Business

What Makes a Great Business Owner?

In my experience of working with students at university age, I can honestly say that we have a generation before su who are probably one of the most ambitious that we have ever had. Amongst the young students that I speak with there are men and women who one day want to become doctors and lawyers, but the large majority of them are looking at becoming business owners, something which is more popular than I have ever seen.

These young men and women are looking around and seeing the success of people like Marc Leder, Evan Spiegel and Oprah Winfrey, and they too want a slice of the action. If this sounds like something that you also would like to do, here is what makes a great business owner, see how much of this you think you could do well.

Allowing People to Work

It sounds awfully simple but actually allowing your staff to do their jobs is something that is vitally important as a business owner. Too many business owners get involved in every aspect of the business thinking that they are helping, when in actual fact they are slowing down those who are supposed to be dong the job, and negating their own responsibilities. One of the most important aspects of your role as a business owner is that you give people the tools and training to do their job, and then let them get on with it.

Forward Thinking

You cannot afford to stand still in business and doing so will only serve to put you out of a job. Look at Blockbuster as an example of this, once they were the industry leaders in video and DVD rentals, when the internet came along, they failed to adapt, when Netflix came along, they failed to adapt and now they are out of business as a result of their inaction. A good business leader therefore, will always look ahead and try to forge new way of finding success and keeping up, or staying ahead of customer trends.

Putting a Team Together

A great business owner knows exactly what it takes to put together a successful team. Many fall into the trap of putting together great individuals in the hope that they will work as a team, something which ego usually prevents. A great business owner however, understands each part of the team dynamic and how to hire based on both skills, and characteristics so that they team will function well together.

Finance

One of the most common reasons for businesses to fail, as absurd as it may seem, is financial mismanagement. The very best business owners however, are all about the money and they lay huge focus on what is coming and into the business, and what is going out. Business owners should scrutinize every penny that the business spends, and constantly search for ways in which they can boost how much is coming in.

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