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:

  • They have a vision for the business
  • The vision is developed into a working plan and being actioned
  • They are passionate in all they do
  • They’re not afraid to take risks
  • They have access to funds
  • They surround themselves with experts to complement their skill set
  • They are willing and able to change (at short notice)
  • They seek out new opportunities
  • They have strong decision making abilities
  • They solve problems (but sees them as opportunities)
  • They have a sense of humbleness
  • They are strong communicators
  • 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

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