Question

What do you think are some of the common characteristics and traits possessed by successful sole proprietors?

Answer 1

A sole proprietor is the absolute owner of her/his business and is entitled to all the profits after tax earned by his/her entity. It may seem attractive as the proprietor is entitled to all the profits, but let's not forget that she/he is the one to bear all the risk too.

Succesful businesses have been established by sole proprietors, eBay and Kinkos to name two out of the many. Through all their handwork, there seems to be a number of common factors between successful sole proprietors. The following to name a few:

Clear Vision

A successful proprietor is a 'visionary' and knows very well in what direction her/his entity is moving and aims to achieve that vision. After all, one does not know where they're headed without a clear vision.

Planning and Execution of Plans

Planning is very essential to lay down a clear blue print of all activities to be taken up. However, an even important step is to execute the plans. By laying out plans without executing them is like building castles in the air.

Short - Term Realistic Goal setting

After the plans have been laid out, its important for the proprietor to set short term goals for herself/himself. However, it is important for these goals to be achievable/ realistic. For example, the sole proprietor of a newly established entity cannot aim to achieve $1,00,000 Sales within one month. Short term goal setting also assists in motivating the entity and the proprietor as and when they're achieved.

Perseverance

An important trait for the proprietor is perseverance - move ahead against all odds. A never give up attitude keeps the entity and the proprietor stimulated to achieve the goals set. There may be several set backs along the way, but to learn and move on from the same is the key for any proprietor.

Continuous Education

In this continuously changing work environment, continuous updating and education is essential to succeed in any field. It is vital for any proprietor to be up-to-date with all updates - to extract maximum potential from any given activity.

Satisfy Customers

Customers/ Clients of the entity need to be satisfied with the given product/ service to ensure a successful business. After all, a business exists only because of its customers. It is essential to keep customers/clients satisfied, which may also add a differentiating factor for entity as compared to its competitors.

By keeping all these factors in mind, a business owner can create a successful and lasting entity.