If you take a look at every successful business, you will inevitably find a brilliant leader. These leaders are responsible for making the business a success.
What qualities do these people have that others do not?
Why do so many new businesses fail, while just a tiny percentage catch on with the public?
There are certain traits that successful business leaders possess that allow them to succeed in an environment where failure is incredibly common. These people do not ascend to these heights by accident. Here are 5 of the most common qualities of great business leaders.
1. They are never satisfied.
A business can never grow to become worth billions of dollars unless its leader has a desire to conquer the world. In other words, no matter how big the company gets, and no matter how much the company dominates its particular industry, the leader will want a larger share of the market. This takes a leader who wants to always take the company to the next level.
2. They are able to adapt.
Many successful companies have been destroyed because of their inability to adapt to current trends. For example, Borders Books did not think selling books online would become popular, so they did not invest a lot of money in the development of their website. They also did not make many of their books available online. This made customers buy books online from competitors like Barnes & Noble. Borders eventually went out of business. Industry analysts believe their failure to foresee the popularity of online book sales led to their demise. A great business leader will be able to anticipate industry trends and capitalize on them before the competition.
3. They are fearless.
Starting a new business is a risky venture. People, such as David Kiger entrepreneur, know it is a lot of hard work. No matter how much planning you do, you can never predict how the public is going to respond to the products or services you are offering. Therefore, you can not let the fear of failure get in your way. All of the great business leaders had to gamble in their early days. If a business leader follows the rules created by other people, his or her company will never be able to set itself apart from the competition.
4. They can recognize great talent.
Even if a business leader has a brilliant mind, he or she cannot do everything alone. As the company grows, many more employees will be hired. It is these hiring decisions which will often determine the success or failure of a company. Great leaders learn how to master the hiring process. They can select the one or two best candidates out of a groups of hundreds. By being able to make successful hires, they surround themselves with a group they can delegate key responsibilities to, without having to micromanage every detail of the business.
5. They have a passion for what they do.
Great business leaders eat, breathe and sleep their jobs. They have a passion that few can comprehend. Because they are willing to devote more time to their companies than the average CEO, they are already ahead of the competition. These people have a drive and determination to be the best. They will not let anyone stand in the way of attaining their goal. This passion has a way of rubbing off on other employees.
Image Credit: Steven Depolo