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Common traits of successful business owners

Many Virginia employees have thoughts of starting their own business and reaping the rewards of entrepreneurship. However, a desire to be a business owner is not enough to ensure success. There are some characteristics that successful small business owners tend to possess that help them avoid the common obstacles to entrepreneurship.

Starting a business can be very stressful. Successful entrepreneurs are skilled at coping with stress and can handle the financial uncertainties of small business ownership. They understand that, in the beginning, they will be responsible for most of the business functions. These people may have strong family relationships and a support system. Successful entrepreneurs are also good at networking. Marketing is an extremely important task for small businesses. Those who succeed know who to talk to and how to position their brand so others take notice. They know that, without customers, their business is doomed to fail so they define a target customer and go after them.

Entrepreneurs spend a lot more time working than employees. In order to be successful, especially in the early years of the company, a new business owner often needs to get to work early and stay late. Those who do not have a sufficient amount of time to dedicate to their new business may not be ready to be entrepreneurs.

An attorney with experience in business formation may be able to provide assistance in a number of ways. One of the initial considerations is often what form and structure the new business will take. There are comparative advantages and disadvantages among partnerships, corporations and limited liability companies, and the anticipated ownership structure as well as the proposed methods of obtaining initial capital will often be factors in that decision.

Source: Forbes, " Five Ingredients Entrepreneurs Need To Succeed", December 04, 2013