from Burkes Brothers and learn what it takes to run a business that booms. 

3 Key Traits of Good Business Owners

Being a business owner doesn’t require prior experience in entrepreneurship, but to be a successful business owner, you must possess qualities and assets that serve your goals. To start a successful business, good candidates must possess: 

  1. A valuable idea
  2. The right mindset
  3. A strong network

And if you think you have these qualities, think again. Keep reading to understand specifically how these traits apply to business planning and business ownership, then evaluate your ability to deliver on each aspect.

How Do I Know if I Have a Good Business Idea?

The first question you should ask yourself when starting a business is: does your business idea have legs? That is, will it survive as a real business? Will it serve society in a meaningful way? 

If nobody needs or wants your business, there’s nothing to support its existence. Selling arm floaties to Olympic swimmers won’t lead you to profit, but changing your market or your product/service can help you find a valuable niche. 

For example, worried parents passing a shop a block away from the community pool will want swim gear. But while you may be equipped to sell swim safety devices at a small kiosk in the Olympic Village, you may not have the tools, furnishings, or collateral to run a storefront in your local market. Knowing the different measures of preparation and understanding how to run a business with a valuable purpose are key factors to success. 

Burkes Brothers can help you determine if your business idea has a chance of withstanding the test of time. If the idea has meaning and purpose for society, we will lay out clear steps and actionable plans to help you get your business off the ground. Our business development experts evaluate your idea and support your ability to act as a successful business owner. 

What is the Right Mindset for a Business Owner?

The right mindset/attitude will make or break your success as a business owner. If you get up in the morning and dread going to your business, it poses a problem to your work ethic, your opportunity awareness, and your quality of life. Nobody wants to buy products or services from someone who doesn’t like what they’re doing or doesn’t believe in the value of what they’re providing. 

But even beyond that, without the proper mindset, you’ll find yourself struggling to face the challenges that come with running and growing a business. 

The right mindset includes: 

  • Getting up with enthusiasm and optimism every day
  • Being self-starting & self-maintaining
  • Keeping an organized perspective on life
  • Making sacrifices and dedicating a lot of time & energy to work

As you’re evaluating yourself for these traits ask yourself:

  1. Do I let bad days get the best of me? Do my moods strongly interfere with my work performance?
  2. Can I maintain the same high level of intensity and energy every moment that I’m building my business?
  3. Can I set and stick to priorities to make sure important things get done?
  4. Am I willing and able to work late? Work through meals? Work on weekends?

From taking and making phone calls that forge connections to getting used to eating quickly and at your desk, these traits will lay the bricks of your path to success. 

As we like to say at Burkes Brothers: if you can’t maintain energy, you own debt—not a business.

What Stops People from Having the Right Mindset?

Money is an important motivator, but if you’re only trying to start a business as a get-rich-quick scheme or as a way to be your own boss, you may be pursuing the wrong path. People who are self-employed simply because they want employment haven’t bought a business, they’ve bought a job. Similarly, looking solely at the end goal—selling a business, or developing a business just to sell it—will prevent you from having the right mindset while running it. 

You can’t just look at money—you have to see the people, the products, and the service you’re working with. 

One of the most crucial tips we can offer is: get over your pride and ego! Ask for help, seek out resources, and turn to your community for support and engagement. 

What is a Network and Why is it Important?

A network is the interconnected web of people you know who will support not only your business but also you as an individual. This is the most important element of getting a business off the ground because it ensures stability, consistency, and longevity.

You Can’t Go It Alone

No business owner starts their business alone, and good business owners can’t be an island. Whether you rely on financial investors, domestic help, or family members, every business owner needs some support. 

You’ll continue to have real-life obligations as your business grows, but your work may be more taxing and take more effort. Do you have enough time to shop for food, cook, and do chores outside of work without burning out? Who takes care of your children when you work late? 

If you can’t find someone to take Nana to Bingo Night or if there needs to be somebody at home to make sure the upstairs neighbors don’t flood your apartment again, you need to hold off on building your business and start building a reliable network. 

Where Are All the Customers…?

People also have to want to buy from your business, and a key way of finding customers is getting in front of people you know. Friends, relatives, colleagues, neighbors, former coworkers, and fellow members of your church, book club, knitting circle, or yoga class are all potential customers. And each of these people is a part of your network. 

The Truth Will Set You Free

Having an honest network will also ensure you have good feedback on your idea to understand the real value of your business (if any) and hone the development. 

Develop the Skills to Be a Successful Business Owner

Business ownership is a path that can be taught and forged with the help of experienced professionals. Plenty of people start businesses all on their own, but very few will see desired results such as a stable income or valuable growth. Burkes Brothers offers knowledgeable insight that can help you achieve a successful business. Book your business consultation today and create a path to running a successful business. 

Nationwide Business Development Services

Based in Huntington Beach, CA, Burkes Brothers delivers quality business consulting services to entrepreneurs across the country. We focus on a strong start with well-developed business planning to create a foundation that prevents problems down the road. Call 949-405-1221 or contact us to book your consultation today!

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