What Makes A Great Business Owner?
Jim Collins in his book ‘From Good to Great’ discusses what differentiates a good company from a great one, and how few companies end up being great. It’s a great read and I recommend it for anyone in business or in a management role. When we look at these questions in the context of the business owner, what is it that makes him a ‘great’ owner versus just a ‘good’ one?
Whilst there are numerous lists out there I thought I would throw a few of my own thoughts out there based on insights drawn from conversations and observations with business owners who fit the mould of being ‘great’. They are the ones whom not only have the successful and desirable business operation, but in most cases, have the balanced lifestyle to go with it.
Characteristics of a great business owner are:
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They have a vision for the business
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The vision is developed into a working plan and being actioned
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They are passionate in all they do
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They’re not afraid to take risks
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They have access to funds
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They surround themselves with experts to complement their skill set
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They are willing and able to change (at short notice)
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They seek out new opportunities
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They have strong decision making abilities
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They solve problems (but sees them as opportunities)
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They have a sense of humbleness
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They are strong communicators
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They can let go of the reigns and allow others to control their business
Whilst I’m sure there are many more characteristics for a great business owner, this is a good starting point. From the list of 13 points above, how do you score in honestly ticking off those that apply to your approach to your business? I think I can confidently tick about 8 to 9, so I guess I still need to get some more focus in various areas…or maybe my humbleness needs some work?
I would love to hear of any additional pointers that great business owners have, or to see how you rate in a score out of 13?
Best of luck in the journey to ‘greatness’!
Tony Ozanne
Small Fish Business Coaching Canberra
www.smallfish.com.au
Tanya Hargraves 06-Sep-2011 12:22 PM
Hi Tony, These are great tips, my problem is making my vision into a working plan that comes together. I have been in business for almost 20 years and cant seem to get past the first base of growing my business so that it is not so hands on and turning
over more profit. Look forward to your advice. Regards Tanya
Tony Ozanne 06-Sep-2011 10:10 PM
Hi Tanya, Thanks for the comments, one which is not uncommon for long standing business owenrs. Even as a new business owner I personally can see how this is easy to fall guilty of i.e not making the vision and executing it. We at Small Fish focus on developing
a One Page Strategy for your business and i suggest this is a path you can look at going down. Start visualising where it is you see your business in 1,2,3 or 5 year (whatever) time and write down what it looks like. What is the turnover, how many staff, what
is your role, who are your clients etc etc. This is the part of forming that vision piece that you say you are struggling with. Our process then starts developing the stepping stones as to how to get there. Do you need to plan to work your role out of the
day to day (by putting in a Mgr or other), is it more marketing to grow to a sustainable level, putting systems in place etc. The beauty and fun part of the business coach role with businesses is helping facilitate this process and end up with a plan for YOUR
business, not some off the shelf - here's one I prepared earlier- strategy. We come with a blank page and each business has a different goal. Without plugging us, this would be the starting point I would suggest for you, spend the time to work 'on' vs 'in'
and have a team planning or strategy day......you can always seek a thrid parties input and now I will plug us, in only that we offer a non threatening, non pressure sell, no obligation free coaching session as a part of our process. This takes you through
a mini audit to give a taste of some of the ways we can offer advise and value to your business, and we feel it adds value and we do give thoughts, challenges etc during the session to give you some starting points. Then the next steps are up to you! I hope
this gives you some ideas or at least the confidence to start the process as this is the hardest part, actually thinking where you weant to go.....thats the challenging bit, the good and fun part is the journey. Best Regards...Tony
