Top Characteristics of Successful SME Business Owners

What kind of person do you need to be to run a thriving SME in Australia?

So if the measures of a successful business aren’t just about high profits, what traits do SME owners need to possess to make a success of their enterprise? Being prepared to work hard, having a genuine sense of passion and being good at dealing with difficult customers top the list. Being willing to fail as well as being a life-long learner also make it into the top 10. Interestingly, being a good financial manager sat well below these things in 10th place.
Meanwhile, SMEs’ view on risk is striking. SMEs clearly don’t rate taking a careful approach to risk – only 11% considered taking a conservative approach and taking as few risks as possible to be an important trait.

Mindset/character traits of successful business people

  • Be prepared to work really hard
  • Be very passionate about your business and be persistent, no matter what!
  • Be really good at dealing with clients/customers, especially when they are being difficult
  • Be a life-long learner and constantly update your skills and those of your staff
  • Be willing to fail and learn from your mistakes
  • Be the kind of person who is always striving for continuous improvement
  • Be the kind of person who stays calm in stressful or high pressure situations
  • Be open to change and embrace it, rather than be afraid of change
  • Be exible and able to adapt quickly to changing market conditions
  • Be a really good financial manager

Excerpt from Moments that matter: Understanding Australian SMEs