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Key Characteristics of Successful Business Owners

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Although there's no tried-and-true formula for determining who's best equipped to become a successful business owner, studies have shown that successful business owners share a set of common personal characteristics. Knowing these characteristics helps prospective business owners assess whether business ownership is a good choice for them and whether steps need to be taken to bolster their capabilities in certain areas.
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Passion for their business

Passion is the enthusiasm, joy, and zeal that emerge when business owners are doing something that they feel is important and truly enjoy.1 As mentioned in Truth 1, “Why people start businesses,” passion is often the reason that people start a business. Passion is needed to infuse a business with excitement and drive and helps the founder or founders persevere through the ups and down of the startup process. It’s also a source of motivation and a reward. The payoff that many business owners receive from their passion and hard work is the extreme satisfaction they experience as they work in their business and watch customers benefit from the products and services they sell. Only you can determine if you’re truly passionate about a particular business idea. Many business experts say, “Don’t start a business you’re not passionate about.” It’s good advice.

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