There are many articles for business owners that describe the qualities it takes to be successful. And there are just as many articles detailing the qualities that tend to result in an unsuccessful venture. Ironically, those traits are often the same: that is, the same things that can propel a business owner to greatness, can also hold them back.
The two traits most likely to fall into both lists is confidence and self-reliance. Both of these traits are inherently good: but an abundance of one or the other can lead a business owner to think they are capable of doing everything with no help from anyone else.
Of course, many of us start out in business with no choice but to ‘do everything’. Limited finances and slow growth can create a situation where everything from marketing to accounting to product development is done solely by you! But some business owners fool themselves into thinking that this is the only way to operate, even after revenue does start rising.
This is often due to a couple of fairly common character flaws: arrogance and dis-trust. It may be difficult to admit that someone else might be able to do something as good as (or better than) we can. Business owners can convince themselves that no-one else can be trusted to do the job they way they want it done. The problem is, an overextended business owner will wind up producing inconsistent, low quality work. And it can cement a business in maintenance mode, rather than growth mode: who has time to strategise when you are entrenched in the day-to-day details?
The most successful business owners are those who have confidence in their own abilities, but who also have realistic views of their talents, strengths and weaknesses. They also recognize that there are limited hours in a day, and therefore delegation may be required, even in areas of strength.
Effective leaders exhibit humility. Humbly acknowledging limitations in time or skill sets has a twofold benefit: it creates more time for the business owner, and it shows employees and colleagues a willingness to learn and collaborate. Additionally, you allow your business to re-capture an invaluable asset: your leadership.
