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Skills that make a good small business owner

Owning a small business is not always easy. It comes with plenty of challenges, but it can also be fun and rewarding. In the UK, it is becoming increasingly popular way to earn a living.

If you are thinking of setting up your own business, here are some of the attributes you will need:

Good organisational skills

If you run a small business, you will be responsible for everything. This means you have to be well on the ball, so nothing is missed and deadlines are met.

Determination

Regardless of what sector you work in, there will be times when things are difficult. At times, there will not be much work. Other times, people will let you down and you will have to pick up their work, so you have to be a determined person who will not let things overwhelm you.

Good people skills

Most small business owners start out by being the salesperson for their business, so being personable and being able to make a good impression are important skills. These attributes will also help you with networking and hiring staff once you get to that stage.

Basic financial understanding

It is important to be able to work out whether what you are doing is actually profitable. Being able to put together a basic profit and loss spreadsheet is an invaluable skill for a small business owner.

Leadership skills

The majority of small businesses grow to some extent, which means at some point you will have employees. You will need to be able to lead your team effectively.

All of the above skills are important. However, if you are missing one or two, do not let that stop you from starting your own business. You can pick up the necessary skills as you go along. If you know you are lacking in one particular area, set aside a few hours a week to address this. That way, by the time you need the skill for your business, you will be ready.

Posted by Susan
September 9, 2014
Feature

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