5 Personality Traits Small Business Owners Absolutely Need

This post is by CEO, Michael Seaman @michaelbseaman. Running a small business is no simple task. Creating and managing your own company requires an abundant amount of creativity, bravery, vision, and inspiration. Here are some other qualities that all successful small business owners should possess:HumilityEffective leaders are honest with themselves and have the ability to admit when they’re wrong. They use small hurdles as learning experiences, and their employees and their company will undoubtedly be in better shape with a leader with the capacity to self-assess. This also comes in handy when selecting a team; it takes a great deal of humility to hire people who might be more knowledgeable about certain aspects of business than yourself. Bad owners might feel challenged by another person’s expertise, but effective leaders see how any individual’s talents will benefit everyone in their company.

It’s also important for small business owners to put their ego to the side and incorporate some ideas from their more successful peers. Studying these people and their businesses will equip you to apply some of what was worked for others in your own company, and only good things can come from that.HonestyIt is of upmost importance to communicate your ideas clearly and effectively to your employees. This builds trust, and people will always work harder and smarter for someone that they feel is on their side. Aside from being honest to your team, you need to be honest with yourself. This means making sure that your finances are in order and never letting yourself lose sight of the multiple costs (payroll, benefits, marketing, promotion, fees) of doing business.EmpathyClosely related to humility, empathy is the ability to relate to others (to understand and share their feelings), especially during difficult times. It goes without saying that this is a major factor in trust building, but being empathetic will also help everyday functions such as assigning tasks and creating plans that work for everyone involved.ForesightSome people work well on the fly and are capable of quickly conjuring up ideas and solving problems, but even the most creative and spontaneous mind would benefit from planning ahead. This is especially the case when it comes to someone who is responsible for other people. Carefully mapping out a plan of action (or more than one, if necessary) could solve potential issues before they arise, as well as provide guidance to team members who might not have considered certain strategies of execution. In short, thinking ahead saves time and makes others work more effectively. Here are 5 questions every business owner should ask. Who wouldn’t want that?Confidence

Being confident is not about cockiness or a know-it-all persona; it’s about genuine self-belief and an effortless charisma that inspires others when they are around you.

That's why professional athletes make great entrepreneurs. It’s also what makes you get up every morning and work towards building your business.  Small business owners should have the ability to motivate themselves and those around them. An enthusiastic attitude is contagious, and being excited about your job will galvanize you to come up with the best ideas you can think of and will embolden your employees to give their maximum effort at all times.