What makes a good owner

Anyone who leaps into business ownership, depending on how they fund their business, is likely making one of the biggest financial risks of their life. Part of what makes them successful is the research they have put into their concept, market, and industry. This helps them accept the up-front risks and allows for better decision making while running their business.

They can focus on success and avoid analysis paralysis. While the competitive drive is important, when it comes to the competition you will also need to be competitive with yourself.

You will be making a lot of decisions; some will be brilliant while others will fail miserably. Making important decisions can be difficult. No decision is made in a vacuum, and they can be increasingly difficult to make with the more partners or employees you have. While people may be able to take shortcuts and receive temporary gains, you want your business to be sustainable. Acting with integrity makes you a role model and sets the tone for the type of behavior that is important for business success.

The most successful business owners understand that they always have an opportunity to learn. While successful business owners have a strong vision for their desired outcomes and the passion for getting there, there are many unknowns along the way. Starting a business is fun, creative and exciting. But growing it can be hard, dull and boring and times. You need the tenacity to be able to stick with it for the long terms and deal with the day to day challenges, whilst still retaining your passion, motivation and energy.

As a startup you are constantly pulled in all directions, dealing with sales, customers, support, admin and every other aspect of running a business. You need to have focus to be able to identify and separate out the urgent tasks from the really important ones.

You need to be able to focus on the big goals to feed your motivation and passion and also focus on the smaller actions that will move your business forwards every day.

As a business owner you need to have a strong connection with your audience. You need to understand them and their needs. Having an empathy with your customers will give you insights on how to continually make your business relevant to their needs.

One of the biggest benefits startups and small businesses have over more established businesses, is their agility.

The ability to be able to quickly change and adapt to different challenges and environments is important characteristic both of the business and business owner. Entrepreneurship requires extensive mental strength and determination because, as opposed to traditional occupations, there is no right or wrong path to achievement.

Competition is intense and innovation is required to face the challenges that result from starting your own business. Entrepreneurial drive is something of an umbrella term for the wide variety of characteristics that compel an individual to pursue a unique and untested path relentlessly, regardless of the failures and obstacles. The characteristics below all overlap with drive in some way, shape, or form, to ultimately create a template for the entrepreneurial mentality:.

Vision : The entrepreneur must be able to create and communicate an easily understandable vision of what the new venture does in order to successfully launch a new business. This is accomplished while inspiring others to join you in your new enterprise. Creativity : The entrepreneur must be able to inject imagination and uniqueness into a new business venture. It takes skill and ingenuity to create a new venture equipped with strategies to outsmart the competition.

Focus : The entrepreneur must be able to maintain the vision of the company with unwavering diligence. Ironically, there are many successful entrepreneurs who get bored easily. Passion : Entrepreneurs must have a desire to succeed in a business venture under their own initiative. Perseverance : The entrepreneur must be able to keep going even when faced with seemingly insurmountable obstacles. Opportunistic nature : The entrepreneur must take advantage of an upcoming trend or unite unrelated processes to create a unique business venture.

It helps, of course, to see the possibilities before they even exist. Problem-solving ability :The entrepreneur must thrive on coming up with solutions to complex challenges. Self-discipline : The entrepreneur must be organized and regimented in pursuit of a successful business venture.

This includes frugality, which is knowing how to stretch every cent so that expenditures are as low as possible. Due to technological aptitude, unemployment, and lack of dependents, a sizable percentage of U. Entrepreneurs are catalysts for economic change.

Research suggests that entrepreneurs are highly creative individuals with a tendency to imagine new solutions by finding opportunities for profit or reward. The ability of entrepreneurs to innovate is thought to relate to innate traits such as extroversion and a proclivity for risk taking. There are entrepreneurs in all demographics and walks of life.

There have never been lower barriers to entry when starting a new company. Thanks to developments in technology, less capital than ever before is required to start a business depending on the industry.

Moreover, advancements in engineering have allowed people to build software and Internet businesses from scratch with minimal obstacles. The venture-capital sector has risen from nothing 40 years ago to investing billions in new businesses today. Technology has allowed for business to be scalable over a variety of countries and continents. Previously, scaling a new business would have taken extensive time, focus, and capital.

Now there is infrastructure in place e. Couple this with slow economic growth due to the banking collapse in the U. All of these factors contribute to the trend of younger and younger business owners. Also, the younger generations i. What makes an ideal candidate for our travel agency franchise opportunities?

An ideal Expedia Cruises franchise partner is a leader who enjoys building a team of agents and coaching them to success. They enjoy meeting new people, are passionate about travel, and enjoy helping other people get the most out of life by exploring the world, exploring new cultures and meeting new people.

They also recognize that by working together with a team of independent sales agents, and by recruiting and training sales agents, they can grow their business far beyond the scope of what they would be able to achieve on their own.

Many people who sell homes become real estate agents. They are independent operators who typically work as part of a real estate brokerage — leveraging the tools, training and offices that their brokerage offers in order to best serve their clients.

The owner of the brokerage receives a percentage of the commission off each individual sale. As a result, someone operating a real estate brokerage can serve more customers by adding and training more agents.