5 Traits of Successful Business Owners

I am often asked what is it that sets a successful business store owner apart from maybe a not-so-successful entrepreneur. Assuming that the baseline of the convenience store business is met – you have a good location, adequate staffing, and historically have the potential to turn a profit – why are some people just innately more prosperous than others?

From my many years of running gas stations, convenience stores, and fast-casual restaurants, I have found that thriving businesses are run by someone who possesses these 5 traits:

• Dedication
• Detailed
• Dialing in the Digits
• Duplication
• Delightful (a “people person,” but that didn’t start with a “D”)

Business owners are leaders. They don’t just run the show, but they have to lead a team. They need to exhibit a drive and passion for the work they are trying to accomplish.

Dedication is a vital trait that entrepreneurs should possess. It means having a clear vision, enacting a powerful mission statement (personally and professionally), and sticking to following through with their plans. This dedication includes being resilient in response to change, bouncing back after adversity.

Being detail-oriented is a big plus. The gas station business model has many moving parts that must all be oiled well for the engine to go. Having the ability to pay attention to all of those areas with a discerning eye is advantageous.

“Dialing in the Digits” is just an alliterative way to say that a business owner must be in love with numbers. There are several statistics that a store owner must digest every day. There are sales reports, P&L statements, and inventory lists. Numbers are an integral part of the everyday life of a gas station business owner. They are easier to digest if you love working with them.

When I say “duplication,” I mean that you should be comfortable with repetition of duties. Successful business leaders do the same things in a scheduled routine every day. I don’t mean that you should eat ham sandwiches at 12:15 every weekday, but more of the processes involved with your business should be written into an easy to follow routine. Make it a daily habit to review reports, double-check payroll hours, and keep an eye on ordering and inventory. Decide what tasks are to be completed daily, twice weekly, weekly, and monthly. Set them on a schedule so that no stone goes unturned.

Finally, being delightful. Actually, I am referring to being a “people person.” Not only must you interact with business partners, lenders, and industry leaders, but you will want to have dealings with local government officials, fellow chamber of commerce members, customers, and employees. If you consider yourself an extreme introvert, the lines of your comfort zone will be crossed as you will be pushed to network and converse with people every day.

If you feel like you’re OK with this list, then you are well on your way to becoming a successful business owner in whatever venture you choose.

As always, feel free to contact me if you have any questions or would like to see me address a specific topic. I am currently writing another book and also authoring weekly blog posts. You can also find me on my Facebook group “GSB Community.”

Thank you for taking an interest in my blogging efforts!

Best Regards,

Shabbir